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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.
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.
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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.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
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