The Ether Machine to Go Public on Nasdaq with $1.5B in Committed Capital
The Ether Machine is going public on Nasdaq via a SPAC merger with $1.5 B in committed capital and 400,000+ ETH. Discover how it’s reshaping institutional exposure to Ethereum.
The Ether Machine, Inc. has announced its planned entry into public markets with over $1.5 billion in fully committed capital.
According to a July 21 press release, the company will go public through a business combination with Dynamix Corporation and is expected to begin trading under the ticker “ETHM” later this year.
The transaction includes an anchor investment of approximately $645 million in Ethereum 
eth-3.26%Ethereum from co-founder and chairman Andrew Keys, alongside over $800 million in equity commitments from institutional investors such as Kraken, Pantera Capital, Blockchain.com, Electric Capital, 1Roundtable/10T Holdings, Archetype, and cyber•Fund.
Upon closing, the Ether Machine will hold the largest ETH treasury among any publicly listed company. ETHM’s core strategy centers on generating ETH-denominated yield through staking, restaking, and risk-managed participation in decentralized finance.
The company also plans to provide infrastructure services to institutions, DAOs, and Ethereum-native developers, including validator management and custom block-building solutions. Ethereum veterans with extensive backgrounds in both blockchain and conventional finance make up the executive team at The Ether Machine.
Andrew Keys co-founded the Enterprise Ethereum Alliance and was an early executive at Consensys. CEO David Merin was previously in charge of corporate development at Consensys, while CTO Tim Lowe and head of DeFi Darius Przydzial bring experience in Ethereum financial systems and infrastructure.
The company joins a small but growing set of public vehicles targeting institutional Ethereum exposure. Firms such as BitMine Immersion Technologies, BitDigital, and SharpLink Gaming have implemented ETH treasury strategies, staking programs, and DeFi-based yield models to provide regulated access to Ethereum’s infrastructure and performance.
The deal is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals. At a time when investor interest in Ethereum is growing and regulations are becoming clearer, The Ether Machine hopes to establish ETHM as the largest ETH-native public platform designed for institutional participation.
