Dynamix Considers Going Public Through SPAC Deal
Dynamix announced on July 21, 2025, a SPAC merger to form the Ether Machine, targeting $1.5 B+ in ETH acquisitions via a new crypto investment vehicle.
The deal secures over $800 million in equity commitments at $10 per share from Kraken, Blockchain.com, and Pantera Capital. Co-founder Andrew Keys will provide a $645 million anchor investment and serve as chairman of the new entity.
David Merin will lead the Ether Machine as CEO while Jonathan Christodoro will serve as vice chairman. Keys will transition from his current role as co-founder to chairman once the merger completes.
The equity commitments come from major cryptocurrency exchanges and investment firms. Kraken operates as one of the largest U.S. crypto exchanges, while Blockchain.com provides digital wallet services. Pantera Capital manages cryptocurrency-focused investment funds.
Dynamix Corporation incorporated as a Cayman Islands blank-check company and raised $150 million in its November 2024 IPO. The company sold units at $10 each under ticker DYNXU and initially targeted energy and power sector acquisitions before pivoting to cryptocurrencies.
The Ether Machine will focus exclusively on holding Ether rather than trading or providing other cryptocurrency services. The entity plans to accumulate its Ether holdings through direct market purchases and institutional transactions.
Ether prices have reached six-month highs in recent weeks, with the cryptocurrency trading above $3,600. Institutional demand for Ethereum has increased following regulatory developments around dollar-pegged tokens and exchange-traded funds.
The merger requires approval from Dynamix shareholders and regulatory clearance. The companies expect to complete the transaction in the fourth quarter of 2025, subject to market conditions and due diligence completion.
Dynamix shares trade on the Nasdaq under ticker DYNX after completing its de-SPAC process. The company’s trust account holds approximately $150 million in cash and short-term investments available for the Ether Machine acquisition.
Keys previously worked at ConsenSys, an Ethereum software company, before founding several blockchain ventures. Merin has experience managing institutional investment funds focused on digital assets.
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