Crypto Financiers Aim for $1 Billion SPAC to Build Digital Asset Treasury

A bold new crypto-focused SPAC is making waves — and it’s not just another digital asset experiment. Reeve Collins, one of the original minds behind Tether, is joining forces with private equity heavyweight Chinh Chu to raise a whopping $1 billion for a publicly traded crypto treasury.

They’re doing it through M-3 Brigade Acquisition V Corp., a new special-purpose acquisition company, and the goal is pretty clear: grab a seat at Wall Street’s top table with a balance sheet full of Bitcoin, Ethereum, Solana, and other major digital assets.

The Big Bet: Build It and the Market Will Follow

They’re not just betting on crypto. They’re betting on structure, scale, and visibility.

Unlike the standard route of token launches or DeFi experimentation, Collins and Chu are turning to one of Wall Street’s favorite mechanisms — the SPAC. If successful, M-3 Brigade Acquisition V would create one of the first publicly listed companies whose core business model is holding a diversified crypto treasury.

It’s a big move. And it’s got serious historical echoes.

MicroStrategy (now “Strategy”) kicked off this model back in 2020 when it started buying Bitcoin aggressively. That one call has turned into a $63.6 billion stash of BTC — and made MicroStrategy’s stock one of the market’s most volatile crypto plays. In the past 12 months, its stock has surged 165%.

But this isn’t 2020 anymore. It’s 2025. And this time, Collins and Chu want to start from the top — with a public listing from day one.

A Strategic Duo With Skin in the Game

If this was just another crypto startup, Wall Street might shrug. But Collins and Chu are not the usual suspects.

Collins co-founded Tether back in 2013 — the stablecoin that still dominates the space. He sold it years ago, but his legacy lives on: Tether is now a $110 billion cornerstone of crypto’s trading infrastructure.

Chu, on the other hand, built his career at Blackstone, one of the most influential firms in private equity. Since leaving, he’s led five SPACs, giving him a deep understanding of capital markets and institutional fundraising.

Their partnership is less about hype, more about execution.

They’re betting they can thread the needle between crypto enthusiasm and investor confidence — something few have done successfully.

The Bigger Trend: Crypto on Corporate Balance Sheets

Collins and Chu aren’t operating in a vacuum. Corporate crypto treasuries are having a moment — again.

Public firms holding Bitcoin are no longer niche. According to data from bitcointreasuries.net, over 250 companies now report BTC on their books. That number is climbing. In the past 30 days alone, holdings have grown by 13%.

And it’s no longer just Bitcoin. Ethereum is entering the chat.

Just last month, SharpLink Gaming raised $425 million for an Ethereum-centric treasury strategy. The market quickly dubbed it a “MicroStrategy of ETH.”

Here’s where things stand with the top crypto-holding public companies today:

That table isn’t just numbers. It’s a signal. Companies are pivoting to digital stores of value — and investors are watching.

SPAC Revival Adds Fuel to the Fire

Here’s the twist: SPACs — once left for dead — are staging a serious comeback in 2025.

Just six months into the year, SPACs have raised $12.3 billion across 61 deals. That already beats 2024’s full-year total.

So, why are investors coming back?

Partly because of timing. Regulatory clouds over SPACs have begun to clear. The SEC’s stance has softened. And Wall Street seems ready to use the structure again — this time, smarter.

And crypto’s rising tide is lifting these boats too. Anthony Pompliano, a well-known crypto advocate, just announced a $750 million SPAC deal for his firm ProCap. Different team, same playbook.

Quick side note: not everyone thinks this will end well. Critics say it’s “2001 all over again,” warning that speculative assets wrapped in complex structures rarely end well. But Chu and Collins seem unfazed.

They’re playing long ball.

Can Crypto Treasuries Actually Work?

It’s a fair question. Buying Bitcoin is easy. Building a functioning public company around it? Not so much.

Treasury-centric models hinge on market belief — the idea that holding digital assets gives companies intrinsic value and market appeal. But that belief is fragile. If crypto crashes, so does the whole premise.

Still, Collins and Chu believe institutional interest is sticky this time.

• Crypto is becoming more politically palatable in Washington

• Institutions like Fidelity and BlackRock are offering crypto products

• ETFs are adding stability and visibility to the asset class

And unlike early adopters, M-3 Brigade V won’t just be about hype. They’re positioning it as a real treasury, run with discipline and audited holdings.

Will that be enough? That depends on how the next crypto cycle plays out — and whether Wall Street stays curious, or gets cold feet.

What’s Next for M-3 Brigade V?

Sources say Collins and Chu are already in conversations with major investors to seed the raise. The SEC filings haven’t dropped yet, but they’re expected soon.

This means timing is everything. Crypto markets are volatile, but bullish. Bitcoin is hovering near $110,000. Ethereum’s pushing past $6,000. Solana just cracked $180.

If this SPAC hits its $1 billion mark, it could become one of the biggest single moves to publicly legitimize crypto treasuries since MicroStrategy’s first BTC buy four years ago.

Chu once told investors that “bold moves create bold returns.” This might be one of them.