The transaction marks the largest all-common-stock financing committed at announcement since 2021—expected to deliver over $1.6 billion of gross proceeds, including over $1.5 billion of fully committed financing and up to $170 million of cash held in Dynamix’s trust account. The company is expected to launch with over 400,000 ETH on its balance sheet, making it the largest public Ether generation company.
The Appleby team, led by Cayman partner, Dean Bennett, and supported by Senior Associate, Marsha Williamson and Associate, Andrew Barr, worked alongside Skadden, Arps, Slate, Meagher & Flom LLP.
Commenting on the deal, partner Dean Bennett said “We are delighted to be supporting ETH Partners on this landmark transaction which continues the evolution in the use of SPAC’s for creating next-generation digital infrastructure businesses. This transaction marks another significant step for the Ethereum ecosystem and broader digital assets industry, following the recent surge in interest in Bitcoin treasury companies after the precedent setting Twenty One Capital deal announcement, which we also advised on. This transaction yet again showcases Appleby’s expertise for complex M&A work and Band 1-ranked FinTech team.”.
More information about the transaction is available here: https://www.prnewswire.com/news-releases/the-ether-machine-to-go-public-with-over-1-5-billion-of-fully-committed-capital-302509349.html
About Appleby
Appleby leverages its expertise in M&A, technology and innovation, crypto assets, private equity, and dispute resolution to deliver tailored solutions for complex legal challenges. With ten global offices and expertise in eight jurisdictions, the firm provides seamless multi-jurisdictional advice. Appleby is consistently ranked as a leader in offshore legal services by top industry directories.
Appleby is the leading offshore FinTech firm having the most Band 1 and Band 2 rankings in the Chambers FinTech legal rankings, with several team members also awarded individual rankings. Our Band 1-ranked FinTech team in the Cayman Islands advises across a full range of digital assets structuring and regulatory mandates as well as financing and M&A transactions (including IPOs/SPACs and deSPACs). We work with first-time founders through to some of the world’s largest cryptocurrency exchanges, as well as crypto-focused investment funds and other investors.
