Odaily Planet Daily reports: On Friday, Ethereum treasury company The Ether Machine and special purpose acquisition company (SPAC) Dynamix Corporation (ticker: DYNX) announced they have agreed to terminate their previously planned $1.6 billion merger due to unfavorable market conditions. According to filings submitted to the U.S. Securities and Exchange Commission (SEC), The Ether Machine must pay Dynamix a termination fee of $50 million within 15 days.
The merger agreement was first disclosed in July 2025, originally intended to list The Ether Machine on Nasdaq under the ticker ETHM. The transaction includes a fully committed PIPE financing of $1.5 billion—reportedly the largest all-common-share PIPE financing since 2021—along with approximately $170 million from Dynamix’s trust account, resulting in a combined company expected to hold over 400,000 ETH on its balance sheet. (CoinDesk)