ReserveOne, a new crypto asset management company, has set its sights on a Nasdaq listing and plans to raise over a billion dollars. This ambitious initiative is backed by former executives from Coinbase and Tether, as well as an ex-US Secretary of Commerce.
Inspired by the US Strategic Bitcoin Reserve, ReserveOne is moving forward with a merger with the special-purpose acquisition company M3-Brigade (ticker: MBAVU) to raise the funds. The company will manage a diversified digital asset treasury, primarily focusing on Bitcoin, Ethereum, Solana, and various other cryptocurrencies. It plans to generate profits through staking and lending, with Coinbase expected to custody its Bitcoin holdings.
The leadership of ReserveOne includes Jaime Leverton, former CEO of Hut 8, the first publicly traded company to list Bitcoin on its balance sheet, and Sebastian Bea, who led Coinbase Asset Management. Bea will be the President and Head of Investment.
The board of directors of ReserveOne, upon closing, is anticipated to include Reeve Collins, the co-founder of Tether and CEO of M3-Brigade; Wilbur Ross, former US Secretary of Commerce, and John D’Agostino, Head of Strategy at Coinbase.
Leverton referred to this move as a “turning point” for digital assets, stressing its importance in increasing transparency and institutional rigor in the sector. He stated their commitment to responsible innovation, financial inclusion, and the creation of a more resilient and transparent digital asset market in a recent press release.
The funding includes roughly $298 million from M3-Brigade’s trust account and an additional $750 million in new capital from big institutional investors. Key participants in this funding round include Blockchain.com, FalconX, Galaxy Digital, Kraken, Pantera Capital, Hivemind, and ParaFi.
The transactions are projected to complete in the fourth quarter, subject to shareholder approval and other standard closing conditions. Ross, who served as Secretary of Commerce from 2017 to 2021, acknowledged the disciplined innovation that ReserveOne represents for the financial markets for the responsible integration of digital assets into mainstream portfolios.
