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- Nidhi Kolhapur
Nidhi Kolhapur
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
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Zafar Naik - Sep 17, 2025 08:44 UTC
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The Ether Machine Moves Toward Public Listing with S-4 Filing
The Ether Machine confidentially files draft Form S-4 with the SEC
It recently raised $654 million in private ether financing
It is now the third-corporate ETH holder, with close to 500,000 ETH
The Ether Machine, one of the largest Ethereum treasury firms, is moving closer to going public.
This marks an important milestone in the firm’s growth strategy, which shows its ambition to expand its presence in the public markets and set new standards for digital asset treasuries.
Ether Machine Files S-4 With SEC
The firm revealed on Tuesday that it has confidentially filed a draft Form S-4 with the SEC. This filing is part of its plan to go public through a business combination with Dynamix Corporation and The Ether Reserve LLC.
“We’re shifting into the next gear, and officially on its path to full public form,” it shared in an X post.
Milestone Toward Public Listing
Andrew Keys, Co-Founder and Chairman of The Ether Machine also highlighted the firm’s partnership with KPMG as proof of its commitment to strong governance and transparency.
“We believe The Ether Machine is positioned to set a new benchmark for digital asset treasuries entering the public markets,” he added.
The Ether Machine first unveiled its plan to go public through a merger back in July. The companies aim to close the deal in the fourth quarter, pending standard conditions and shareholder approval.
Treasury Growth and Investments
Earlier this month, The Ether Machine raised $654 million in private ether financing, as it prepares for its planned Nasdaq listing later this year.
At present, the firm holds close to 500,000 ETH, making it the third-largest corporate holder of ether, behind BitMine Immersion Tech and SharpLink Gaming.
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Who Holds the Most Ethereum?
BitMine Immersion, the world’s largest Ethereum treasury company, now holds 2.15 million ETH, worth $9.75 billion, after acquiring around 82,000 ETH last week. Its total crypto and cash holdings have also surpassed $10.8 billion.
SharpLink Gaming ranks second, with over 838K ETH while The Ether Machine holds steady in third place with nearly half a million ETH.
Market Outlook for ETH
The timing of this move coincides with growing optimism in the market. Fundstrat’s Tom Lee believes Ether could make a “monster move” in the next three months if the Fed cuts rates in September.
Investor Ted Pillows notes that Ethereum has bounced off its $4,500 support level. If this level holds, Ethereum could climb toward $4,700; if it breaks, it may revisit the $4,000–$4,200 range.
Thus, the Ether Machine has positioned itself well as a key player to watch as Ethereum edges into its next big market cycle.
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FAQs
The Ether Machine is a major Ethereum treasury firm and the third-largest corporate holder of ETH, with nearly 500,000 tokens, now moving toward a public stock listing.
It is going public via a merger with Dynamix Corp and The Ether Reserve LLC, confidentially filing an S-4 form with the SEC as a key step toward a Nasdaq listing.
The merger deal is expected to close in the fourth quarter of 2025, pending standard regulatory conditions and shareholder approval.
Going public aims to expand its market presence and set new standards for transparency in digital asset treasuries, backed by a recent $654 million private funding round.
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