BroadChain learned on April 12th, according to CoinDesk, that Ethereum treasury company The Ether Machine and special purpose acquisition company (SPAC) Dynamix Corporation (NASDAQ:DYNX) announced they have mutually agreed to terminate their previously planned $1.6 billion merger transaction, citing unfavorable market conditions.
According to documents filed with the U.S. Securities and Exchange Commission, The Ether Machine is required to pay Dynamix a $50 million termination fee within 15 days.
The merger agreement was first disclosed in July 2025, originally intending to list The Ether Machine on Nasdaq under the ticker symbol ETHM.
Regarding the transaction size, the agreement included a $1.5 billion fully committed PIPE financing (reportedly the largest all-common-stock financing of its kind since 2021), along with approximately $170 million from Dynamix's trust account. The combined company was expected to hold over 400,000 Ethereum on its balance sheet.