Ether Machine to launch via SPAC deal with $1.5 billion backing and 400,000 ethereum
A newly formed public company, The Ether Machine, created via a blank-check company merger with Dynamix Corporation, will trade on the Nasdaq under the ticker symbol “ETHM.” The deal is “expected to deliver over $1.6 billion of gross proceeds, including over $1.5 billion of fully committed financing.” It aims to launch with 400,000 Ethereum “in a public vehicle for pure-play institutional-grade exposure to Ethereum and ETH-denominated yield,” according to a press release.
Shares of Dynamix were up more than 28% in early trading Monday. Meanwhile, ethereum, the second-largest crypto by market cap, is on a roll, up 25% in the past week, thanks partly to the passage of the GENIUS Act. The act provides a regulatory framework for stablecoins, most of which are on the ethereum blockchain.
“The Ether Machine provides secure, liquid access to Ether — the digital oil that is powering the next era of the digital economy,” Andrew Keys, cofounder and chairman of The Ether Machine, said in the release.
Keys, a Consensys cofounder, contributed $645 million (representing 169,984 ethereum), while institutional and strategic investors, including Blockchain.com, Kraken, and Pantera Capital, contributed more than $800 million.
The Ether Machine is the latest entry to a growing trend of companies choosing to build digital asset reserves based on ethereum, including SharpLink Gaming, BitMine, and BTCS.
