According to Foresight News, digital asset management company ReserveOne has announced that it has reached a definitive business combination agreement with special purpose acquisition company M3-Brigade Acquisition V Corp. (NASDAQ: MBAVU, MBAV, MBAVW). ReserveOne will hold and manage a variety of cryptocurrencies based on Bitcoin, including Ethereum, Solana, and other cryptocurrencies with the potential to generate income through institutional staking and lending.
This transaction is expected to generate total proceeds of over $1 billion, including (i) approximately $297.7 million in capital held in the M3-Brigade trust account (assuming no redemptions) and (ii) a total of $750 million in committed capital from major institutional investors under the subscription agreement, which includes $500 million in common stock and warrants, as well as $250 million in principal amount of convertible notes ("PIPE issuance"). ReserveOne will be led by CEO Jaime Leverton, an industry veteran who previously served as CEO of Hut 8, the first publicly traded company to incorporate Bitcoin into its balance sheet. Coinbase will act as the custodian for ReserveOne's guaranteed Bitcoin assets.
