The Ether Machine, a crypto infrastructure firm preparing to go public via a merger with SPAC sponsor Dynamix, said it executed its first major ether (ETH) purchase, acquiring nearly 15,000 ETH for $56.9 million.
The transaction, at an average price of $3,809.97, marks the start of the company’s ETH treasury deployment. The Ether Machine said it has committed to or acquired a total of 334,757 ETH to date, and still has up to $407 million in cash reserves remaining for additional purchases.
The timing of the announcement coincides with the 10th anniversary of Ethereum’s launch — a symbolic alignment with the project’s core mission to build institutional-grade, yield-generating ETH infrastructure.
The purchase was executed through The Ether Reserve LLC, a vehicle funded in part by a $97 million private placement. The company indicated that further ether acquisitions from that pool would be disclosed in subsequent updates.
As part of the launch, Andrew Keys, co-founder and chairman of The Ether Machine, also confirmed a $100,000 personal donation to the Protocol Guild — a community-led funding mechanism for long-term Ethereum core developers and maintainers.
The Ether Machine aims to establish one of the largest on-chain ETH treasuries of any publicly traded entity. Its model emphasizes active yield generation through staking, restaking and professionally managed DeFi participation. It also expects to offer Ethereum infrastructure services to DAOs, enterprises, and institutions seeking exposure to the network’s base-layer economics.
The company is in the process of finalizing its business combination with Dynamix Corporation (DYNX), a special purpose acquisition company listed on Nasdaq. Following the merger, the combined entity is expected to list under the name The Ether Machine Inc., with its ticker yet to be announced.
