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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 Ether Machine, an Ethereum treasury company, has announced that its $1.6 billion SPAC merger agreement with Dynamix Corporation (stock ticker: DYNX) has been terminated due to unfavorable market conditions. The agreement was originally announced in July 2025, and it planned for The Ether Machine to go public on Nasdaq under the stock ticker ETHM. The Ether Machine uses an Ethereum treasury model through staking and DeFi strategies, and it holds 496,712 ETH, worth approximately $1.1 billion. The termination has drawn attention because it included $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 a joint statement, the two companies said the termination was agreed upon by both parties after negotiations, and according to SEC filings, Dynamix will receive $50 million in compensation within 15 days. (Source: MLion)