rewrite this title Former Tether, Hut 8, Blackstone execs to launch $1B crypto treasury firm

A group of high-profile financial executives, including former Blackstone dealmaker Chinh Chu and Tether co-founder Reeve Collins, are seeking to raise $1 billion to launch what could become the first publicly traded crypto treasury firm with a diversified portfolio, Bloomberg News reported on June 25, citing people familiar with the matter.

The effort is being led through M3-Brigade Acquisition V, a special-purpose acquisition company (SPAC) that will rebrand and redirect its capital toward building a balance sheet of multiple digital assets, including Bitcoin, Ethereum, and Solana.

If successful, the initiative would mark a significant departure from the typical Bitcoin-only treasury strategies employed by most public firms in recent months.

The company will be helmed by Jaime Leverton, the former CEO of crypto mining firm Hut 8. She will be joined by two vice chairs: Wilbur Ross, former U.S. Commerce Secretary under President Donald Trump’s first administration, and Gabriel Abed, the former Barbadian ambassador to the UAE and current chairman of Binance’s board.

According to Bloomberg, Cantor Fitzgerald is advising on the fundraising process, though sources cautioned that the final structure, including the token allocation, could still evolve depending on market conditions and investor interest.

The move comes amid a broader trend of publicly listed companies adding digital assets to their balance sheets as an inflation hedge and alternative store of value. However, most have focused exclusively on Bitcoin.

M3-Brigade’s planned multitoken approach would represent a novel treasury model. Unlike single-token strategies, the proposed diversified portfolio could potentially reduce volatility and offer investors broader exposure to the crypto market’s largest networks.

Other firms have recently expressed interest in similar treasury plays. Earlier this week, Anthony Pompliano’s ProCap BTC said it would go public via a SPAC to acquire Bitcoin.

Meanwhile, SharpLink Gaming has chosen to adopt Ethereum as a reserve asset for its treasury, while Nano Labs is accumulating BNB, but none have taken a multi-asset approach akin to M3-Brigade’s plans.

M3-Brigade shares dropped 12% on June 25 following the report but rebounded 5% in pre-market trading on June 26, reflecting cautious investor interest in the firm’s new direction.

The plan remains under wraps with no official announcement, and representatives for M3-Brigade, Chu, and Collins have declined to comment.

If completed, the initiative would mark one of the most ambitious attempts yet to institutionalize crypto treasury management on public markets, with leadership spanning Wall Street, stablecoin innovation, digital mining, and global diplomacy.

Mentioned in this article