BlockBeats News, April 12th, According to CoinDesk, Ethereum treasury firm The Ether Machine announced on Friday that its $1.6 billion SPAC merger agreement with Dynamix Corporation (stock code: DYNX) has been terminated due to unfavorable market conditions. The merger agreement was initially disclosed in July 2025, aimed to take the Ethereum treasury firm The Ether Machine public on Nasdaq under the ticker symbol ETHM. The company is positioned as an Ethereum treasury and revenue vehicle, generating returns through staking and DeFi strategies while holding a significant amount of Ethereum reserves. According to CoinGecko data, The Ether Machine currently holds 496,712 ETH, valued at over $1.1 billion.
The transaction was closely watched for its scale—including a $1.5 billion full pipe financing, described as the largest of its kind in common stock financing since 2021, with an additional approximately $170 million in Dynamix’s trust account. The post-merger entity’s Ethereum holdings were expected to exceed 400,000 ETH, partly contributed by co-founder Andrew Keys.
The two companies stated in the termination announcement that the termination was “by mutual agreement.” As part of the termination agreement, Dynamix is set to receive a $50 million breakup fee within 15 days, as per documents filed with the U.S. Securities and Exchange Commission (SEC).
