The Ether Machine Targets Nasdaq Debut With $1.6B in Capital and 400K ETH

A newly formed Ethereum-focused company, The Ether Machine, is set to become the largest publicly traded vehicle dedicated solely to Ethereum following a definitive merger announcement on Monday.  

The firm plans to list on Nasdaq with over $1.5 billion in fully committed capital and more than 400,000 ETH on its balance sheet, according to the statement.

$645M from Keys anchors Ethereum-native vision

Co-founder Andrew Keys, who will serve as chairman, has committed approximately $645 million—equivalent to 169,984 ETH—to anchor the launch. The financing round also secured over $800 million in equity commitments from a broad group of institutional and crypto-native investors. Notable participants include 1Roundtable/10T Holdings, Archetype, Blockchain.com, cyber Fund, Electric Capital, Kraken, and Pantera Capital.

This strong financial backing underscores the growing institutional interest in Ethereum as both an asset and a platform for decentralized finance and infrastructure. The firm’s strategic focus positions it as a pure-play Ethereum bet in the public markets.

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Leadership includes former Consensys, Morgan Stanley executives

The Ether Machine will be led by CEO David Merin, who previously headed corporate development at Consensys. He will be joined by Jonathan Christodoro, a former Morgan Stanley executive, as vice chairman.

In addition to the committed capital, the merger with special purpose acquisition company (SPAC) Dynamix brings access to a $170 million trust. This could lift gross proceeds from the deal above $1.6 billion, making it one of the largest SPAC-related launches in crypto to date.

If successful, The Ether Machine will provide institutional investors with direct exposure to Ethereum via a publicly traded vehicle backed by significant ETH reserves and high-profile leadership.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.