According to BlockBeats, a former executive from private equity giant Blackstone Group and a co-founder of leading stablecoin issuer Tether are collaborating to establish a $1 billion publicly traded crypto fund. 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, named 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.
Fundraising efforts are still ongoing, and specific details, including the $1 billion target, may be subject to change.
