TLDR
- The Ether Machine will go public on NASDAQ through a SPAC merger with Dynamix Corporation, trading under ticker “ETHM”
- Company plans to launch with over $1.5 billion in committed capital, including $645 million in Ethereum from co-founder Andrew Keys
- Will hold the largest ETH treasury among publicly listed companies, surpassing current leaders Bitmine and SharpLink
- Major investors include Kraken, Pantera Capital, Blockchain.com, Electric Capital, and other institutional players
- Transaction expected to close in Q4 2025, pending regulatory and shareholder approvals
The Ether Machine announced plans to become a publicly traded company through a merger with blank-check company Dynamix Corporation. The deal will create the largest public vehicle for institutional Ethereum exposure.
The company expects to begin trading on NASDAQ under the ticker “ETHM” later this year. The transaction includes over $1.5 billion in fully committed capital from various sources.
Co-founder and chairman Andrew Keys will contribute approximately $645 million worth of Ethereum to the venture. Over $800 million in additional equity commitments come from institutional investors including Kraken, Pantera Capital, Blockchain.com, Electric Capital, 1Roundtable/10T Holdings, Archetype, and cyber•Fund.
@JoeSquawk @andrewrsorkin @BeckyQuick thanks for having me on @SquawkCNBC today. Here's the evidence of #Ether's outperformance against #Bitcoin over the last decade. It is over 30x from July 21st, 2015. pic.twitter.com/SlEuaxe9ZC
— Andrew Keys (@AK_EtherMachine) July 21, 2025
Keys previously co-founded the Enterprise Ethereum Alliance and served as an early executive at Consensys. He claims investors who chose Ethereum over Bitcoin a decade ago would have seen 30 times better returns.
Business Strategy and Leadership
The Ether Machine’s core strategy focuses on generating ETH-denominated yield through staking, restaking, and managed participation in decentralized finance. The company will also provide infrastructure services to institutions, DAOs, and Ethereum developers.
Services will include validator management and custom block-building solutions. The executive team consists of Ethereum veterans with backgrounds in both blockchain and traditional finance.
CEO David Merin previously led corporate development at Consensys. CTO Tim Lowe and head of DeFi Darius Przydzial bring experience in Ethereum financial systems and infrastructure.
The company plans to launch with more than 400,000 ETH, currently worth around $1.5 billion. This would make it the largest ETH treasury among public companies.
Market Position
Current public companies with ETH treasury strategies include BitMine Immersion Technologies, BitDigital, and SharpLink Gaming. Bitmine holds 300,000 ETH while SharpLink maintains 280,000 ETH in their treasuries.
The Ether Machine’s planned holdings would eclipse these current market leaders. The company joins a small but growing group of public vehicles targeting institutional Ethereum exposure.
"We are going to actively manage $ETH for institutional and retail investors and generate the highest possible yield," says The Ether Machine CEO Andrew Keys https://t.co/XKGaDlLxmx
— Squawk Box (@SquawkCNBC) July 21, 2025
Keys told CNBC he is an “Ethereum guy” and does not own Bitcoin. He compared his preference to choosing “an iPhone over a landline.”
The deal requires regulatory and shareholder approvals before completion. The transaction is expected to close in the fourth quarter of 2025.
