mbav

The merger between cryptocurrency asset management company ReserveOne and special purpose acquisition company (SPAC) M3-Brigade Acquisition V Corp. (MBAV) has been declared a failure.Insiders revealed that the $1 billion deal ultimately collapsed due to at least two major investors in ReserveOne requesting to terminate the sale. The investors believe that since the announcement of the merger nearly a year ago, the prices of Bitcoin and other tokens have significantly dropped, and if ReserveOne were to go public now, its stock price would inevitably be below net asset value. Additionally, the transaction costs that need to be paid to bankers and sponsors make it economically unfeasible.

ChainCatcher news, according to Bloomberg, former private equity giant Blackstone's dealmaker is teaming up with Tether co-founder to establish a publicly listed crypto fund with a scale of $1 billion, aimed at building a diversified digital asset portfolio.According to insiders, the fund is raising capital through the SPAC (Special Purpose Acquisition Company) M3-Brigade Acquisition V Corp. supported by both parties, and plans to allocate various crypto assets including Bitcoin, Ethereum, and Solana. Due to the confidentiality of the negotiations, these individuals requested anonymity.The fundraising is still ongoing, and specific details, including the $1 billion target, may still be adjusted.