Ex-Blackstone and Tether Executives Aim to Raise $1 Billion for Crypto Firm
A blank-check company, M3-Brigade Acquisition V, backed by Chinh Chu and Reeve Collins, aims to raise $1 billion for a publicly traded cryptocurrency treasury firm. Key details include:
- The firm plans to acquire a diverse portfolio of tokens, including bitcoin, ether, and Solana.
- Public companies globally are increasingly adding cryptocurrencies as treasury assets, with a notable focus on bitcoin.
- Former Hut 8 Mining CEO Jaime Leverton will lead the company, while Wilbur Ross and Gabriel Abed will serve as vice chairs.
- Cantor Fitzgerald is among the advisers; the fundraising target and token mix may evolve.
- M3-Brigade shares dropped 12% following the announcement but recovered slightly, showing a 5% increase in pre-market trading.