A former Blackstone executive and a co-founder of stablecoin issuer Tether are collaborating to raise $1 billion through the SPAC M3-Brigade Acquisition V Corp. to launch a publicly listed crypto reserve vehicle. This fund will hold a diversified portfolio of digital assets including Bitcoin, Ethereum, and Solana. The fundraising effort is ongoing, with terms yet to be finalized. Concurrently, Joe McCann, a prominent Solana advocate and former manager of the Liquid Alpha Fund, which reportedly experienced a drawdown of approximately 70% to 80% year-to-date, is set to become CEO of a $1.5 billion Solana treasury company. McCann plans to shut down the Liquid Alpha Fund, citing that the strategy no longer serves its limited partners, and is earmarking the $1 billion raise to support the new Solana-focused treasury vehicle. Details of the Solana treasury company were revealed through a pitch deck obtained by Unchained, signaling a strategic shift in McCann's investment approach amid challenging market conditions for his previous fund.