The Crypto-Treasury Dream Unravels After a 90% Stock Plunge (1)

The business model of launching a public company to buy crypto is falling apart. As a result, those in the queue to do so through blank-check companies are facing pressure from investors against a market backdrop that is fiercely unfriendly.

Take ReserveOne Inc., a cryptocurrency asset manager that had prominent associates, including private equity magnate and former US Commerce Secretary Wilbur Ross.

Wilbur Ross

Photographer: John Lamparski/Getty Images

ReserveOne had agreed to combine with M3-Brigade Acquisition V Corp., a special-purpose acquisition company, or SPAC, whose sole purpose is to find another entity to buy, taking it public in the process. Ross did ...