ReserveOne Terminates $1 Billion SPAC Merger With M3-Brigade as Bitcoin Decline Erodes Valuation

BTC1.02%
According to Bloomberg, ReserveOne, a crypto asset management firm, has abandoned its $1 billion merger with special purpose acquisition company M3-Brigade Acquisition V Corp., a deal announced roughly one year ago. At least two major investors demanded termination after Bitcoin and other digital assets declined sharply since the merger's announcement, making a public listing at net asset value unattractive relative to the costs of completing the transaction, according to people familiar with the matter.
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