tl;dr
Former Blackstone executive Chinh Chu and Tether co-founder Reeve Collins are collaborating to raise $1 billion through the SPAC M3 Brigade Acquisition V Corp to build a diversified portfolio of digital assets, including Bitcoin, Ether, and Solana. The fundraising is ongoing, with Cantor Fitzgerald ...
Former Blackstone executive Chinh Chu and Tether co-founder Reeve Collins are teaming up to raise $1 billion through the SPAC M3 Brigade Acquisition V Corp to build a diversified digital asset portfolio. Unlike many investment strategies that focus on a single token, this crypto vehicle will hold multiple cryptocurrencies including Bitcoin, Ether, and Solana, aiming for a broader exposure in the digital asset space.
The leadership team includes notable figures such as Wilbur Ross, former U.S. Secretary of Commerce, and Binance board chairman Gabriel Abed, both appointed as vice chairs. Jaime Leverton, previously the head of Hut 8 Mining, will serve as acting CEO. Collins acquired a controlling stake in M3 Brigade for $6.47 million in May 2025, securing the role of CEO, while Chu takes up the presidency. Their combined expertise blends extensive SPAC experience from Chu and a strong crypto venture background from Collins, including foundational roles in Tether and STBL.com.
The multi-token approach pursued by this SPAC contrasts sharply with the Bitcoin-centric strategies of prominent investors like Michael Saylor or entities such as Metaplanet. While Saylor has accumulated over 592,000 BTC valued above $60 billion, and Metaplanet holds over 12,000 BTC, Chu and Collins are opting for a diversified mix that also includes Ether and Solana to capture a wider segment of the crypto market's value and innovation potential.
Collins’ ties to crypto extend beyond Tether, having played integral roles in founding NFT platform BLOCKv and yield-bearing stablecoin protocol STBL.com, which utilizes tokenized real-world assets like U.S. Treasuries and money market funds on Ethereum and Solana blockchains. Chu’s legacy as Blackstone’s longest-serving dealmaker includes sponsoring several SPACs, reflecting deep experience in deal-making and financial structuring.
With Cantor Fitzgerald advising on the ongoing fundraising, the venture aims to navigate the rapidly evolving digital asset landscape with a well-rounded portfolio strategy. By combining veteran financial acumen with cutting-edge crypto innovation, this SPAC could set a precedent for diversified digital asset investment vehicles in a market that has traditionally favored narrow exposures.