The Ether Machine to list on Nasdaq in $1.6B SPAC deal with 400K ETH

According to a Reuters report, a new Ethereum-based venture is preparing to enter the public market through a $1.6 billion merger with blank-check firm Dynamix Corporation (DYNX).

Known as The Ether Reserve, the firm will relist under the name The Ether Machine and is expected to launch with more than 400,000 Ether (ETH) on its balance sheet—making it the largest publicly traded vehicle offering direct institutional exposure to Ethereum.

The deal represents a significant moment for Ethereum in the context of public markets.

While Bitcoin has been the primary crypto asset embraced by institutions, this SPAC transaction signals growing demand for Ethereum-backed equity offerings.

The listing is scheduled for completion in the fourth quarter of 2025.

Ether-backed equities gain traction amid regulatory clarity

Ether has seen strong performance in recent weeks, with the price hitting a six-month high last Friday.

Part of this momentum is attributed to increasing regulatory clarity in the US, particularly surrounding US dollar-pegged stablecoins.

Many of these stablecoins operate on the Ethereum blockchain, reinforcing Ether’s foundational role in decentralised finance (DeFi) and stable asset issuance.

This regulatory environment is enabling more crypto-native firms to explore equity markets as a route to raise capital.

By bringing Ethereum directly onto the balance sheet and offering public exposure via shares, The Ether Machine aims to attract traditional investors who may be hesitant to engage directly with cryptocurrency wallets or decentralised exchanges.

High-profile investors back Ethereum’s public market entry

The Ether Machine’s SPAC merger has attracted contributions exceeding $800 million from a consortium of major crypto investors, including Blockchain.com, Kraken, and Pantera Capital.

These funds were raised through an upsized common stock offering, boosting the total deal value to over $1.6 billion.

Andrew Keys, former executive at Ethereum development studio ConsenSys, will serve as the chairman of The Ether Machine.

Keys’ prior affiliation with Joseph Lubin, Ethereum’s co-founder, positions him as a strategic choice to steer this ambitious initiative.

His appointment signals the venture’s intent to maintain deep alignment with the Ethereum ecosystem.

The company will trade on Nasdaq under the ticker symbol “ETHM” once the transaction is finalised.

Ether Machine mirrors Bitcoin strategy popularised by Saylor

The Ether Machine is following a precedent set by firms like Strategy (previously known as MicroStrategy), which used corporate reserves to acquire Bitcoin and integrate it into its balance sheet.

Under Michael Saylor’s leadership, Strategy became a case study in crypto accumulation as a corporate treasury strategy.

This model is now being adapted for Ether, marking a potential shift in the digital asset hierarchy for public companies.

The inclusion of 400,000 ETH—currently worth over $1.2 billion (£930 million) at market prices—positions The Ether Machine at the centre of this evolution.

It will hold more ETH than any other public firm to date.

While the majority of recent institutional listings have prioritised Bitcoin exposure, the Ether Machine’s focus on Ethereum reflects the blockchain’s diverse use cases, ranging from smart contracts and decentralised applications to stablecoin settlements.

ETH price rise fuels momentum as launch nears

Dynamix Corporation’s shares more than doubled in premarket trading following the deal’s announcement, underlining investor enthusiasm for the listing.

The Ether Machine is expected to benefit from Ethereum’s current market strength and broader industry developments such as anticipated Ethereum ETF approvals and renewed interest in DeFi protocols.

The SPAC route offers a faster way to public markets compared to traditional IPOs.

With the fourth-quarter target in sight, all eyes are now on the Ether Machine’s final balance sheet composition, Ethereum’s market valuation, and the timeline for its listing on Nasdaq under “ETHM.”

The Ethereum ecosystem has largely welcomed the move, seeing it as a pivotal step in closing the gap between crypto-native innovation and traditional market infrastructure.

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