The crypto-treasury dream unravels after a 90% stock plunge

ReserveOne Inc. and M3-Brigade Acquisition V Corp. terminated their planned merger after the deal became financially unviable due to the decline in cryptocurrency prices. The two firms had agreed to combine, but investors believed shares would trade at a discount to net asset value. Other digital-asset treasury companies, such as Avalanche Treasury Corp. and BSTR Holdings Inc. have also faced similar challenges with their SPAC deals. The market downturn has led to a significant drop in the value of publicly traded DATs, highlighting the difficulties of this strategy. The future of DATs remains uncertain, with many experts believing that only companies with genuine operating models will succeed long-term.