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Ether Machine terminates $1.6 billion SPAC deal due to unfavorable market conditions
ME News, April 12 (UTC+8): CoinDesk reports that The Ether Machine, an Ethereum treasury company, announced that its SPAC merger agreement with Dynamix Corporation (stock code: DYNX), valued at $1.6 billion, has been terminated due to unfavorable market conditions. The agreement was initially announced in July 2025, and it was planned for The Ether Machine to list on the Nasdaq under the stock ticker ETHM. The Ether Machine uses an Ethereum treasury model through staking and DeFi strategies, holding 496,712 ETH, worth about $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—while Dynamix’s trust account still has about $170 million. In their joint statement, the two companies said the termination was agreed upon unanimously by both sides after negotiations, and according to SEC filings, Dynamix will receive $50 million in compensation within 15 days. (Source: MLion)