The planned deal was terminated after investors said Bitcoin’s sharp decline since the merger was announced would leave the listing below net asset value and uneconomic after fees.
ReserveOne’s planned $1 billion merger with SPAC (special purpose acquisition company) M3-Brigade Acquisition V Corp. (MBAV) has collapsed. Investors said Bitcoin had fallen sharply since the deal was announced nearly a year ago, implying a public listing below net asset value and making the transaction uneconomic after fees to bankers and sponsors. The failed combination shows how swings in digital-asset prices can undermine public-market transactions tied to crypto valuations.