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Ether Machine terminates $1.6 billion SPAC deal due to unfavorable market conditions
ME News Report, April 12 (UTC+8), CoinDesk reports that the Ethereum treasury company The Ether Machine announced that the $1.6 billion SPAC merger agreement with Dynamix Corporation (stock code: DYNX) has been terminated due to unfavorable market conditions. The agreement was initially announced in July 2025, planning for The Ether Machine to go public on Nasdaq under the stock ticker ETHM. The Ether Machine adopts an Ethereum treasury model through staking and DeFi strategies, holding 496,712 ETH, worth approximately $1.1 billion. The termination drew attention because it included $1.5 billion in full PIPE financing, making it one of the largest all-common stock financings since 2021, with about $170 million remaining in the Dynamix trust account. Both companies stated that the termination was mutually agreed upon after negotiations, and according to SEC filings, Dynamix will receive $50 million in compensation within 15 days. (Source: MLion)