Jul 8, 02:55 PM

ReserveOne Plans Nasdaq Debut, Seeks Over $1 Billion in SPAC Deal

Cryptocurrency holding company ReserveOne said Tuesday it will go public on the Nasdaq through a merger with M3-Brigade Acquisition V Corp, a special-purpose acquisition company. The blank-check deal is expected to raise more than $1 billion and value the combined entity at an undisclosed figure. Shares of M3-Brigade (ticker MBAV) slid almost 4 percent in early trading after the announcement. The transaction combines roughly $298 million held in the SPAC’s trust with as much as $750 million in equity and convertible-debt commitments from strategic backers including crypto exchange Kraken, Blockchain.com, Galaxy Digital and venture firm Pantera Capital. ReserveOne plans to use the proceeds to build a professionally managed treasury anchored in Bitcoin and diversified across Ethereum, Solana and other digital assets. ReserveOne will be led by Chief Executive Officer Jaime Leverton, formerly CEO of bitcoin miner Hut 8, and President Sebastian Bea, a veteran of BlackRock and Coinbase Asset Management. Tether co-founder Reeve Collins will chair the board, which also includes former U.S. Commerce Secretary Wilbur Ross. Coinbase has been appointed custodian for the firm’s digital asset reserves. The companies expect the deal to close in the fourth quarter, pending shareholder and regulatory approvals. ReserveOne intends to list under the ticker symbol “RONE,” adding to a growing cohort of publicly traded vehicles that give traditional investors exposure to crypto assets through equity markets.