ReserveOne aims for Nasdaq listing with $1B+ raise, backed by former Coinbase, Tether execs and ex-Commerce Secretary

ReserveOne, a newly formed crypto asset management firm inspired by the U.S. Strategic Bitcoin Reserve, is targeting a Nasdaq listing and plans to raise more than $1 billion through a merger with the special-purpose acquisition company M3-Brigade (ticker: MBAVU).

The firm will hold a diversified digital asset treasury anchored by Bitcoin, along with Ethereum, Solana, and other cryptocurrencies. It aims to generate yield through staking and lending, with Coinbase set to custody its Bitcoin holdings.

ReserveOne will be led by Jaime Leverton, who previously served as CEO of Hut 8, a bitcoin mining company that became the first publicly traded company to hold Bitcoin on its balance sheet. Sebastian Bea, who previously led Coinbase Asset Management, will serve as President and Head of Investment.

Upon closing, ReserveOne's board of directors is expected to include Executive Chairman Reeve Collins, co-founder of Tether and CEO of M3-Brigade; Wilbur Ross, former U.S. Secretary of Commerce; and John D'Agostino, Head of Strategy at Coinbase.

Leverton called the move a "pivotal moment" for digital assets, emphasizing its role in bringing more transparency and institutional rigor to the space.

"By moving towards a public listing, we’re reinforcing our commitment to responsible innovation, financial inclusion, and the development of a more resilient, transparent market for digital assets," Leverton stated in a press release. "Our disciplined, yield-focused strategy is designed to set a new standard for regulated crypto investing."

The funding includes approximately $298 million from M3-Brigade’s trust account and an additional $750 million ($500 million in equity and warrants, plus $250 million in convertible notes) in new capital from major institutional investors. That financing includes participation from Blockchain.com, FalconX, Galaxy Digital, Kraken, Pantera Capital, Hivemind, and ParaFi, among others.

The transactions are expected to close in the fourth quarter, subject to shareholder approval and other customary closing conditions.

"ReserveOne represents the kind of disciplined innovation our financial markets need to responsibly integrate digital assets into mainstream portfolios,” said Ross, who served as the Secretary of Commerce from 2017 to 2021 in the first Trump administration. "By bringing transparency, regulatory alignment, and professional management to this space, ReserveOne will be setting a new standard—one that bridges the world of traditional finance with the future of decentralized value."