A blank-check company associated with former Blackstone dealmaker Chinh Chu and Tether co-founder Reeve Collins aims to raise $1 billion to create a publicly traded cryptocurrency treasury firm. The company will look to purchase a collection of cryptocurrencies, including bitcoin, ether, and solana.

Jaime Leverton, the former CEO of Hut 8 Mining, will lead the initiative, while Wilbur Ross and Gabriel Abed will serve as vice chairs.

The fundraising vehicle, M3-Brigade Acquisition V, is expected to undergo a rebranding to facilitate this venture.

As companies globally seek to integrate crypto into their treasury assets, this initiative stands out for its approach to acquiring multiple cryptocurrencies, a less common strategy compared to those focusing solely on bitcoin. The future developments regarding the fundraising goals and specific tokens may shift as plans progress.