Reeve Collins and Chinh Chu are aiming to raise up to $1 billion through a SPAC to create a significant crypto fund focused on Bitcoin, Ethereum, and Solana.
Collins, a Tether co-founder, and Chu, a former Blackstone executive, have stake in M3-Brigade Acquisition V Corp, the SPAC involved in the venture.
The fund plans to diversify its portfolio by holding multiple assets, in contrast to a recent hedge fund initiative that focused solely on BNB. This move signals growing institutional interest in crypto treasuries.
Regulators are keeping a close eye on the development of this SPAC deal, with potential for changes in plans and a hunt for alternative targets within the crypto and blockchain space.