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'The Ether Machine' Goes Public with 400K ETH via SPAC

There's a new top Ethereum treasury operator in town.

Jul 21, 2025 • 1 min read

Dynamix’s SPAC merger will rebrand it as The Ether Machine, launching with over 400,000 ETH (~$1.5–1.6 billion) on its balance sheet—signaling an institutional shift toward active ETH yield strategies.

What’s the Scoop?

SPAC Deal Finalized: Blank-check firm Dynamix is merging to form The Ether Machine, backed by Kraken, Blockchain.com, Pantera Capital, and Consensys leader Andrew Keys—who’s anchoring with ~$645 million and chairing the new entity.
Huge ETH War Chest: The combined firm will hold 400,000+ ETH (~$1.5–1.6 billion), making it the largest public institutional exposure to Ethereum.
Nasdaq Debut Coming: Set to list under the ticker ETHM on Nasdaq, with the SPAC deal expected to close in Q4 2025, raising over $1.6 billion in gross proceeds.
Yield-Focused Mission: The Ether Machine will actively generate ETH-denominated returns through staking, restaking, block-building, and DeFi strategies—not just hoard coins.

We are The Ether Machine.
Today we launch the largest public vehicle ever built to own and manage ETH with over $1.5B in committed capital.

This is Ethereum’s institutional chapter.
Not passive. Not synthetic. Not outsourced.
⬇️
— The Ether Machine (@TheEtherMachine) July 21, 2025

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