BREAKING: $2B ETH Treasury Giant ETHM Files for SEC Public Listing - Crypto Meets Wall Street

Wall Street's about to get a massive dose of pure Ethereum exposure.

ETHM—the firm sitting on a staggering $2 billion ETH treasury—just dropped its S-1 with the SEC. This isn't just another crypto listing; it's a landmark moment for institutional adoption.

Why This Matters

Think of it as a traditional finance Trojan horse—but filled with Ether. Investors who've been sidelined by regulatory hesitancy or self-custody fears now get a clean, compliant path to ETH exposure. No seed phrases, no gas fees—just a ticker and a trading account.

The Timing Play

Filing now, amid a maturing regulatory landscape and growing institutional demand? That’s not luck—that’s strategy. ETHM isn’t asking for permission; it’s building the on-ramp itself.

A Nod to the Skeptics

Sure, some will say it’s just another way for finance suits to repackage innovation and take their cut. But let’s be real—if it gets more capital into crypto, does it really matter who’s running the elevator?

Bottom line: ETHM’s move blurs the line between crypto and conventional finance. And honestly? It’s about time.

Ether Machine waiting for SEC greenlight to join Nasdaq

Andrew Keys, co-founder and chairman of The Ether Machine, said the filing will help the company become one of the largest publicly traded Ethereum treasuries. He added that the firm had engaged KPMG, one of the Big Four auditors, to oversee its governance and disclosure standards.

“The submission of our Form S-4 is a critical step towards becoming a publicly traded Ethereum company,” Keys said. “We believe The Ether Machine is positioned to set a new benchmark for digital asset treasuries entering the public markets.”

The company was formed earlier this year through a business combination between The Ether Reserve LLC and Dynamix Corporation. Under the terms of the definitive business combination agreement, Dynamix and The Ether Machine, referred to as “Pubco,” will submit additional regulatory filings, including a preliminary proxy statement and prospectus.

Filing dictates shareholder approval process

The registration statement will include a proxy statement for Dynamix shareholders and a prospectus for The Ether Machine. According to the filing, definitive proxy materials and other relevant documents will be mailed to shareholders of Dynamix at a record date yet to be determined, alongside details of the merger and other transactions related to the proposed business combination.

Dynamix and The Ether Machine could also file more documents about the proposed deal with the SEC. Company representatives told reporters the current communication does not contain all the details that should be considered for investment decisions.

Both companies and their respective boards and executives may be considered participants in the proxy solicitation process under SEC rules. Details regarding the directors, executive officers, their interests in the merger, and their holdings of Dynamix securities are included or will be included in filings with the SEC.

Ethereum holdings cross $2.16 billion pre-Nasdaq listing

In preparation for its Nasdaq listing, The Ether Machine secured $654 million worth of Ether on September 2. The 150,000 Ether investment was led by Jeffrey Berns, a longtime Ethereum enthusiast, and delivered to the firm’s wallet later in the week.

The firm is expected to enter the public market with a treasury of more than 495,362 Ether, valued at $2.16 billion, along with an additional $367.1 million in capital to acquire more ETH. 

According to data from SER, The Ether Machine is currently the third-largest corporate holder of Ethereum, behind Bitmine Immersion Tech and SharpLink Gaming. Bitmine holds about 1.2 million ETH, while the latter increased its position this past week to 838,152 coins.

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