SPAC Launches $1.5B Ether Machine in Landmark Ethereum Deal

In a bold move merging traditional finance with crypto innovation, blank-check firm Dynamix Corporation has finalized a merger to create The Ether Machine, a newly public company poised to manage over $1.5 billion in Ethereum (ETH). Announced on July 21, 2025, the deal signals a significant milestone in the evolving relationship between SPACs and digital assets.

The venture is backed by over $800 million in equity funding, sourced from major crypto entities like Kraken, Blockchain.com, and Pantera Capital, with shares priced at $10. Notably, Andrew Keys, co-founder of Ether Machine and former executive at ConsenSys, is investing $645 million of his own capital and will lead as Chairman. The executive team also includes David Merin as CEO and Jonathan Christodoro as Vice Chairman. Keys described the leadership group as the “Avengers of Ethereum,” reflecting their deep industry expertise.

The Ether Machine is launching with more than 400,000 ETH on its balance sheet, making it one of the most Ether-heavy public entities to date. Investor interest surged following the announcement, with shares of Dynamix rising sharply in pre-market activity.

This deal is part of a larger trend in 2025, where SPACs are increasingly being used to bring crypto-heavy firms to the stock market. ReserveOne, for example, is preparing a $1 billion raise to build a diversified crypto treasury, while Bitcoin Standard Treasury Company is planning a public listing via a Cantor-backed SPAC, holding substantial Bitcoin reserves.

These moves come in the wake of the 2024 approval of spot Bitcoin ETFs and newly passed U.S. crypto regulations, which have created a more favorable environment for digital asset firms seeking to go public.