The $1.6 billion SPAC merger between Ethereum treasury firm The Ether Machine and Dynamix has been terminated.

CoinFeed reported on April 12th, citing CoinDesk, that The Ether Machine, an Ethereum treasury firm, announced the termination of its $1.6 billion SPAC merger plan with Dynamix Corporation (DYNX) due to unfavorable market conditions. Dynamix will receive a $50 million settlement within 15 days. The agreement, first announced in July 2025, aimed to list The Ether Machine on Nasdaq under the ticker symbol ETHM. The deal included a fully committed $1.5 billion PIPE financing deal, in addition to approximately $170 million held in Dynamix's trust account.