Ether Machine terminates $1.6 billion SPAC deal due to unfavorable market conditions

ME News report, April 12 (UTC+8): CoinDesk reports that The Ether Machine, an Ethereum treasury company, announced that it has terminated the $1.6 billion SPAC merger agreement with Dynamix Corporation (stock ticker: DYNX) due to unfavorable market conditions. The agreement was first disclosed in July 2025, with plans for The Ether Machine to list on Nasdaq under the stock ticker ETHM. The Ether Machine uses an Ethereum treasury model through staking and DeFi strategies, holding 496,712 ETH, worth approximately $1.1 billion. The termination has drawn attention because it includes $1.5 billion in full PIPE financing—one of the largest all-common stock financings since 2021—with about $170 million remaining in Dynamix’s trust account. In statements from both companies, they said the termination was agreed upon by mutual consent after negotiations, and according to SEC filings, Dynamix will receive $50 million in compensation within 15 days. (Source: MLion)