The Ether Machine, a soon to be publicly traded entity, has taken a step toward its Nasdaq debut by confidentially submitting a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission (SEC).
As per the press release, the S-4 Filing is part of a proposed merger with Dynamix Corporation and The Ether Reserve LLC, which was announced on July 21, 2025.
“The submission of our Form S-4 is a critical step towards becoming a publicly traded Ethereum company,” said Andrew Keys, Co-Founder and Chairman of The Ether Machine. He added that the company has retained KPMG, a Big Four auditor, to reinforce its commitment to high standards of disclosure, governance, and transparency.
The company expects to complete the merger in the fourth quarter. The deal is conditional on customary closing conditions, such as approval by Dynamix shareholders at the next extraordinary general meeting.
The Ether Machine’s ETH Treasury
Ahead of its public listing, The Ether Machine has been actively accumulating its Ethereum (ETH) treasury. In July 2025, the company raised over $800 million from institutional and strategic investors. Co-Founder and Chairman Andrew Keys contributed 169,984 ETH, worth about $741 million, forming a key part of the company’s treasury.
In August 2025, The Ether Machine raised 150,000 ETH, worth around $654 million, from Ethereum supporter Jeffrey Berns, who will also become a member of the company’s board.
As per the data of Strategic ETH Reserve, The Ether Machine’s total ETH holdings reached to 495,362 ETH, valued at about $2.23 billion, positioning it as the third largest corporate holder of ETH.
The Ether Machine also intends to offer turnkey infrastructure services to businesses, decentralized autonomous organizations (DAOs), and Ethereum-native developers in need of access to the consensus and blockspace economy of Ethereum.
