Overview

• The draft Form S-4 covers Ether Machine’s proposed business combination with SPAC Dynamix, initiating the proxy/prospectus process once the SEC completes its review.
• KPMG has been engaged as auditor to strengthen disclosure, governance, and transparency ahead of potential public trading.
• Ether Machine holds roughly 495,360–495,362 ETH valued at about $2.16–$2.24 billion, positioning it to be the largest Ethereum treasury to list if the deal closes.
• Closing remains contingent on SEC clearance, a Dynamix shareholder vote, and standard conditions, with the companies guiding to a fourth-quarter timeline.
• Backing includes an anchor ETH commitment from co-founder Andrew Keys and more than $800 million in equity commitments from firms such as Kraken, Pantera Capital, Blockchain.com, and Electric Capital, with about $367 million reserved for additional ETH purchases.