Ether Machine, a firm focused on Ethereum treasury, has called off its planned merger with Dynamix Corporation, citing deteriorating market conditions. This decision, effective immediately, was announced via a post on X. The merger aimed to facilitate Ether Machine's public listing on Nasdaq under the ticker 'ETHM' and was expected to manage over 400,000 ETH, valued at $1.5 billion at the time. Following a successful private financing round of $654 million in September, which included investment from Ethereum advocate Jeffrey Berns, Ether Machine's plans have now collapsed. According to a filing with the US Securities and Exchange Commission, an unnamed payor must pay $50 million to Dynamix within 15 days of the termination. Dynamix has until November 22, 2026, to secure a new business combination or face liquidation, returning funds to shareholders. The broader Ethereum treasury strategies are also under pressure, with significant exits from Ether funds noted recently.