The Ether Machine, the third largest ETH treasury company in the world, has abandoned plans for a public listing on the Nasdaq exchange.
In a statement released on Saturday (April 11), the company said it had mutually agreed with Dynamix Corporation to terminate their proposed merger, citing “unfavorable” market conditions.
The initial plan, first floated in July 2025, was a $1.5 billion deal with massive ETH holdings, aimed at combining the two companies to form a publicly traded ETH treasury company.
At that time, ETH was trading above $3.4K, with Ether Machine’s 334,000 holdings valued at over $1 billion.
In fact, ETH soared as high as over $4.8k, only to fall hard as the broader crypto market rout deepened following the October crash. At press time, ETH’s value was $2.2k, down 52% from October’s high of $4.7k.
It remains to be seen whether Ether Machine will explore another public listing if the market recovers.
Ether Machine joins the ETH staking frenzy
That said, Ether Machine was initially looking to become the largest ETH treasury company. It had planned to hold 10% of the circulating ETH supply, or around 12 million ETH. Compared to BitMine’s “5% Alchemy” or 6 million ETH, such a move would have made Ether Machine the first ETH treasury company.
With Nasdaq trading muted, it is unclear whether its 10% ETH supply target still stands. Despite this, the company made its last ETH purchase in October and currently holds 496.71K ETH, worth $1 billion.
Interestingly, the company’s entire ETH reserve would be staked and currently earning rewards. Similar staking moves were made by SharpLink And BitMinewhich is targeting $300 million in annual revenue from its 4.8 million ETH held.
In total, ETH treasury companies hold over 7.3 million ETH, or 6% of the circulating supply. On the other hand, SoSo Value data showed that spot ETH ETFs hold approximately 4.7% of the ETH supply.
Despite the divergence, the ETH bet only increased after the Grayscale ETH ETF began issuing ETH rewards in early January.
At the end of January, the ETH staked had exceeded 36 million ETH for the first time, which represents more than 30% of the circulating supply. In April, the trend continued with 38.7 million ETH blocked, almost 32% of the supply, highlighting strong institutional participation.
It remains to be seen whether growing demand for staking will drive the price of ETH higher amid increased blocked supply.
Final summary
- The Ether Machine has terminated its planned $1.5 billion merger deal with Dynamix Corporation, scuttling its Nasdaq listing and its 12 million ETH target.
- ETH staking demand jumped 2% in Q1 2026, driven by institutional participation.
