- Ether Machine filed Form S-4 with the SEC through a planned merger with Dynamix.
- The firm will hold 495K ETH, making it a leading corporate Ethereum holder.
- Backing from KPMG and major investors signals a strong push for Wall Street entry.
Ethereum treasury firm, The Ether Machine, announced Tuesday that it confidentially filed a draft registration on Form S-4 with the Securities and Exchange Commission (SEC) to advance its goal of becoming publicly traded in the United States. The registration relates to a proposed business combination with Dynamix Corporation, a special-purpose acquisition company listed on Nasdaq under the ticker ETHM. The firm described the filing as a critical step toward scaling its operations and entering Wall Street markets under regulated frameworks.
Co-founder and Chairman Andrew Keys stated that the firm had retained KPMG, a Big Four auditor, which reinforces its commitment to high standards of disclosure, governance, and transparency. Further, the partnership signals the company’s intent to align with institutional compliance requirements while preparing for listing.
The Ether Machine explained in its filing update that the agreement with Dynamix was announced on July 21, 2025. The deal remains subject to shareholder approval at an upcoming extraordinary general meeting. Upon closing, the combined entity is expected to trade under ETHM.
A Growing Ethereum Treasury
The Ether Machine plans to begin public trading with over 400,000 ETH on its balance sheet, thus creating the most extensive public-vehicle asset base designed to offer institutional exposure to Ethereum. Strong financial backing has fueled this expansion.
Ethereum advocate Jeffrey Berns committed 150,000 ETH valued at $654 million and will also join the company’s board. Additional support has come from Blockchain.com, Kraken, Pantera Capital, and other institutional players.
Earlier this month, the company raised a total of 150,000 ETH for the treasury, bringing the total amount held to 495,362 ETH. According to SER data, this renders The Ether Machine the third-largest corporate holder of Ethereum, behind Bitmine Immersion Tech and SharpLink Gaming.
These holdings, from an institutional perspective, position the firm for such a position. Major stakeholders back a treasury structure that provides a level of credibility and financial scale that is yet to be seen in other Ethereum-linked public efforts.
Related: Swiss Banks Test Tokenized Deposit Payments on Ethereum
Broader Implications and Risks
The Ether Machine’s move is indicative of a new, broader movement among crypto companies to deal directly with Wall Street through transparent and legitimate public offerings. The filing may lend validity to the role of digital asset treasuries as both compliant and investable by mainstream capital markets.
On the other hand, the move might place some parameters on the regulatory expectations for companies in this industry. The SEC may set forth a new set of disclosure, audit, governance, and risk management standards, thereby providing certainty to other firms that are contemplating entering the public markets.
But, even with those pluses, there are risks that are still in the forefront. Changes in the regulatory environment, ETH price volatility, and the usual counterparty or protocol risks prevalent in DeFi staking and restaking will all put pressure on the execution of the transaction. While the SPAC merger process itself may be fraught with the perils of delay, its ultimate consummation depends on shareholder votes.
Will The Ether Machine’s path serve to redefine the interaction between old-school finance and blockchain innovation? The outcome may open doors for other Ethereum-focused or smart-contract-based companies to follow similar paths into Wall Street.
