The Ether Reserve, a new cryptocurrency venture backed by major crypto investors, announced plans to go public through a merger with Dynamix Corporation, a blank-check firm. The deal is expected to raise over $1.6 billion, positioning the company as a leading institutional gateway to Ether (ETH).
Once finalized, the combined entity will be renamed The Ether Machine and will hold more than 400,000 Ether on its balance sheet. This makes it the largest public company for institutional exposure to Ethereum, the worldโs second-largest cryptocurrency.
Shares of Dynamix more than doubled in premarket trading, signaling strong investor enthusiasm.
The move highlights growing institutional interest in crypto assets, a trend accelerated by Michael Saylorโs Bitcoin strategy at MicroStrategy. While most corporate treasuries focus on Bitcoin, Ether has surged to a six-month high, fueled by regulatory clarity surrounding stablecoins that largely operate on Ethereum.
Andrew Keys, former ConsenSys executive and a key figure in the Ethereum ecosystem, will serve as chairman of Ether Machine.
Investors including Blockchain.com, Kraken, and Pantera Capital are contributing over $800 million through an expanded stock offering.
The newly merged company will list on the Nasdaq under the ticker “ETHM”, with the deal expected to close in Q4 2025.