The company is targeting to generate more than $1 billion in gross proceeds from the SPAC, including $297.7 million of capital held in M3-Brigade’s trust account.
ReserveOne has entered into a definitive business combination agreement with M3-Brigade Acquisition V Corp. (NASDAQ: MBAVU), a special purpose acquisition company, according to a press release seen by NFTgators on Tuesday.
The newly formed digital asset management firm claims inspiration from the proposed U.S. strategic Bitcoin reserve and digital asset stockpile.
According to the announcement, the company aims to hold and manage a diverse basket of cryptocurrencies anchored with Bitcoin, including Ethereum, Solana, and others, with the potential for yield generation through institutional staking and lending.
ReserveOne expects to generate more than $1 billion in gross proceeds from the SPAC, including $297.7 million of capital held in M3-Brigade’s trust account.
The fundraising also includes an aggregate of $750 million in committed capital from leading institutional investors, including Blockchain.com, CC Capital, FalconX, Galaxy Digital, Hivemind Capital, Kraken, Mantle, Monarq Asset Management, Origin Protocol, Pantera Capital, ParaFi Capital, and Republic Digital.
Of the $750 million PIPE, $500 million is from equity and warrants, while $250 million is in the form of convertible notes.
ReserveOne will be led by CEO Jaime Leverton, the former CEO of Hut 8, the first publicly traded company to hold Bitcoin on its balance sheet, while Sebastian Bea, who held senior roles at Coinbase Asset Management, CSFB and BlackRock will serve as the firm’s President and Head of Investment.
Upon the closing of the offer, ReserveOne’s board will boast some of the biggest names in crypto, including Executive Chairman Reeve Collins, co-founder of Tether and CEO of M3-Brigade; Chinh Chu, Founder and Senior Managing Director of CC Capital; and John D’Agostino, Coinbase Head of Strategy (Institutional).
Commenting on the announcement, Jaime Leverton, CEO of ReserveOne, said in a statement: “By moving towards a public listing, we’re reinforcing our commitment to responsible innovation, financial inclusion, and the development of a more resilient, transparent market for digital assets. Our disciplined, yield-focused strategy is designed to set a new standard for regulated crypto investing.”
