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CryptoUpdated×2•Originally published 12 April 2026•Updated 13 April 2026•

1 min read

Dynamix Cancels $1.6B SPAC Merger with Ether Machine Citing Market Conditions

A dramatic image showing a red downward trend line, a cracked cube with a Bitcoin symbol, and 'SYSTEM FAILURE -99%'. Debris, circuit boards, and broken crypto coins are scattered.

Key Facts

1Dynamix exited a $50 million SPAC merger deal with Ether Reserve (Ether Machine).

2The merger was originally scheduled to be completed by July 2025.

about 2 months ago

Version History

3 additional sources confirmed this story

Version 2about 2 months ago

What changed: The update reveals a $50 million termination fee payable to Dynamix, specifies the exact termination date of April 8, 2026, and identifies the company's Nasdaq ticker symbol as ETHM.

Version 1about 2 months ago

What changed: The reported valuation of the merger has been significantly updated from $50 million to $1.6 billion, and the event is now linked to the 2026 market context as a major setback.

Dynamix Corporation (Nasdaq: ETHM) officially terminated its $1.6 billion SPAC merger with Ether Reserve, also known as Ether Machine, on April 8, 2026. As part of the termination agreement, Dynamix is set to receive a $50 million cash payment from the counterparty. The original merger agreement was dated July 21, 2025, but unfavorable market conditions ultimately rendered the transaction financially unfeasible. This collapse represents one of the most significant setbacks for crypto-linked public market deals in 2026. The $1.6 billion valuation underscores the massive scale of challenges digital asset firms face when attempting to access traditional capital markets. Neither party has disclosed further details regarding future strategic pivots following this decision.