Ether Machine has abandoned its planned Nasdaq debut after terminating its merger agreement with Dynamix Corporation, according to a company filing. The decision took effect immediately, shutting down the proposed $1.5 billion Ethereum fund that had been tied to the public listing.
The transaction had been structured as a SPAC merger and also involved The Ether Reserve LLC. Ether Machine and Dynamix said they ended the business combination by mutual agreement, with the filing pointing to deteriorating market conditions as the reason for the break. One financial provision tied to the original deal remains active.
$50 million obligation survives the termination
Under the filing, an unnamed payor must send $50 million to Dynamix within 15 days. Public documents do not identify who the payor is. The payment requirement was part of the original merger structure, and it remains in place even after the broader transaction was canceled.
Dynamix is now looking for another target. The company has until November 22, 2026 to complete a new business combination.
ETHM listing plan and treasury buildout are halted
The canceled merger also ends Ether Machine’s plan to list under the ticker ETHM. The company had presented the offering as a large yield-bearing Ethereum vehicle. Earlier disclosures said the fund was expected to launch with more than 400,000 ETH under management.
At the time, that holding was valued at more than $1.5 billion. Ether Machine, co-founded by Andrew Keys and David Merin, had been building its treasury ahead of the listing. In September 2026, the firm raised $654 million in private financing, including 150,000 ETH from Jeffrey Berns, who later joined the board.
Pressure grows on Ethereum treasury strategies
The reversal at Ether Machine comes as other Ethereum treasury models are also being unwound. Trend Research exited its position by selling 651,757 ETH, a move that resulted in an estimated $747 million loss. It was one of the largest recent liquidations.
ETHZilla has also moved away from its Ethereum-focused strategy. The company rebranded as Forum Markets and dropped its accumulation model. The source material says tighter market conditions have pushed several institutional Ethereum treasury plans to stall or change course.