Dynamix, a publicly listed blank-check company, is preparing to merge with another entity to form a new company called the Ether Machine. The combined company plans to hold over 400,000 ether (ETH), valued at approximately $1.5 billion at launch, making it the largest public Ethereum treasury company. The merger is backed by major crypto firms including Kraken and Blockchain.com, with co-founder Andrew Keys contributing around $645 million (169,984 ETH) as anchor capital. The Ether Machine aims to be an active ether generation company and plans to go public on the Nasdaq under the ticker symbol ETHM, with an equity value estimated at $1.7 billion. In late July 2025, the Ether Machine increased its holdings by purchasing an additional 15,000 ETH for $56.9 million, bringing its total ETH holdings to 334,757, surpassing the Ethereum Foundation's 234,000 ETH. The company has committed $407 million for a long-term ETH treasury plan and remains bullish on expanding its Ethereum assets under a crypto-friendly regulatory environment.