Decentralized Finance (DeFi) & Staking - Lido Finance introduces Decentralized Validator Vault (DVV) leveraging Distributed Validator Technology (DVT) [1] - DVV, implemented by Mellow Protocol, channels ETH and wETH into Lido staking modules [1] - Users receive Ethereum staking rewards and a share of incentive programs from Obol Collective, SSV Network, and Mellow Protocol [1] DAO Governance & Delegation - DAO delegates are seeking LDO delegation [1] - An example delegate address is provided: 0x3DDC7d25c7a1dc381443e491Bbf1Caa8928A05B0 [1] External Links - A link to vaults is provided: https://t.co/pYoCM7xNTr [1] - A link is provided: https://t.co/UVA7q7eWA5 [2]

Company Overview - Dynamix Corporation is a publicly-traded special purpose acquisition company (SPAC) incorporated in the Cayman Islands, focused on mergers and business combinations [6] - The company is led by experienced executives including CEO Andrejka Bernatova and CFO Nader Daylami [6] Business Combination - Dynamix Corporation announced a business combination with The Ether Reserve, LLC to form The Ether Machine, a strategic ether generation company [2][4] - The Ether Machine aims to deliver long-term, risk-adjusted yield through staking, restaking, and decentralized finance, with a focus on growing ether concentration per share [2][5] Ticker Symbol Change - The ticker symbols for Dynamix's common stock, units, and warrants will change from "DYNX," "DYNXU," and "DYNXW" to "ETHM," "ETHMU," and "ETHMW," respectively, effective August 27, 2025 [1][4] - This change is intended to facilitate a smooth transition for shareholders ahead of the business combination [3] Strategic Goals - The Ether Machine is expected to have one of the largest on-chain ETH positions of any public entity and will focus on generating and optimizing ETH-denominated returns [5] - The company plans to provide turnkey infrastructure solutions for enterprises and Ethereum-native builders [5] Approval and Timeline - The business combination has been unanimously approved by the boards of directors of both companies and is expected to close by the fourth quarter of 2025, pending shareholder approval [4]

Technology & Infrastructure - Kraken utilizes SSV Network's distributed validator technology across its Ethereum staking infrastructure [1] Cryptocurrency & Staking - The deployment enhances Kraken's Ethereum staking capabilities [1]

Core Viewpoint - Mega Matrix Inc. is strategically reinstating its Ethereum staking business and appointing Mr. Yaman Demir as Executive Director to enhance its digital asset expertise and shareholder value [1][2][5]. Group 1: Business Strategy Update - The Board of Directors has approved the purchase of Bitcoin and/or Ethereum as treasury reserve assets, and has decided to restart its Ethereum staking business after a suspension due to regulatory uncertainty [2]. - The company aims to earn staking rewards through solo staking, which can be reinvested into ETH or used for corporate purposes, thereby enhancing long-term shareholder value [2][4]. - The solo staking will be conducted exclusively through third-party certified, institutional-grade providers, ensuring the safeguarding of all ETH assets with established custodians [3]. Group 2: Appointment of Mr. Yaman Demir - Mr. Yaman Demir has been appointed as Executive Director, bringing extensive experience as a digital asset investor with a successful track record across over 20 crypto projects [5]. - His investment portfolio includes key sectors such as DeFi, NFT infrastructure, Layer1 networks, and stable coins, which aligns with the company's strategic focus on digital assets [5]. Group 3: Financial Position and Future Outlook - The company has purchased 40 ETH at a price of $2,462 per ETH as of July 2, 2025, indicating a proactive approach to building its digital asset portfolio [3]. - These initiatives reflect the company's commitment to strengthening its financial foundation and expanding into adjacent sectors, aiming to deliver consistent long-term value to shareholders [4].

Financial Data and Key Metrics Changes - Total revenue for 2024 was $108 million, a 141% increase from 2023 [48] - Adjusted EBITDA reached $73 million, compared to $12.4 million in 2023 [53] - Gross profit was $45.7 million, nearly threefold increase from 2023, with gross margins expanding approximately 500 basis points to 42.3% [51] Business Line Data and Key Metrics Changes - HPC revenue made up over 40% of full-year revenue and more than half of Q4 revenue, with cloud services generating $45.7 million in its first year of operations [7][49] - Colocation services contributed $1.4 million from October 12 through the year-end [49] - Bitcoin mining revenue was $58.6 million, up 32% year-over-year, but accounted for only 54% of total revenue in 2024, down from 98% in 2023 [41][48] Market Data and Key Metrics Changes - The company has seen significant demand for high-performance computing (HPC) infrastructure, exceeding current capacity [56] - The demand for GPUs is surging, with a strong customer pipeline and contracts representing nine-figure annual revenue [19][23] Company Strategy and Development Direction - The acquisition of Enovum vertically integrated data center operations and expanded customer base, enhancing infrastructure scaling capabilities [8][25] - The company is focused on a disciplined approach to GPU procurement and capital deployment to avoid excess inventory risk [20] - The strategic focus is on expanding both cloud services and colocation services to create a durable and diversified cash flow [59] Management's Comments on Operating Environment and Future Outlook - Management believes the current market sentiment does not accurately reflect the company's growth potential, particularly in HPC [57] - The company is actively exploring financing options for its HPC business to support growth without diluting equity [61][151] - Future demand for AI compute is expected to be driven by inference, with strategic developments in metropolitan areas to meet customer needs [40] Other Important Information - The company is debt-free and has approximately $98.9 million in cash and restricted cash as of December 31, 2024 [54] - Capital expenditures for 2024 totaled $94 million, primarily for GPU purchases and the acquisition of Montreal 2 [54] Q&A Session Summary Question: What is the current run rate for cloud services? - The current run rate is approximately $72 million with the addition of DNA Funds as a customer [66][67] Question: What is the expected revenue contribution from new GPU deployments? - The B200s are expected to start generating revenue in April, while the H200s' timeline is uncertain due to ongoing R&D [75] Question: What was the fourth-quarter revenue for the colocation business? - The colocation revenue recognized was $1.4 million from the date of acquisition [78] Question: Can you provide details on the 100-megawatt site under LOI? - The site has 24 megawatts of power available, with a path to 48 megawatts and discussions for an additional 100 megawatts by the end of 2025 [87] Question: How confident is the company in sourcing infrastructure equipment? - The equipment for upcoming deployments has been secured, with a large portion already delivered [115] Question: What is the company's strategy regarding Bitcoin mining? - The focus remains on optimizing the fleet and maintaining Bitcoin exposure in a capital-efficient manner, rather than expanding for growth's sake [45][124]