Share this article
Ether Machine to List on Nasdaq Via SPAC With $1.5B Backing
It is backed by around $645 million worth of ETH from Chairman Andrew Keys and a further $800 million from an array of high-profile investors
Updated Jul 21, 2025, 2:38 p.m. Published Jul 21, 2025, 12:46 p.m.
Make us preferred on Google
What to know:
- The Ether Reserve will list on the Nasdaq via a merger with special purpose acquisition company Dynamix Corporation.
- The Ether Machine is positioned as a public vehicle for exposure to Ether and ETH-denominated yield through seeking returns from staking, restaking and decentralized finance.
- DYNX shares jumped over 30% to trade at around $13.40 in pre-market trading on Monday.
A new ether investment vehicle is set to debut on the Nasdaq with an expected 400,000 ETH ($1.53 billion) on its balance sheet.
The Ether Reserve will list on the Nasdaq via a merger with special purpose acquisition company (SPAC) Dynamix Corporation (DYNX). The combined entity will be named The Ether Machine and trade under the ticker ETHM, according to an announcement on Monday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
DYNX shares jumped over 30% to trade at around $13.40 in pre-market trading on Monday.
The Ether Machine is positioned as a public vehicle for exposure to Ether and ETH-denominated yield through seeking returns from staking, restaking and decentralized finance (DeFi).
It is backed by around $645 million worth of ETH from Andrew Keys, a former executive at Ethereum infrastructure builder Consensys, who will serve as chairman of Ether Machine.
The company also has over $800 million in financing from a range of high-profile backers, such as 1RoundTablepartners, Pantera Capital, Kraken and Blockchain.com.
The listing couldn't come at a much better time for ether bulls, as the world's second-largest cryptocurrency climbed as much as 25% last week to break above $3,800 for the first time in 2025.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.
What to know:
- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
Top Stories
