The Ether Machine, Inc., a newly formed entity enabling public market investors to access Ethereum yield, announced its public launch today through a definitive business combination agreement between The Ether Reserve, LLC and Dynamix Corporation (NASDAQ: DYNX). Upon the closing of the business combination, the combined entity will trade on NASDAQ under the ticker symbol “ETHM”.
- The Ether Machine expected to launch with over 400,000 Ether (“ETH”) and manage the largest pool of assets in a public vehicle for pure-play institutional-grade exposure to Ethereum and ETH-denominated yield.
- Led by Ethereum trailblazers with firsthand experience driving Ethereum’s rise from a nascent protocol to a cornerstone of the digital asset ecosystem.
- Largest all-common-stock financing committed at announcement since 2021; Anchored by contribution of approximately $645 million (169,984 ETH) from Andrew Keys1, alongside an upsized common stock financing in excess of $800 million from top-tier institutional, crypto-native and strategic investors including 1Roundtable Partners / 10T Holdings, Archetype, Blockchain.com, cyber Fund, Electric Capital, Kraken and Pantera Capital.
The Ether Machine is building the largest public vehicle for institutional-grade exposure to Ethereum, offering secure, transparent, and compliant access to ETH-denominated yield. As a strategic Ether generation company, it aims to deliver long-term, risk-adjusted returns through staking, restaking, and decentralized finance strategies.
Senior Leadership
The Ether Machine is led by a visionary team of blockchain pioneers and finance veterans whose collective track record spans the earliest days of Ethereum and the development of foundational crypto infrastructure.
- Andrew Keys, Co-Founder and Chairman, is a trailblazer in institutional Ethereum adoption. As one of the early members at Consensys, he spearheaded the creation of the first Ethereum Blockchain-as-a-Service offering with Microsoft, which propelled ETH to trade above $1 in 2015. He co-founded the Enterprise Ethereum Alliance (EEA) in 2017 – the largest open-source blockchain consortium in the world with members including Intel, BP and Accenture. Most recently, he co-founded a $1 billion CFTC-registered commodity pool operator, DARMA Capital.
- David Merin, Co-Founder and CEO, is a leader in institutional Ethereum finance and infrastructure. In his prior role as head of corporate development at Consensys, he led over $700 million in fundraising, five acquisitions, and more than fifty strategic investments — helping transform the company into a global Ethereum software leader. Prior to that, David played a key role in Consensys’ transition from a decentralized ecosystem studio to a cohesive, integrated Ethereum software company.
- Tim Lowe, Chief Technology Officer, is a pioneer in Ethereum staking and institutional blockchain infrastructure, with over two decades of experience building mission-critical financial systems. As CTO of DARMA Capital and former Head of Staking at Consensys, he helped architect and launch some of the earliest institutional staking platforms, setting benchmarks for security and performance. He also played a key role in Consensys’ enterprise blockchain initiatives, including tokenized environmental markets and asset management tools.
- Darius Przydzial CFA, CQF, Head of DeFi, is an expert and strategist in DeFi and Ethereum infrastructure. Since 2017, when he joined Consensys, he has advised several top DeFi protocols, including being a core contributor at Synthetix. Prior to his work in Web3, Darius spent over a decade at J.P. Morgan, Fortress Investment Group, and SAC Capital, where he led quantitative research and risk strategies.
- Jonathan Christodoro, Co-Founder and Vice Chairman, brings over two decades of experience across several premier investment management firms, including Icahn Capital LP. In these roles, he has served on over a dozen Board of Directors helping scale and grow both private and public companies. He began his career in investment banking at Morgan Stanley advising companies across a variety of industries. Within financial technology, he currently serves on the board of directors of PayPal and has done so since its spin-out from eBay.
Management Comments
“The Ether Machine provides secure, liquid access to Ether – the digital oil that is powering the next era of the digital economy,” said Andrew Keys, Co-Founder and Chairman of The Ether Machine. “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 Ether Machine is purpose-built for this moment in the digital assets space. Regulatory clarity and growing investor appetite are finally meeting a platform with deep technological experience and day-one dedication to Ethereum,” said David Merin, Co-Founder and CEO of The Ether Machine.
“The Ether Machine will set a new standard for excellence for digital assets, and I look forward to instituting corporate best practices as we work to institutionalize the use of Ethereum,” said Jonathan Christodoro, Co-Founder and Vice Chairman of The Ether Machine.
“We are excited to partner with The Ether Machine at a pivotal time in the industry, as Wall Street embraces the transformative potential of blockchain technology and regulatory clarity paves the way for innovative use cases,” said Andrejka Bernatova, Founder, Chair, and CEO of Dynamix Corporation.
Company Strategy
The Ether Machine plans to operate as a strategic Ether generation company with three core objectives:
1. Generate Alpha: The Ether Machine’s ongoing ether generation strategies are expected to include staking and restaking (i.e., generating yield for increasing Ethereum network security), and treasury yield from battle-tested decentralized finance protocols. It plans to leverage rigorous risk management to generate prudent risk-adjusted returns.
2. Catalyze the Ecosystem: The Ether Machine plans to actively support Ethereum-native projects via ecosystem partnerships, open-source contributions, and early participation in emergent protocols. The Company also plans to publish Ethereum-focused research and educational content to deepen the understanding of the network’s potential and drive broader adoption.
3. Build Infrastructure Solutions: The Company expects to provide infrastructure solutions for institutions and Ethereum-native projects – eliminating the need to develop internal systems. Services may include validator management, block-building and tailored yield strategies. All activities will be governed by strict internal risk frameworks and regulatory compliance protocols.
Transaction Highlights
- Landmark Transaction: This transaction marks the largest all-common-stock financing committed at announcement since 2021.
- Anchor Investment: Contribution of approximately $645 million (representing 169,984 ETH) by Co-Founder and Chairman Andrew Keys at inception.
- Blue-chip Institutional Support: In excess of $800 million of upsized, fully-committed financing at $10.00 per share from institutional and strategic investors including 1Roundtable Partners / 10T Holdings, Archetype, Blockchain.com, cyber•Fund, Electric Capital, Kraken and Pantera Capital.
- Immediate Scale: The transaction is expected to deliver over $1.6 billion of gross proceeds, including over $1.5 billion of fully committed financing and up to $170 million of cash held in Dynamix’s trust account. The company is expected to launch with over 400,000 ETH on its balance sheet, making it the largest public Ether generation company.
The boards of directors of both The Ether Machine and DYNX have unanimously approved the proposed business combination, which is expected to close by the fourth quarter of 2025, subject to shareholder approval and other customary closing conditions.
Advisors
Citigroup Global Markets, Inc. is serving as Capital Markets Advisor to The Ether Machine and served as Sole Placement Agent for institutional and strategic investors on the upsized $800 million in committed financing.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to The Ether Machine. Davis Polk & Wardwell LLP is serving as legal counsel to Citigroup.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) and Scotia Capital (USA) Inc. are acting as joint financial advisors to Dynamix Corporation. Cohen & Company is serving as Lead Capital Markets Advisor to Dynamix.
Gibson, Dunn & Crutcher LLP is serving as legal counsel to Dynamix Corporation.
Conference Call Information
The Ether Machine will hold an investor conference call to discuss the proposed transaction on Tuesday, July 22nd at 10:00 A.M. ET. Please dial in to the conference call at the link here: https://teneo.zoom.us/j/84993884356. A replay will be available and accessible at www.ethermachine.com.
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