According to the source, The Ether Machine filed a Form S-4 with the U.S. Securities and Exchange Commission to go public via a planned merger with Dynamix, source: the source. The source also states the entity holds 495,000 ETH valued at approximately $2.25 billion, source: the source. Form S-4 registrations are used for mergers and include material disclosures such as transaction terms, financial statements, and risk factors relevant to investors, source: U.S. SEC. Traders should monitor the SEC’s EDGAR system for the S-4 and subsequent amendments to review any disclosed terms that could affect capital structure, lock-up provisions, or treasury management policies tied to the reported ETH holdings, source: U.S. SEC.

According to @MilkRoadDaily, an interview with Ether Machine’s Andrew Keys and Andrejka Bernatova presents a bullish ETH (ETH) thesis that DATs could become the primary institutional on-ramp to buy ETH via public markets. Source: @MilkRoadDaily on X, Sep 11, 2025. The discussion covers ETH vs BTC positioning, why ETH may be used for corporate treasury, and detailed explanations of DATs and the Ether Machine model. Source: @MilkRoadDaily on X, Sep 11, 2025. Platforms and structures cited include Figure Markets, KGeN, and SPAC mechanics as potential pathways for public-market exposure to ETH. Source: @MilkRoadDaily on X, Sep 11, 2025. The hosts flag a potential DAT boom, outline what public markets could mean for ETH, and review risks specific to DAT investing. Source: @MilkRoadDaily on X, Sep 11, 2025. Trading relevance: monitor announcements or listings of DAT vehicles, SPAC-related developments, and corporate treasury adoption signals as possible catalysts for ETH liquidity and price discovery as described by the speakers. Source: @MilkRoadDaily on X, Sep 11, 2025.