#BinanceAlphaAlert Former Blackstone executive and co-founder of Tether plan a cryptocurrency fund of US$ 1 billion

AI Summary

According to BlockBeats, a former executive of private equity giant Blackstone Group and a co-founder of Tether, a leading stablecoin issuer, are collaborating to create a cryptocurrency fund of US$ 1 billion with publicly traded shares. The fund aims to create a diversified portfolio of digital assets.

Sources familiar with the matter revealed that the fund will raise capital through a Special Purpose Acquisition Company (SPAC) supported by both parties, called M3-Brigade Acquisition V Corp. The investment strategy includes allocating funds to various cryptocurrencies, such as Bitcoin, Ethereum, and Solana. Due to the confidential nature of the negotiations, these sources requested anonymity.

The fundraising efforts are still ongoing, and specific details, including the US$ 1 billion target, may be subject to change.