The planned $1.6 billion Special Purpose Acquisition Company (SPAC) merger between Dynamix Corporation (DYNX) and crypto firm The Ether Machine has been terminated. The Ether Machine cited unfavorable market conditions for the cancellation.
The agreement, initially announced in July 2025, aimed to take the Ethereum treasury firm public on Nasdaq. The Ether Machine currently holds over $1 billion in ether. As part of the termination, Dynamix Corporation will receive a $50 million payment within 15 days.