What is ether?

Ether is the commodity to the future of the internet.

Ether is the fuel for every computational step necessary to process a transaction on the future

of the internet.

Bankless Nation, very excited to introduce you to our next guest. We have Andrew Keys. We have Dave Marin of the Ether Machine. How are you guys doing? We're great. Thanks for having us on. Thanks. Before we proceed, I would like to first remind everyone that this podcast may contain forward-looking statements, including but not limited to the Ether Machine and Dynamics, expectations or predictions of financial as the completion of the proposed transaction between parties, operational performance, including but not limited to the timing of development milestones, business and operational strategies, competitive and industry outlook, and the timing and completion of transaction. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions, and they're not guaranteed performance. I encourage you to read the previously disclosed press release issued on July 21st,

2025, and Dynamics is filing with the SEC for discussion of the risks that can affect the business combination, either machine's business, and the business business, and the business machine are under no obligation and expressly disclaim any obligation to update alter otherwise revise any forward-looking statements, whether the result of new information, future events, or otherwise, except as required by law. In addition, these remarks are neither an offer to purchase

nor solicitation of an offer to sell, subscribe,

or buy any securities, or the solicitation of any vote.

In connection, I as required by law. In addition, these remarks are neither an offer to purchase nor solicitation of an offer to

subscribe or buy any securities or the solicitation of any vote.

In connection with proposed business combination, Dynamics and Ether Machine intend to file a registration statement on Form S4, contain a proxy statement and prospectus with the SEC, which you should read carefully and in its entirety when it becomes available because it will contain important information. Dynamics that each machine and their respective directors and officers may be deemed participants in solicitation of proxies of dynamics and shareholders in connection with

business combination.

More detail information about each company's directors and executive officers and their interests

in the business combination will be described in the form s4 when it becomes available how are you guys starting on what's what how much ether do you guys have right now so we're anchoring this with uh 169,984 which is basically the amount of validators divided by 32 of mine. And we are going from there. Okay. Yeah, I think the press release announced the plan to that current prices to be more than 400,000 either. More than 400,000 either. Is square one, base number one for you guys? Day zero. And how do you get there? How do you get from the, did you say 169? Okay. Yeah, 169,000. How do you get to 400,000? Is that net new like purchasing coming in? So that's a great question and I think that this is a key

differentiating point. We've seen others say that they own X ether, but with an asterisk,

that that's a in the money call option. And we are not going to be employing in the money call options for our exposure.

What is it in the money call option?

So basically one buys a call for ether to that it's basically above a certain price

at a certain date and they basically take the cash amount of that delta and they consider that ether exposure.

But because we believe ether is a productive asset and we are going to be generating our

alpha actively managing that for public market investors, in the money call options, leave

yield on the table. And if you were to consider this like a, like the ether ETF is like a stock

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