Catenaa, Saturday, July 26, 2025- The Ether Machine, a new Ethereum treasury firm, announced Monday it will go public via a merger with SPAC Dynamix Corp. (Nasdaq: DYNX) in a $1.5 billion transaction backed by crypto and equity financing, creating the largest public Ethereum yield vehicle to date.
The combined entity will trade on Nasdaq under the ticker ETHM and is expected to launch with over 400,000 ETH which is worth roughly $1.53 billion on its balance sheet.
The deal includes 169,984 ETH from co-founder Andrew Keys and $800 million in equity financing, alongside up to $170 million in cash from Dynamix’s trust account.
The Ether Machine aims to offer institutional-grade exposure to Ethereum and ETH-denominated yield through staking, restaking, and decentralized finance (DeFi) mechanisms. Keys, an Ethereum veteran and former Consensys executive, will serve as chairman.
He is joined by co-founder and CEO David Merin and CTO Tim Lowe—both of whom bring experience in Ethereum development and enterprise infrastructure.
The merger is expected to close in Q4 2025, pending shareholder approval. Citigroup is advising the transaction and serving as sole placement agent for the equity round.
Major backers include Pantera Capital, Kraken, Blockchain.com, Electric Capital, Archetype, and 1Roundtable Partners.
