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The Ether Machine has filed an SEC Form S-4 to go public through a SPAC merger with Dynamix Corporation, aiming for a Q4 2025 completion.
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With 495,362 ETH valued at over $2.1 billion, the firm is now the third-largest corporate Ethereum holder, backed by Andrew Keys’ $741 million ETH contribution and $800 million in institutional funding.
Ethereum-focused treasury management firm The Ether Machine has filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), taking a major step toward becoming a publicly traded company.
The filing, submitted on Form S-4, outlines its planned merger with Dynamix Corporation, a special-purpose acquisition company (SPAC) listed on Nasdaq under the ticker ETHM.
As of today, we have confidentially filed our S-4 with the SEC. We're shifting into the next gear, and officially on its path to full public form 🔥
“The submission of our Form S-4 is a critical step towards becoming a publicly traded Ethereum company. We have also retained…
— The Ether Machine (@TheEtherMachine) September 16, 2025
A $2.1 Billion Ethereum Treasury
The Ether Machine has rapidly grown its reserves, amassing 495,362 ETH, valued at over $2.1 billion, making it the third-largest corporate Ethereum holder worldwide. Earlier this month, the company added 150,000 ETH in August alone, signaling aggressive accumulation ahead of its public market debut.
The company’s treasury is anchored by Andrew Keys, co-founder and chairman, who contributed 169,984 ETH, currently worth about $741 million. His commitment is reinforced by over $800 million in institutional backing, with participation from prominent players like Blockchain.com, Kraken, and Pantera Capital.
SPAC Merger on Track for Q4
The proposed merger with Dynamix was first announced in July and is expected to close in Q4 2025, pending shareholder approval at Dynamix’s upcoming extraordinary general meeting. Once complete, the deal would bring The Ether Machine to Wall Street as one of the few public companies with a core treasury strategy centered on Ethereum.
On Tuesday, the firm confirmed the filing via social media, writing:
We’re shifting into the next gear, and officially on its path to full public form.
The company added that the Form S-4 submission marks a “critical step” toward becoming a publicly traded Ethereum powerhouse.
Positioning Among Ethereum Treasuries
With its massive holdings, The Ether Machine now ranks just behind Bitmine Immersion Tech and SharpLink Gaming in corporate Ethereum reserves.
According to SER data, the firm has also secured commitments that leave it with $367.1 million in liquidity available for further ETH acquisitions, assuming no shareholder redemptions.
Meanwhile, rival SharpLink Gaming has also made waves in the Ethereum treasury race. The company recently expanded its ETH holdings to 838,152 ETH, most of which is staked for yield, while simultaneously executing a 1.94 million share buyback program.
Co-CEO Joseph Chalom has compared SharpLink’s strategy to becoming the “MicroStrategy of Ethereum,” underscoring how corporate treasuries are increasingly positioning ETH as a long-term store of value.
Ethereum’s Corporate Era
The Ether Machine’s SPAC route reflects a growing trend of institutional adoption of Ethereum, echoing the path taken by Bitcoin treasuries in prior years. If successful, the listing would solidify The Ether Machine’s role as a central figure in Ethereum’s transition from a blockchain protocol to a mainstream financial asset.
With its reserves valued at more than $2 billion and a public debut expected by year’s end, The Ether Machine could emerge as a bellwether for how far Ethereum integration has come in the corporate world, and how much further it could go.
