# 'The Ether Machine' Goes Public with 400K ETH via SPAC

*Author: Bankless*
*Published: Jul 21, 2025*
*Source: https://www.bankless.com/fr/read/the-ether-machine-goes-public-with-400k-eth-via-spac*

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Dynamix’s SPAC merger will rebrand it as The Ether Machine, launching with over 400,000 ETH (~$1.5–1.6 billion) on its balance sheet—signaling an institutional shift toward active ETH yield strategies.

### What’s the Scoop?
- **SPAC Deal Finalized:** Blank-check firm Dynamix is merging to form The Ether Machine, backed by Kraken, Blockchain.com, Pantera Capital, and Consensys leader Andrew Keys—who’s anchoring with ~$645 million and chairing the new entity.
- **Huge ETH War Chest:** The combined firm will hold 400,000+ ETH (~$1.5–1.6 billion), making it the largest public institutional exposure to Ethereum.
- **Nasdaq Debut Coming:** Set to list under the ticker ETHM on Nasdaq, with the SPAC deal expected to close in Q4 2025, raising over $1.6 billion in gross proceeds.
- **Yield-Focused Mission:** The Ether Machine will actively generate ETH-denominated returns through staking, restaking, block-building, and DeFi strategies—not just hoard coins.

> We are The Ether Machine.Today we launch the largest public vehicle ever built to own and manage ETH with over $1.5B in committed capital.This is Ethereum’s institutional chapter.Not passive. Not synthetic. Not outsourced.⬇️— The Ether Machine (@TheEtherMachine) [July 21, 2025](https://twitter.com/TheEtherMachine/status/1947240404673315091?ref_src=twsrc%5Etfw)
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