Per Woofun AI, cryptocurrency asset management firm ReserveOne has formally terminated its $1 billion merger agreement with Special Purpose Acquisition Company M3-Brigade Acquisition V Corp (MBAV). The collapse of the transaction was driven by at least two major investors who requested to exit the sale, rendering the deal untenable.

This strategic reversal stems from significant market deterioration since the merger was announced nearly a year ago. With Bitcoin and other digital assets experiencing sharp price declines, insiders assessed that proceeding with the public listing would result in a stock price trading below net asset value. When combined with substantial transaction fees payable to bankers and sponsors, the economic rationale for the merger was deemed insufficient.