Ethereum Treasury Firm The Ether Machine Files to Go Public in the US

The Ether Machine, an Ethereum-focused treasury management firm, has filed a draft registration statement with the US Securities and Exchange Commission (SEC) as it moves forward with plans to go public through a merger.

Key Takeaways:

• The Ether Machine has filed an SEC Form S-4 to go public via a SPAC merger with Dynamix Corporation.
• The firm has amassed 495,362 ETH, valued at over $2.1 billion, making it the third-largest corporate Ethereum holder.
• Founder Andrew Keys contributed nearly $741 million in ETH, anchoring a treasury backed by over $800 million in institutional funding.

The filing, submitted on Form S-4, relates to the firm’s proposed combination with special-purpose acquisition company (SPAC) Dynamix Corporation, which trades on Nasdaq under the ticker ETHM.

The Ether Machine confirmed the move on Tuesday via social media, writing: “We’re shifting into the next gear, and officially on its path to full public form.”

Originally announced in July, the merger is expected to close in Q4, pending shareholder approval at Dynamix’s upcoming extraordinary general meeting.

The Ether Machine has gained attention for rapidly growing its ETH reserves. Earlier this month, the company disclosed it had added 150,000 ETH in August alone, bringing total holdings to 495,362 ETH.

The latest investment adds to The Ether Machine’s existing pool of institutional backing.

In prior rounds, the company raised more than $800 million from a mix of institutional and strategic investors, including an anchor commitment from co-founder and chairman Andrew Keys.

Keys’ initial contribution of 169,984 ETH, now valued at roughly $741 million, has served as a cornerstone of the company’s treasury.

The company was formed through the merger of Ether Reserve LLC and blank-check firm Dynamix Corporation. The Ether Machine initially set out to raise over $1.5 billion, courting names such as Blockchain.com, Kraken, and Pantera Capital.

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…

While the company has since adjusted its fundraising strategy, the latest capital injection leaves it with a sizable stockpile of Ethereum.

In total, the firm has secured commitments for 495,362 ETH, currently worth around $2.16 billion, with approximately $367.1 million available for further acquisitions, assuming no shareholder redemptions.

That puts it behind only Bitmine Immersion Tech and SharpLink Gaming among public Ethereum treasuries, according to SER data.

As reported, SharpLink Gaming has repurchased nearly 1.94 million shares under its buyback program launched in late August, citing undervaluation and strong fundamentals.

With no outstanding debt and a net asset value of $3.86 billion (or $18.55 per share), the company is using repurchases as a way to return value to shareholders amid favorable market conditions.

At the same time, SharpLink has significantly expanded its Ethereum treasury, now holding 838,152 ETH—most of it staked, generating ongoing yield.

Since June, staking rewards have added 3,240 ETH, and the firm’s ETH concentration ratio has nearly doubled, signaling a long-term bet on Ethereum’s role in the digital asset economy.

Co-CEO Joseph Chalom says SharpLink aims to become the “MicroStrategy of Ethereum,” aligning shareholder interests with the growth of ETH while showcasing how digital assets can be deployed responsibly.

With over $4 billion in ETH exposure and ongoing buybacks, SharpLink is positioning itself as a corporate leader in Ethereum adoption.

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