Crypto Venture ReserveOne to Debut on Nasdaq in $1B-Plus SPAC Deal

ReserveOne is a new corporate vehicle that will raise $1 billion through a merger with blank-check firm M3-Brigade Acquisition V Corp to be used to acquire cryptocurrencies. Also known as a Special Purpose Acquisition Company (SPAC), this kind of arrangement is typically a faster alternative to a traditional initial public offering (IPO).

The board will be chaired by Reeve Collins, co-founder of stablecoin issuer Tether, and will include Chinh Chu, a former executive at the private equity firm Blackstone, and Wilbur Ross, who served as Secretary of Commerce in US President Trump's first term and advised him on bankruptcy matters earlier in his career.

Exchange backers

Blockchain.com and Kraken, two established crypto exchanges, are backing the merger with a combined investment of up to $750 million, structured through a mix of equity financing and convertible debt.

"Between Wall Street and regulatory and crypto"

– ReserveOne CEO Jamie Leverton

“Our management team and anticipated board of directors bring a really unique pedigree and diversity of background between Wall Street and regulatory and crypto,” ReserveOne CEO Jamie Leverton told Reuters. 

At its core, the company will manage a large portfolio of major cryptocurrencies, chiefly Bitcoin, Solana and Ethereum. It will seek to optimize returns through alignment with US regulatory and geopolitical interests, including a position which tracks the anticipated US strategic crypto reserve.

For institutional investors

ReserveOne may offer institutional investors streamlined exposure to cryptocurrencies, which will be relevant for those unable or unwilling to hold crypto directly.

The company also plans to generate revenue through staking and lending strategies. It joins an increasingly busy market, with a growing number of firms pursuing crypto reserves or offering products which merge traditional finance with the potential upsides of digital asset innovation.