Ethereum treasury company TheEtherMachine and Dynamix's $1.6 billion SPAC merger ends

On April 12, Ethereum treasury company TheEtherMachine and special purpose acquisition company (SPAC) Dynamix Corporation (code: DYNX) announced on Friday that they had agreed to terminate a previously planned US$1.6 billion merger transaction due to unfavorable market conditions. According to a filing with the U.S. Securities and Exchange Commission (SEC), TheEtherMachine is required to pay a termination fee of $50 million to Dynamix within 15 days. The merger agreement was first disclosed in July 2025 and originally planned to list TheEtherMachine on Nasdaq under the code ETHM. In terms of transaction size, the agreement includes a fully committed PIPE financing of US$1.5 billion (said to be the largest of its kind all-common equity financing since 2021) and approximately US$170 million in funds in the Dynamix trust account. After the combined company is expected to hold more than 400,000 Ethereum units on paper.