Ether Machine Files SEC Form S-4 for SPAC Merger, Aiming for Nasdaq ETHM Listing with $2.16B ETH Treasury
The Ether Machine, an Ethereum treasury firm, has confidentially filed a draft Form S-4 with the US SEC to merge with SPAC Dynamix Corp, targeting a Nasdaq listing under ticker ETHM. First announced in July, the SPAC merger requires shareholder and regulatory approval ahead of a planned close in Q4 2025. Ether Machine holds 495,362 ETH (around $2.16 billion) and $367 million in cash. It also raised $654 million in a private financing round—including 150,000 ETH in-kind—from backers such as Blockchain.com, Kraken, Pantera Capital and Citibank, and appointed new board members. Organizers aim to raise over $1.6 billion in total proceeds, while retaining KPMG to bolster governance and disclosure standards.
Bullish
The SPAC merger and confidential SEC Form S-4 filing highlight growing institutional confidence in Ether Machine’s $2.16 billion ETH treasury and regulated equity exposure to ether. The planned Nasdaq listing under ETHM, strong private financing backing and KPMG governance boost market credibility. Such high-profile, regulated transactions tend to drive demand and price appreciation for the underlying asset. In both the short term (pre-approval rallies) and long term (increased liquidity and mainstream adoption), this development is likely to be bullish for ETH.