Ether Machine Scraps $1.6 Billion SPAC Merger With Dynamix

The Ether Machine is an Ether treasury company that gives public-market investors exposure to Ethereum by holding and staking ETH. On July 21, 2025, it signed a merger agreement with special-purpose acquisition company Dynamix Corporation for a transaction valued at more than $1.6 billion. The deal was intended to list the company on Nasdaq under the ticker ETHM.

The Ether Machine and Dynamix Corporation mutually terminated the merger on April 8, 2026, citing unfavorable market conditions and canceling the planned listing. The Ether Machine currently holds about 496,000 ETH worth more than $1.1 billion. Under the termination agreement, Dynamix was entitled to a $50 million payment, which it received on April 10.