Crypto-treasury firm The Ether Machine said it will go public on Nasdaq through a merger with blank-check company Dynamix Corporation, a deal that is expected to raise more than $1.6 billion in cash and digital assets. The combined entity plans to start operations with roughly 400,000 Ether—valued at about $1.6 billion—giving public-market investors one of the largest direct gateways to Ethereum exposure yet. Funding for the transaction includes an upsized $800 million common-stock offering led by Blockchain.com, Kraken and Pantera Capital. In addition, co-founder and chair Andrew Keys, a former ConsenSys executive, has provided an anchor commitment of 170,000 Ether worth about $645 million. On completion of the merger, the company will trade under the ticker “ETHM,” with closing targeted for the fourth quarter of 2025. Shares of Dynamix jumped 36% to $14.20 after the announcement, underscoring rising institutional appetite for holding cryptocurrencies on corporate balance sheets. The Ether Machine intends to expand its reserve through staking and other decentralized-finance strategies, mirroring MicroStrategy’s leveraged Bitcoin play but focused on Ethereum, whose price has climbed to a six-month high.