Tether Co-founder To Raise $1B For Bitcoin, Ethereum, Solana Crypto Fund
Highlights
- Tether's Reeve Collins and former Blackstone executive Chinh Chu plan to raise $1 billion via M3-Brigade for a crypto fund.
- This fund will contain Bitcoin, Ethereum, Solana and some other digital assets.
- The fundraising effort is still ongoing and the $1 billion target could change.
Tether Co-founder Reeve Collins and former Blackstone executive Chinh Chu are reportedly planning to raise up to $1 billion through a SPAC company to establish a crypto treasury. This crypto fund will contain diverse digital assets, including Bitcoin, Ethereum, and Solana.
Tether Co-founder and Former Blackstone Exec Plan $1 Billion Crypto Fund
According to a Bloomberg report, the Tether and Blackstone duo are teaming up to raise $1 billion for a listed crypto vehicle, which will hold a portfolio of digital assets. The duo is reportedly raising this sum through the M3-Brigade Acquisition V Corp, a special-purpose acquisition company, which both individuals have sponsor interests in.
Reeves and Chu had already hinted at the crypto fund in a May announcement when they purchased sponsor interests in the SPAC to acquire digital assets. Following the transaction, M3-Brigade stated that it intends to seek a business combination target in industries related to digital assets.
The crypto fund will hold a mix of several assets, including Bitcoin, Ethereum, and Solana. The report noted that the fundraising effort is still ongoing and the details, including the $1 billion target, are subject to change. Cantor Fitzgerald LP is also involved in the deal as an adviser.
Institutional interest in crypto continues to pick up, with companies creating digital asset treasuries. This latest development comes just days after CoinGape reported that Hedge Fund executives are looking to raise $100 million for a BNB treasury.
However, unlike companies that chose to adopt a single crypto asset treasury, Collins and Chu’s M3-Brigade will look to gain exposure to several digital assets through this proposed $1 billion crypto fund.
It is worth mentioning that Collins served as the founding CEO of Stablecoin issuer Tether from 2013 to 2015. Meanwhile, according to Bloomberg, Chu was Blackstone’s longest-serving dealmaker before she left the firm in 2015. Besides M3-Brigade, Chu has sponsored multiple SPACs.
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