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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 Ethereum Treasury company The Ether Machine announced that the $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 to have The Ether Machine listed on Nasdaq under the stock ticker ETHM. The Ether Machine adopts an Ethereum treasury model through staking and DeFi strategies, and it holds 496,712 ETH, worth approximately $1.1 billion. The termination drew attention because it included $1.5 billion in full PIPE financing—one of the largest all-common stock financings since 2021—and Dynamix’s trust account still has about $170 million. In the companies’ statements, it was noted that both parties mutually agreed to terminate the deal, and according to SEC filings, Dynamix will receive $50 million in compensation within 15 days. (Source: MLion)