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The Ether Machine to Trade on Nasdaq as ETHM After $645 Million SPAC Backing

The deal builds on the GENIUS Act’s regulatory clarity that has fuelled record ETF inflows into ether products.

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Overview

  • The Ether Machine will begin trading on Nasdaq under ticker ETHM once its merger with blank-check company Dynamix Corporation closes.
  • Co-founder Andrew Keys has committed about $645 million in an anchor investment supported by 10T Holdings, Electric Capital and Pantera Capital.
  • Shares of Dynamix climbed roughly 30% in premarket trading after the merger announcement.
  • The SPAC vehicle aims to emulate MicroStrategy’s accumulation strategy for ether while generating yield through on-chain staking.
  • BlackRock filed this week with the SEC to enable staking in its ETHA ether ETF, which logged a record $2.18 billion in weekly inflows.