ME News reports that on April 15 (UTC+8), according to comprehensive disclosures from BBX Crypto-related Stock Information, two notable developments occurred yesterday in the field of crypto treasury public companies: French public company Capital B completed a new round of BTC purchases; meanwhile, U.S. shell company Dynamix Corporation (NASDAQ: ETHM) officially confirmed the termination of its $1.6 billion merger agreement with Ethereum Machine on April 8, resulting in the cancellation of Ethereum Machine’s Nasdaq listing plans.
[Key Updates]
- Capital B (Euronext Growth Paris: ALCPB) disclosed on April 13 that it purchased 37 BTC at an average price of approximately €60,892 per BTC (about $66,800), for a total consideration of approximately **€23 million**, funded by the conversion of convertible bonds from Blockstream Capital Partners and UTXO Management. As of the announcement date, the company holds a total of 2,925 BTC, with an aggregate acquisition cost of approximately **€269.4 million**, resulting in an average cost of about €92,096 per BTC. The company also disclosed holding 60 BTC separately allocated for operations, which are not included in treasury KPIs.
- Dynamix Corporation (NASDAQ: ETHM) and The Ether Machine confirmed on April 8 via SEC Form 8-K that the parties have terminated their $1.6 billion business combination agreement signed on July 21, 2025. The Ether Machine must pay Dynamix a **$50 million termination fee within 15 days of April 8**; Dynamix must complete a new business combination by November 22, 2026, or face mandatory liquidation under applicable law. The Ether Reserve LLC (the operating entity of The Ether Machine) currently holds approximately 496,712 ETH and remains privately held, with no new listing plans at this time.
- Background on the Ethereum Machine SPAC Deal Collapse: When the merger plan was announced (July 2025), ETH was around $4,000; currently, ETH is approximately $2,300, down about 55% from its August 2025 all-time high. The premium of crypto treasury companies relative to NAV has significantly narrowed, and SPAC market appetite for crypto assets has markedly declined. This is the second high-profile crypto SPAC merger failure since 2026. (Source: BBX)
