ReserveOne’s planned merger with special purpose acquisition company M3-Brigade Acquisition V Corp. has collapsed, ending a transaction valued at $1 billion.
According to Foresight News, people familiar with the matter said the deal failed after at least two major ReserveOne investors asked to terminate the sale.
The investors cited a sharp decline in bitcoin and other token prices since the merger was announced nearly a year ago, arguing that if ReserveOne went public its shares would likely trade below net asset value. The sources, who were not authorized to discuss details publicly, also said the fees required to complete the transaction, including payments to bankers and sponsors, made the deal uneconomical.
People familiar with the matter said investment firm Meteora Capital participated in both the BSTR and ReserveOne transactions through a private investment in public equity (PIPE) strategy. They added that Meteora had previously pushed to prevent the deals from closing based on fundamentals.
The report also noted that other crypto asset management firms seeking to go public via SPACs remain stalled amid significant changes in financial conditions. Bloomberg previously cited Artemis data showing that from bitcoin’s peak last October through early June this year, the market capitalization of publicly traded DAT fell by about $62 billion.
ReserveOne’s SPAC Merger With M3-Brigade Acquisition V Ends Without a Deal
2026-06-18 14:04:00
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