The Ether Machine Launches via $1.6B SPAC Merger
The Ether Machine, Inc., a newly formed company enabling public market investors to access Ethereum (ETH) yield, officially launched on Monday through a high-profile SPAC merger between The Ether Reserve, LLC and Dynamix Corporation. The combined entity will trade on NASDAQ under the ticker “ETHM”, positioning itself as the largest publicly listed Ether generation company globally.
Spearheading this initiative is a team of seasoned crypto and fintech executives: co-founder and chairman Andrew Keys, co-founder and CEO David Merin, CTO Tim Lowe, head of DeFi Darius Przydzial, and co-founder and VC Jonathan Christodoro. The launch comes at a pivotal moment for digital asset markets, with increasing institutional demand for blockchain exposure and improving regulatory clarity in the U.S.
“We are excited to partner with The Ether Machine at a pivotal time in the industry, as Wall Street embraces the transformative potential of blockchain technology and regulatory clarity paves the way for innovative use cases,” said Andrejka Bernatova, founder, chair, and CEO of Dynamix Corporation.
The Ether Machine is structured around three pillars: Generate Alpha through Ethereum staking and DeFi strategies, Catalyze the Ecosystem by supporting protocol growth, and Build Infrastructure Solutions to improve ETH-based utility and institutional access.
Backed by a record-breaking $1.6 billion in gross proceeds, the transaction includes over $1.5 billion in fully committed financing from a broad coalition of institutional and strategic investors. Notably, it features a $645 million (169,984 ETH) founding contribution by Andrew Keys and $800 million in upsized, fully committed common-stock financing at $10 per share.
The deal brings on board some of the most prominent names in crypto and venture capital, including 1Roundtable Partners / 10T Holdings, Archetype, Blockchain.com, cyber•Fund, Electric Capital, Kraken, and Pantera Capital.
The company is expected to launch with over 400,000 ETH on its balance sheet—valued at well over $1.2 billion at current prices—making it the largest public Ether generation platform to date. The structure also ensures shareholder alignment through an all-common-stock financing framework, the largest of its kind announced since 2021, underscoring strong investor confidence.
With the boards of both The Ether Machine and Dynamix unanimously approving the transaction, the merger is expected to close by Q4 2025.
Citigroup Global Markets, Inc. is serving as Capital Markets Advisor to The Ether Machine and served as Sole Placement Agent for institutional and strategic investors on the upsized $800 million in committed financing.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to The Ether Machine. Davis Polk & Wardwell LLP is serving as legal counsel to Citigroup.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) and Scotia Capital (USA) Inc. are acting as joint financial advisors to Dynamix Corporation. Cohen & Company is serving as Lead Capital Markets Advisor to Dynamix.
Gibson, Dunn & Crutcher LLP is serving as legal counsel to Dynamix Corporation.