ReserveOne, backed by crypto heavyweights, set to raise over $1 billion in Nasdaq listing

ReserveOne, a new cryptocurrency holding company with ties to industry veterans and a former U.S. commerce secretary, said on Tuesday it will list on the Nasdaq through a blank-check deal that is expected to raise more than $1 billion.The company will manage a portfolio of cryptocurrencies including bitcoin, ethereum and Solana. Shares of M3-Brigade Acquisition V Corp , the blank-check firm, fell nearly 4% before the open.The deal is the latest in a series of efforts to wrap crypto assets into equity and make them more appealing for traditional investors. The exponential stock price growth of Michael Saylor's Strategy , which pivoted to a bitcoin-focused business model in 2020, has also popularized the playbook.While ReserveOne is joining a crowded space, its leadership team includes some high-profile figures. The company will be led by CEO Jaime Leverton, the former chief of crypto miner and computing provider Hut 8 .Sebastian Bea, a former executive at asset managers BlackRock and Coinbase Asset Management, will be its president and head of investment.The company's board will be chaired by stablecoin giant Tether's co-founder Reeve Collins, and will include Wilbur Ross, the Secretary of Commerce in the first Trump administration.Crypto firm Blockchain.com and crypto exchange Kraken are among the investors, contributing up to $750 million to the deal, through a combination of equity and convertible debt offering. Blank-check firms, or special purpose acquisition companies, are shell entities that raise capital through an IPO with the sole purpose of merging with a private company, which then becomes publicly traded.