The anticipated $1.6 billion SPAC merger between Dynamix Corporation (DYNX) and The Ether Machine, a crypto enterprise, has been called off due to adverse market conditions, as announced by The Ether Machine on Friday.
Announced in July 2025, the deal aimed to list The Ether Machine, an Ethereum treasury and yield firm, publicly on Nasdaq with the ticker ETHM. The company focuses on generating returns through staking and decentralized finance strategies while maintaining substantial ether reserves. Presently, it holds 496,712 ETH valued at over $1.1 billion according to CoinGecko.
The deal was notable for its size, featuring a $1.5 billion PIPE financing agreement fully committed in common stock—the largest of its kind since 2021—and approximately $170 million held by Dynamix’s trust account.
The merged entity was expected to start with over 400,000 ETH on its balance sheet, supported partly by a contribution from co-founder Andrew Keys.
Both companies have mutually agreed to terminate the merger due to unfavorable market conditions. As part of this agreement, Dynamix will receive $50 million within 15 days, as stated in a filing with the U.S. Securities and Exchange Commission (SEC).