Ethereum treasury company The Ether Machine and special purpose acquisition company (SPAC) Dynamix Corporation (ticker symbol: DYNX) announced on Friday that they have agreed to terminate their previously planned $1.6 billion merger deal due to unfavorable market conditions. According to a filing with the U.S. Securities and Exchange Commission (SEC), The Ether Machine must pay Dynamix a $50 million termination fee within 15 days. The merger agreement was first disclosed in July 2025, with the original plan to list The Ether Machine on Nasdaq under the ticker symbol ETHM. In terms of deal size, the agreement included a $1.5 billion fully committed PIPE financing (reportedly the largest all-common stock financing of its kind since 2021), and approximately $170 million in funds from Dynamix's trust account. The merged company was expected to hold more than 400,000 Ethereum on its books. (CoinDesk)