Ether Machine Files to Go Public with Nasdaq SPAC

The Ether Machine now holds 495,362 ETH, making it the third largest corporate Ethereum holder.

SharpLink Gaming expanded its Ethereum treasury to 838,152 ETH, most of it staked for steady yield.

The Ether Machine’s Nasdaq listing plan highlights Ethereum’s growing foothold in mainstream financial markets.

Ethereum treasury firm The Ether Machine is pushing forward with its goal to go public in the United States

On Tuesday, the company announced it filed a draft registration statement on Form S-4 with the Securities and Exchange Commission. The filing relates to its proposed merger with Dynamix Corporation, a Nasdaq-listed special purpose acquisition company trading under ticker ETHM.

The move comes after The Ether Machine disclosed in July that it planned to merge with Dynamix before year-end. The deal, which remains subject to customary approvals, will be voted on at an upcoming extraordinary general meeting. If successful, the company could soon join a small but growing list of crypto-focused firms on U.S. markets.

Expanding Ethereum Treasury Holdings

Besides its listing ambitions, The Ether Machine has expanded its Ethereum reserves. Earlier this month, the firm revealed it added 150,000 ETH in August alone, bringing total holdings to 495,362 ETH. According to data from SER, this makes the company the third largest corporate holder of ETH, trailing only Bitmine Immersion Tech and SharpLink Gaming.

The rapid accumulation underscores confidence in Ethereum’s long-term role in the digital asset economy. Moreover, the firm is shifting from a pure treasury strategy toward broader market engagement by seeking public listing access. This combination of balance sheet strength and public capital market entry sets it apart from many competitors.

SharpLink Strengthens ETH Position

Meanwhile, SharpLink Gaming has also drawn attention with Ethereum-focused strategies. The company expanded its ETH holdings to 838,152, with most staked for yield. Since June, staking rewards alone have generated 3,240 ETH, boosting its concentration ratio.

Additionally, SharpLink launched a share buyback program in August, already repurchasing 1.94 million shares. Co-CEO Joseph Chalom said SharpLink wants to become the “MicroStrategy of Ethereum,” linking shareholder value to ETH adoption. With more than $4 billion in Ethereum exposure, SharpLink is emerging as a corporate leader in ETH integration.

The Ether Machine’s planned Nasdaq debut signals Ethereum’s deepening foothold in traditional markets. At the same time, rival SharpLink is setting a benchmark for corporate ETH adoption

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