The Ether Machine, an Ethereum treasury firm, has confidentially submitted a draft registration statement on Form S-4 with the US Securities and Exchange Commission as part of a planned merger with blank-check firm Dynamix Corporation.
Reports have disclosed the move as the next step in bringing the company’s large ether holdings onto public markets.
Draft Filing Ties To Dynamix Merger
According to filings and company posts, the S-4 is linked to a business combination between The Ether Machine and Dynamix that was first announced in July.
The merged entity would trade under the ticker ETHM when the deal closes, which market watchers expect to occur in Q4 2025 if shareholders and regulators approve the transaction.
Image: The Ether Machine
The company said it has engaged a Big Four auditor to bolster its financial reporting as it prepares for public scrutiny.
As of today, we have confidentially filed our S-4 with the SEC. We’re shifting into the next gear, and officially on its path to full public form 🔥
“The submission of our Form S-4 is a critical step towards becoming a publicly traded Ethereum company. We have also retained…
— The Ether Machine (@TheEtherMachine) September 16, 2025
The Firm’s Ether Hoard And Recent Financing
Based on reports, The Ether Machine now holds roughly 495,362 ETH, a stash valued at about $2.16 billion at recent prices, and has set aside roughly $367 million in cash to buy more ether.
The company also recently secured a $654 million commitment in a private financing round tied to a 150,000 ETH in-kind investment, a deal that brought a new board member to the firm.
Those moves have helped push the company’s balance sheet toward what backers call institutional-grade exposure to ether.
Funding Push And Big Investors
Reports have identified major crypto names among the backers. Investors such as Blockchain.com, Kraken and Pantera Capital participated in earlier financing, and organizers expect to raise more than $1.6 billion in the Nasdaq listing effort.
The Ether Machine is also lining up additional capital, with Citibank said to be leading a third fundraising round that may target at least $500 million. Those inputs matter because they will shape how much ether the public company starts its life with on the books.
Market Reaction
Market response to the deal was swift when it was first revealed: Dynamix stock jumped sharply in premarket trading after the merger was announced.
If the combination completes, The Ether Machine would become one of the largest publicly visible holders of ether, offering investors a way to gain regulated equity exposure to the token rather than buying it directly.
Featured image from Unsplash, chart from TradingView
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