A former top executive of Blackstone and co-founder of Tether is teaming up to raise $1 billion for a new crypto investment venture. They seek to build a listed investment fund (such as a public company) that will invest in a mix of top cryptocurrencies like Bitcoin, Ethereum, and Solana.
The project is being held through a special-purpose acquisition company (SPAC) called M3-Brigade Acquisition V Corp. The funding process is still ongoing, and the $1 billion target could change depending on investor interest.
The key people behind this new venture are: Reeve Collins, co-founder of Tether, and Chinh Chu, former co-head of private equity at Blackstone and founder of investment firm CC Capital. Both Collins and Chu took sponsor roles in M3-Brigade earlier this year. The financial advisory firm Cantor Fitzgerald is reportedly involved in helping with the fundraising.
This approach is different from other crypto investment strategies that focus only on one token. For example, Japan’s Metaplanet and Michael Saylor’s Strategy mainly buy Bitcoin. Other companies, like SharpLink Gaming, focus on Ethereum. However, this new vehicle wants to spread its investment across multiple tokens to reduce risk and increase opportunity.
The timing of this project follows a significant move by President Donald Trump earlier in the year. In March of 2025, he signed an executive order on behalf of the U.S. government to establish a Bitcoin reserve as well as a multi-token reserve holding other digital assets. The new crypto fund is in line with this larger move towards national-level holdings of crypto.
Also Read: Despite $500 Billion Potential Tether Sees “No Need” for IPO