Chu Collins Raise $1 Billion for Crypto Reserve Vehicle

Chinh Chu, a former executive of Blackstone Inc., and Reeve Collins, co-founder of the stablecoin giant Tether, are collaborating to raise $1 billion for a publicly traded crypto reserve vehicle. This initiative is being undertaken through M3 Brigade Acquisition V Corp, a Special Purpose Acquisition Company (SPAC) backed by the duo. The vehicle aims to build a diversified portfolio of digital assets, including Bitcoin (BTC), Ether (ETH), and Solana (SOL). The fundraising effort is ongoing, and details, including the $1 billion target, may change. Cantor Fitzgerald LP is among the parties advising on the deal.

The venture will be led by Wilbur Ross, the former Secretary of Commerce in the first administration of U.S. President Donald Trump, who will serve as vice chair alongside Binance board chairman Gabriel Abed. Jaime Leverton, the former head of Hut 8 Mining, will act as the CEO. This multi-token approach differs from strategies employed by other entities, such as Michael Saylor’s Bitcoin-focused strategy and Japan’s Metaplanet, which holds a significant amount of Bitcoin. SharpLink Gaming, on the other hand, has taken an Ether-focused approach, owning a substantial amount of ETH and staking 100% of it to support the Ethereum network.

In May 2025, Collins acquired a controlling stake in M3-Brigade for $6.47 million, including 7.19 million Class B shares and 5.04 million private placement warrants, with plans to purchase an additional 3.29 million from Cantor Fitzgerald & Co. Following the transaction, Collins was named CEO, with Chinh Chu joining as the SPAC’s new president. Collins has been instrumental in founding Tether, the NFT platform BLOCKv, and Smart Media Technologies. He is currently the chairman of STBL.com, a yield-bearing stablecoin protocol built on Ethereum and Solana. Chu, who was Blackstone’s longest-serving dealmaker before leaving in 2015, sponsored several SPACs during his tenure, including deals for Getty Images and Utz Brands.

This collaboration between Chu and Collins represents a significant move in the crypto space, as it brings together extensive experience in both traditional finance and digital assets. The multi-token approach adopted by the duo is a departure from the single-asset strategies seen in other corporate crypto holdings. This diversified strategy aims to mitigate risks associated with the volatility of individual digital assets, providing a more balanced investment portfolio. The involvement of high-profile figures like Wilbur Ross and Gabriel Abed further adds credibility to the venture, suggesting a well-rounded approach to managing and growing the crypto reserve.

The appointment of Jaime Leverton as the acting CEO brings a wealth of experience in the crypto mining industry, which could be crucial in navigating the technical aspects of managing a diversified digital asset portfolio. Leverton's background in Hut 8 Mining, one of the largest Bitcoin mining companies, provides a solid foundation for overseeing the operational aspects of the SPAC. The advisory role of Cantor Fitzgerald LP ensures that the fundraising process is conducted with professionalism and adherence to regulatory standards, further enhancing the credibility of the venture.

Collins' acquisition of a controlling stake in M3-Brigade for $6.47 million underscores his commitment to the project. His extensive experience in founding and leading successful crypto ventures, including Tether and STBL.com, positions him well to steer the SPAC towards its goals. Chu's background at Blackstone, where he sponsored several successful SPACs, brings a strategic and financial acumen that is invaluable in raising the necessary capital and executing the investment strategy. The collaboration between these two industry veterans is poised to create a robust and diversified crypto reserve, potentially setting a new standard for corporate involvement in the digital asset space.