M3-Brigade Acquisition V Plans $1 Billion Cryptocurrency Treasury Firm

A blank-check company backed by former Blackstone dealmaker Chinh Chu and Tether co-founder Reeve Collins is planning to raise $1 billion to establish a publicly traded cryptocurrency treasury firm. The company, M3-Brigade Acquisition V, aims to rebrand and utilize the funds to purchase a diverse basket of tokens, including bitcoin, ether, and Solana's sol.

The initiative comes at a time when public companies globally are increasingly adding cryptocurrencies to their treasury assets. However, many of these companies are focusing solely on bitcoin, the largest cryptocurrency by market capitalization. This move by M3-Brigade Acquisition V to include a variety of tokens is relatively rare and positions the company as a pioneer in this space.

Former Hut 8 Mining CEO Jaime Leverton will lead the company, with Wilbur Ross, the former U.S. Commerce Secretary, and Gabriel Abed, Barbados’s former ambassador to the UAE and current chair of Binance’s board, serving as vice chairs. The company is advised by Cantor Fitzgerald, and while the fundraising target and token mix could still change, the plan is to create a diversified cryptocurrency treasury.

This strategy contrasts with other major companies that have adopted single-coin strategies. For instance, Strategy and Metaplanet focus exclusively on bitcoin, while other firms like SharpLink Gaming and Nano Labs are exploring alternative coins such as ether. The move by M3-Brigade Acquisition V to include a basket of tokens represents a more diversified approach to cryptocurrency investment, which could potentially mitigate risks associated with the volatility of individual tokens.