Dynamix Corporation and The Ether Machine mutually terminated their planned SPAC merger on April 11. The deal would have been one of the largest Ethereum treasury listings in history, with The Ether Machine holding over 496,000 ETH worth more than $1.1 billion. The combo included a $1.5 billion fully committed PIPE raise, the biggest all-common-stock deal of its kind since 2021. And it just fell apart.
Dynamix walks away with a $50 million termination payment and has until November 2026 to find a new target. ETH is trading at $2,185 today. When a $1.6 billion institutional bet on Ethereum gets pulled because of “unfavorable conditions,” that’s not just paperwork. That’s a signal.