Pantera-backed The Ether Machine set for Nasdaq debut, targets $1.6B raise
The company aims to generate yield through staking, support Ethereum-native projects, and provide institutional infrastructure solutions.
Key Takeaways
- The Ether Machine plans to go public via a Nasdaq listing, targeting a $1.6 billion capital raise.
- The company will provide institutional-grade exposure to Ethereum through strategies like staking and DeFi.
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The Ether Machine, a newly established firm backed by a group of top-tier institutional, crypto-native, and strategic investors, announced Monday its plans to go public on Nasdaq, targeting over $1.6 billion in gross proceeds to build “the largest public Ether generation company.”
The Ether Machine is set to trade under the ticker “ETHM” via a business combination with Dynamix Corporation. At launch, the company expects to hold more than 400,000 ETH on its balance sheet.
The deal includes a $645 million anchor investment from co-founder and chairman Andrew Keys, representing 169,984 ETH, along with over $800 million in committed capital from backers including Pantera Capital, Kraken, and Blockchain.com
“The Ether Machine provides secure, liquid access to Ether – the digital oil that is powering the next era of the digital economy,” said Keys in a statement. “We have assembled a team of ‘Ethereum Avengers’ to actively manage and unlock yields to levels we believe will be market-leading for investors.”
The company’s leadership team includes CEO David Merin, former head of corporate development at Consensys, and CTO Tim Lowe, a pioneer in Ethereum staking and institutional blockchain infrastructure.
Not an ETF or passive Ether treasury company
The Ether Machine emphasizes that it isn’t a passive ETH holder like an ETF or treasury, but an actively managed vehicle for institutions to access Ethereum, earn ETH-denominated yield, and participate directly in the ecosystem.
The company plans to generate returns through staking, restaking, and decentralized finance strategies.
“ETH is the backbone of the digital economy,” explained the team. “It settles $14T+ per year, anchors over $130B in stablecoins, and secures the majority of DeFi activity across the ecosystem. It’s not just a token, it’s collateral, fuel, and native yield.”
“ETH generates real yield through staking. It’s burned with usage, making it deflationary. It’s programmable, composable, and used by everything from BlackRock to Uniswap. ETH is the reserve asset of Web3,” the team added.
According to the company’s announcement, the deal represents the largest all-common-stock financing announced since 2021 and is expected to close in the fourth quarter of 2025.
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