Ethereum treasury, the Ether Machine, has confidentially submitted a draft registration statement on Form S-4 with the U.S. Securities and Exchange Commission. The firm plans to go public by merging with Dynamix.
Summary
- The Ether Machine has confidentially submitted a draft registration statement on Form S-4 to the SEC as it prepares to go public.
- Upon approval, the Ether Machine will become the largest public holder of ETH.
According to a press release, the Ether Machine has filed a draft S-4 registration with the SEC for its planned Initial Public Offering through a pending merger with Dynamix. It is preparing to go public in the U.S market by listing on the Nasdaq exchange.
An S-4 filing is usually used to register securities issued in mergers or acquisitions. In the case of the Ether Machine, the draft registration relates to its pending business combination with special-purpose acquisition company Dynamix Corporation.
First announced in July 2025, the company revealed it would go public by merging with Dynamix Corporation. The resulting entity would begin trading publicly under the ticker “ETHM” on the Nasdaq exchange.
The deal included an anchor investment valued at around $645 million worth of ETH from from co-founder and chairman Andrew Keys, alongside over $800 million in equity commitments from major investors including Kraken, Pantera Capital, Blockchain.com, Electric Capital, and more.
Although, the proposed deal is still pending approval from Dynamix shareholders.
Chairman and Cofounder of Ether Machine, Andrew Keys stated that the company is prepared to become a “new benchmark” for other digital asset treasuries going public.
“The submission of our Form S-4 is a critical step towards becoming a publicly traded Ethereum company. We have also retained KPMG, a Big Four auditor, which reinforces our commitment to high standards of disclosure, governance, and transparency,” said Keys in his statement.
The Ether Machine’s ETH trove
Upon closing the deal and listing on Nasdaq, The Ether Machine is poised to become the largest Ethereum (ETH) treasury to go public.
According to data from Strategic ETH Reserve, the firm is currently the third largest corporate ETH holder. The Ether Machine currently holds 495,360 ETH which is currently valued up to $2.24 billion based on current market prices.
Its holdings have surpassed that of the Ethereum Foundation, but is still behind ETH giants like Tom Lee’s BitMine Immersion and Sharplink Gaming. Though, if the Ether Machine manages to go public, it will be the largest ETH holder to do so. The firm has a market cap that sits at $178 million.
The Ether Machine’s core strategy focuses on generating ETH-denominated yield through staking, restaking, and risk-managed participation in decentralized finance.
At press time, approximately 69 entities hold ETH in their balance sheets. The total amount of ETH held within corporate treasuries has nearly reached 5 million ETH or equal to $22.57 billion. This number represents around 4.13% of the total circulating ETH supply globally.
