Former Blackstone executive and Tether plan to raise $1 billion through a SPAC to establish a reserve of cryptocurrency assets

According to Bloomberg, former Blackstone Group deal maker and Tether co-founder are raising $1 billion through a special purpose acquisition company, M3 Brigate Acquisition V Corp., to establish a cryptocurrency reserve fund. The fund will allocate various digital assets such as Bitcoin, Ethereum, and Solana, with former US Secretary of Commerce Wilbur Ross and Binance director Gabriel Abed serving as vice chairmen, and former Hut 8 Mining CEO Jaime Leverton serving as CEO. This fundraising is advised by Cantor Fitzgerald, and the final scale may be adjusted. The SPAC received funding from investment institutions under Reeve Collins, co-founder of Tether, and Chinh Chu, former co head of private equity at Blackstone, in May. It is worth noting that the fund adopts a diversified token strategy, which is different from the single position Bitcoin model of institutions such as Strategy.