According to a Bloomberg report, the duo Tether and Blackstone have joined forces to raise one billion dollars for a cryptocurrency vehicle that will be publicly listed and will house a portfolio of digital assets. Reportedly, the duo is raising this amount through M3-Brigade Acquisition V Corp, a special purpose acquisition company, in which both individuals hold sponsor stakes.
Reeves and Chu had already hinted at the existence of the cryptocurrency fund in a May announcement when they acquired sponsor stakes in the SPAC to acquire digital assets. Following the transaction, M3-Brigade stated its intention to seek a merger with companies in sectors related to digital assets.
The cryptocurrency fund will include a combination of various assets, such as Bitcoin, Ethereum, and Solana. The report notes that fundraising is ongoing and that details, including the target of 1 billion dollars, are subject to change. Cantor Fitzgerald LP is also involved in the operation as an advisor.
Unlike companies that opted to adopt a single treasury of crypto assets, Collins and Chu's M3-Brigade will seek to gain exposure to various digital assets through this proposed one billion dollar cryptocurrency fund.
It is worth mentioning that Collins served as the founding CEO of the Tether stablecoin issuer from 2013 to 2015. Meanwhile, according to Bloomberg, Chu was Blackstone's longest-serving negotiator before leaving the firm in 2015. In addition to M3-Brigade, Chu has sponsored multiple SPACs.
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