Ex-Blackstone Exec, Tether Co-Founder to Launch $1B Crypto Reserve SPAC

A Bloomberg report has revealed that former Blackstone Inc. executive Chinh Chu and Reeve Collins, co-founder of stablecoin giant Tether, are teaming up to raise $1 billion for a listed crypto vehicle that aims to build a portfolio of digital assets.

The capital is being raised through M3 Brigade Acquisition V Corp, a Special Purpose Acquisition Company (SPAC) backed by the two.

A Multi-Token Approach

Anonymous sources cited in the report said that the vehicle would hold a diversified mix of tokens, including Bitcoin (BTC), Ether (ETH), and Solana (SOL). They also revealed that the fundraising effort is ongoing, meaning that the details, including the $1 billion target, may change. Cantor Fitzgerald LP is among the parties advising on the deal.

Furthermore, Wilbur Ross, the Secretary of Commerce in U.S. President Donald Trump’s first administration, has reportedly been tapped to serve as vice chair alongside Binance board chairman Gabriel Abed. The venture will also have ex-Hut 8 Mining head Jaime Leverton as CEO in an acting capacity.

Chu and Collins’ multi-token approach is markedly different from that taken by the likes of Bitcoin bull Michael Saylor’s Strategy and Japan’s Metaplanet. The former has bought over 592,000 BTC, currently valued at more than $60 billion. The latter now holds 12,345 BTC worth over $1.33 billion and recently passed Tesla to become the seventh-largest corporate Bitcoin holder globally.

Meanwhile, others like SharpLink Gaming have taken an Ether-focused approach. The Minneapolis-based company owns 188,478 ETH worth about $457 million and is staking 100% of it to support the Ethereum network. This strategy followed a $425 million private placement led by Consensys and the appointment of Ethereum co-founder Joseph Lubin as chairman.

Tether Co-Founder Buys $6.47M SPAC

In May 2025, Collins acquired a controlling stake in M3-Brigade for $6.47 million. The deal included 7.19 million Class B shares and 5.04 million private placement warrants, with plans to purchase an additional 3.29 million from Cantor Fitzgerald & Co. Following the transaction, Collins was named CEO, with Chinh coming in as the SPAC’s new president.

The crypto entrepreneur, who has also just joined the advisory board of Canadian-listed digital asset ETF company Fineqia, was instrumental in founding Tether, NFT platform BLOCKv, and Smart Media Technologies.

He is currently chairman of STBL.com (formerly Pi), a yield-bearing stablecoin protocol built on Ethereum and Solana. This decentralized platform enables yield retention from tokenized RWAs such as U.S. Treasuries and money market funds.

Meanwhile, Chu was Blackstone’s longest-serving dealmaker before leaving in 2015. While at the firm, he sponsored several SPACs, including deals for Getty Images and Utz Brands.