GSRV Share Separation
GSR V Acquisition Corp. Announces Separate Trading of Class A Ordinary Shares Effective July 2
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GSR V Acquisition Corp. (GSRV) announced on July 1, 2026, that its Class A ordinary shares and rights will begin trading separately on Nasdaq starting July 2, 2026, according to GlobeNewswire. The move follows the May 2026 close of a $230 million IPO — 23 million units priced at $10 each — making GSRV one of 85 SPACs to price in the first half of 2026.
Investors who hold GSRVU units must now contact their brokers to split them into GSRV shares and GSRVR rights. Each unit contains one Class A share and one-seventh of a right. One whole right converts into one Class A share upon a completed merger.
How the $230 Million IPO Came Together
GSRV filed its S-1 registration statement publicly on April 29, 2026, targeting a $200 million raise. By May 15, the deal had grown. Underwriters fully exercised a 3-million-unit over-allotment option, pushing total proceeds to $230 million, according to Yahoo Finance. All IPO proceeds sit in a trust account. The company holds just $2.245 million outside that trust for day-to-day operations.
The sponsor paid just $25,000 for 6.5 million Class B "founder shares" back in August 2025. It also put in $6.71 million through a private placement to fund early costs. Deferred underwriting fees total $9.2 million — but only get paid if a merger closes, according to Financial Content. That structure gives management a strong push to find a deal.
Who Is Running GSRV — and Their Mixed Track Record
Co-CEOs Gus Garcia and Lewis Silberman lead the company. Garcia is a former Head of SPAC M&A at Bank of America. Silberman previously ran SPAC Equity Capital Markets at Oppenheimer. This is the fifth SPAC the team has launched under the GSR name. The earlier vehicles show a mixed record.
GSR II merged with Bitcoin Depot (BTM) in 2023. Bitcoin Depot filed for Chapter 11 bankruptcy on May 18, 2026, citing an "unsustainable" business model. GSR III merged with Terra Innovatum, a nuclear reactor developer, which recently had to regain its SEC reporting status after a compliance lapse. GSR IV (ticker: GSRF) raised $230 million in September 2025 and is still hunting for a target.
SPAC Market Is Booming — But Competition Is Fierce
GSRV enters the market during a surprising SPAC revival. By late June 2026, 116 SPAC IPOs had raised $22.7 billion — a sharp jump from 2024 levels, according to Yahoo Finance. Don Duffy, Chairman of ICR Capital, said on July 1 that "activity has returned to levels not seen since early 2022." He also warned, though, that looming deadlines remain a key risk for sponsors.
The crowded market is a real problem. At least 251 SPACs are already competing for a limited pool of quality merger targets. Analysts at Quiver Quantitative noted that while the unit separation gives investors more "trading flexibility," GSRV remains a blank check company with no named target. Low trading volume is common for GSR-branded SPACs until a deal is announced.
GSRV Now Has 18 Months to Find a Merger or Return Cash
With separate trading now live, GSRV officially enters its search phase. It has an 18-to-21-month window to complete a business combination. If no deal closes in time, the company must liquidate the $230 million trust and return cash to shareholders. The sponsor would lose its at-risk capital, according to Financial Content.
Investors holding fractional rights should be aware of one key rule: rights only trade in whole increments. No fractional rights will be issued. Anyone with an odd-lot position may struggle to trade cleanly. The transfer agent, Odyssey Transfer and Trust Company, is handling the administrative split, according to GlobeNewswire.
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