$1.5B-Backed SPAC to Take Ether Machine Public on Nasdaq

Ether Machine to List on Nasdaq With $1.5B ETH Treasury Backing

A new Ethereum-focused investment firm is poised to make its public debut on the Nasdaq, bringing with it a significant $1.53 billion stack of ETH.

The Ether Reserve will go public through a merger with special purpose acquisition company (SPAC) Dynamix Corporation (DYNX), forming the newly branded Ether Machine, which will trade under the ticker ETHM, according to a Monday announcement.

Shares of Dynamix surged over 30% in pre-market trading following the news, reaching approximately $13.40.

Ether Machine aims to serve as a public investment vehicle for gaining exposure to Ether and ETH-denominated yield strategies. The platform will focus on staking, restaking, and decentralized finance (DeFi) activities to generate returns.

The company’s treasury will include approximately 400,000 ETH, with $645 million contributed by Andrew Keys, former executive at Ethereum infrastructure firm Consensys and Ether Machine’s incoming chairman. An additional $800 million in financing has been secured from a slate of prominent investors including Pantera Capital, Kraken, Blockchain.com, and 1RoundTable Partners.

The timing of the listing aligns with renewed bullish sentiment for Ether. ETH surged 25% last week, breaking above $3,800 for the first time in 2025, fueling optimism across the altcoin market.