PANews reported on June 26 that according to Bloomberg, the former Blackstone Group dealmaker and Tether co-founder is raising $1 billion through the special purpose acquisition company M3-Brigade Acquisition V Corp. to establish a crypto asset reserve fund. The fund will allocate multiple digital assets such as Bitcoin, Ethereum and Solana, with former US Secretary of Commerce Wilbur Ross and Binance Director Gabriel Abed as vice chairmen, and former Hut 8 Mining CEO Jaime Leverton as CEO.

Cantor Fitzgerald served as an advisor for this fundraising, and the final size may be adjusted. The SPAC has received investment from investment institutions under Tether co-founder Reeve Collins and former Blackstone Private Equity Co-Head Chinh Chu in May. It is worth noting that the fund adopts a diversified token strategy, which is different from the model of institutions such as Strategy that only hold Bitcoin.