Per Woofun AI, ReserveOne has officially terminated its $1 billion merger agreement with special purpose acquisition company M3-Brigade Acquisition V Corp. The deal collapsed after at least two major investors demanded cancellation, arguing that significant declines in Bitcoin and other token prices since the initial announcement would result in a stock price below net asset value. These investors further noted that transaction fees for bankers and sponsors rendered the deal economically unviable.

Meteora Capital, which participated in the transaction via a private equity investment strategy, had previously advised against completion based on fundamental considerations. This termination reflects a broader trend where several cryptocurrency fund managers have paused SPAC listings due to shifting financial conditions. Data from Artemis indicates that the market value of publicly traded DAT tokens dropped by approximately $62 billion from Bitcoin's peak last October to early June this year.