Mentioned:
There’s a new SPAC deal focused on Ethereum. And they’re raising more than a billion dollars of fresh capital.
What’s happening:
- Dynamix Corporation (NASDAQ: DYNX) has entered into a business combination agreement with The Ether Machine
By the numbers:
- The new SPAC deal comes with $1.5B USD in committed capital, including a lead investment of $645M USD from The Ether Machine co-founder Andrew Keys
- It is expected that Dynamix Corporation will also contribute roughly $170M USD in cash to the new merger
Why it matters:
- The Ether Machine is aiming to build one of the largest publicly listed companies in the world solely focused on buying and staking Ethereum
Going deeper:
- The Ether Machine has publicly stated they are intending to launch with more than 400,000 Ethereum tokens being held directly as an asset
- Multiple prominent digital asset investors are participating in the new financing round into the SPAC, including Pantera Capital, Kraken and Electric Capital
The intrigue:
- Ethereum accumulation has continued to be a major theme in the traditional public markets lately, which has been largely fuelled by Peter Thiel’s Founders Fund notably backing BitMine Immersion Technologies (NYSE: BMNR) to begin purchasing Ethereum and Sharplink Gaming (NASDAQ: SBET) becoming the first public company to directly purchase tokens from the Ethereum Foundation
