Due to unfavourable market conditions, Dynamix Corporation (DYNX) and cryptocurrency company The Ether Machine have decided to cancel their planned $1.6 billion SPAC merger, The Ether Machine announced on Friday.
The Ether Machine, an ether (ETH) treasury company, was to go public on Nasdaq under the ticker ETHM as part of the arrangement, which was first announced in July 2025.
The business is intended to function as an Ethereum yield and treasury vehicle, producing profits through decentralised finance techniques and staking while maintaining substantial ether reserves. According to CoinGecko data, it presently has 496,712 ETH valued at more than $1.1 billion.
At first, the deal was notable for its size. Along with about $170 million kept in Dynamix’s trust account, it featured a $1.5 billion fully committed PIPE financing package, which is regarded as the biggest all-common-stock raising of its kind since 2021.
With a donation from co-founder Andrew Keys, the united company was anticipated to begin with more than 400,000 ETH on its balance sheet.
Due to what the firms regarded as unfavourable market conditions, the merger has now been called off. The two companies “mutually agreed to terminate” the agreement, according to The Ether Machine.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Dynamix will be paid $50 million within 15 days as part of the termination agreement.
Source: X.com
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