In New York, on July 8, 2024, ReserveOne, a digital asset management firm, announced plans to go public on the Nasdaq through a $1 billion business combination with M3-Brigade Acquisition V Corp. (MBAV). The firm aims to manage a diversified portfolio of cryptocurrencies, including Bitcoin, Ethereum, and Solana. This move reflects a growing trend of integrating cryptocurrency holdings into publicly traded vehicles.
The transaction is expected to provide over $1 billion in gross proceeds. This includes approximately $297.7 million from M3-Brigade's trust account and $750 million from committed capital raised through private investment in public equity (PIPE) offerings. Notable investors include Blockchain.com, Kraken, Pantera Capital, and Galaxy Digital. (Source: Reuters, July 8, 2024)
Following the completion of the merger, the combined company is expected to trade under the ticker "RONE". ReserveOne is led by CEO Jaime Leverton, former head of Hut 8, and President Sebastian Bea, previously of BlackRock and Coinbase Asset Management. The board includes Tether co-founder Reeve Collins and former U.S. Commerce Secretary Wilbur Ross. (Source: Reuters, July 8, 2024)