The Ether Machine to list on Nasdaq with $1.5 billion war chest for Ethereum treasury
Quick Take
- The Ether Machine plans to go public on Nasdaq via a merger with SPAC Dynamix Corporation (DYNX), with the deal expected to close in Q4 pending shareholder approval.
- Merging with blank-check company Dynamix would create a massive crypto-focused SPAC that offers investors a way to bet on the world’s second-largest digital asset by market capitalization.
- Over $1.5 billion in committed capital has been secured, including more than 400,000 ETH on its balance sheet.
The Ether Machine plans to list on Nasdaq with more than $1.5 billion in fully committed capital and over 400,000 Ether on its balance sheet, potentially positioning the newly formed company as the largest publicly traded vehicle focused exclusively on Ethereum, according to a definitive merger announcement on Monday.
Financing includes an anchor contribution of roughly $645 million, about 169,984 ETH, from co‑founder Andrew Keys, who will serve as chairman, and more than $800 million in common‑stock commitments from institutional and crypto‑native investors such as 1Roundtable/10T Holdings, Archetype, Blockchain.com, cyber Fund, Electric Capital, Kraken, and Pantera Capital.
Dynamix’s $170 million cash trust could lift gross proceeds above $1.6 billion, the statement notes. David Merin, the former head of corporate development at Consensys, will also become the CEO, with Morgan Stanley alumnus Jonathan Christodoro serving as vice chairman.
The Ether Machine will go public through a business combination with Dynamix Corporation (DYNX), a special-purpose acquisition company that launched its initial public offering in late 2024. The company says it will generate ETH‑denominated returns through staking, restaking, and decentralized‑finance strategies while offering institutions turnkey exposure to Ethereum yields. Upon closing — targeted for the fourth quarter and contingent on shareholder approval — the combined entity will trade under the ticker ETHM.
If successful, the listing would eclipse SharpLink Gaming’s 353,000 ETH treasury and BitMine Immersion’s 300,657 ETH stash, making Ether Machine the largest public ether holder at launch. It would also extend a growing trend of pure proxy players for investors seeking Ethereum exposure via U.S. equities
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