Ether Machine has ended its plan to go public through a merger with Dynamix Corporation. 

The move stops its proposed Nasdaq listing and puts its large Ethereum treasury plan on hold.

Ether Machine and Dynamix said they mutually agreed to terminate their business combination agreement. The company said it made the decision because of “unfavorable market conditions.”

The agreement would have taken the Ethereum treasury firm public through a merger with the Nasdaq-listed SPAC. The deal also involved The Ether Reserve LLC, which was part of the broader transaction structure.

Nasdaq debut and ETH fund put on hold

Ether Machine had planned to launch what it described as a large yield-bearing Ether fund for institutions. The firm said it expected to begin with more than 400,000 ETH under management and list under the ticker ETHM.

That target was worth more than $1.5 billion when the company first outlined the plan. The canceled merger now stops that launch and leaves the fund strategy without the public market debut it had expected.

A filing with the US Securities and Exchange Commission said a “Payor” listed in Annex A must pay $50 million to Dynamix. The payment must be made within 15 days after the termination became effective.

The filing did not publicly name that party. Dynamix now has until November 22, 2026, to complete another business combination or return trust funds to shareholders under its charter.

Ethereum treasury pressure builds

The canceled deal comes as other Ether treasury strategies also face pressure. Trend Research has exited its Ethereum position after selling 651,757 ETH worth about $1.34 billion and recording an estimated loss of $747 million.

ETHZilla has also moved away from its Ether accumulation strategy. The company changed its name and brand to Forum Markets after earlier pivoting from biotech to an Ethereum treasury model during the 2025 rally.