Ether Machine met fin à une transaction SPAC de 1,6 milliard de dollars en raison d'un environnement de marché défavorable

Mars Finance reports that on April 12, CoinDesk announced that the $1.6 billion SPAC merger agreement between Ethereum Treasury company The Ether Machine and Dynamix Corporation (stock code: DYNX) has been terminated due to unfavorable market conditions. The merger agreement was initially disclosed in July 2025, aiming to list The Ether Machine on Nasdaq under the stock code ETHM. The company’s positioning is as an Ethereum treasury and yield vehicle, generating returns through staking and DeFi strategies, while holding substantial Ethereum reserves. According to CoinGecko data, The Ether Machine currently holds 496,712 ETH, worth over $1.1 billion. The deal attracted attention due to its scale—including a $1.5 billion full subscription PIPE financing, described as the largest of its kind since 2021, and approximately $170 million in the Dynamix trust account. Post-merger, the entity’s Ethereum holdings are expected to exceed 400,000 ETH, partly contributed by co-founder Andrew Keys. Both companies stated in the termination announcement that the termination was “mutually agreed upon.” According to documents filed with the U.S. Securities and Exchange Commission (SEC), as part of the termination agreement, Dynamix will receive $50 million in compensation within 15 days.