A planned $1.6 billion SPAC merger between Dynamix Corporation ( DYNX ) and crypto firm The Ether Machine has been terminated due to unfavorable market conditions, The Ether Machine said on Friday.
The deal, first revealed in July 2025, aimed to take ether (ETH) financial company The Ether Machine public on Nasdaq under the ticker ETHM.
The company is designed to act as an Ethereum treasury and provide returns that generate returns through stakes and decentralized funding strategies while holding large reserves of ether. It currently has 496,712 ETH worth more than $1.1 billion, according to CoinGecko data.
Initially, the agreement stood out for its scope. It included a fully committed $1.5 billion PIPE financing deal, described as the largest equity raise of its kind since 2021, along with about $170 million in Dynamix’s trust account.
The combined company was expected to launch with more than 400,000 ETH on its balance sheet, supported in part by a contribution from co-founder Andrew Keys.
The merger has now been canceled due to what the companies describe as unfavorable market conditions. According to The Ether Machine, the two firms “mutually agreed to terminate” the deal. As part of the termination agreement, Dynamix will receive a payment of $50 million within 15 days, according to a filing with the US Securities and Exchange Commission (SEC).
