Digital asset holding firm ReserveOne has announced plans to go public through a business combination with M3-Brigade Acquisition V Corp., in a transaction valued at $1 billion. The move is expected to establish the firm as a prominent player in institutional-grade crypto investment.
ReserveOne, a newly formed digital asset management company, said it had entered into a definitive merger agreement with M3-Brigade, a special purpose acquisition company listed on Nasdaq.
The deal, announced on July 8, includes over $750 million in new funding from a range of strategic investors including Blockchain.com, Galaxy Digital, Pantera Capital, and Kraken.
If approved, ReserveOne will list on the Nasdaq under the ticker symbol “RONE”, positioning itself as a public vehicle for holding a diversified basket of digital assets anchored in Bitcoin. The firm also intends to offer exposure to Ethereum, Solana and other cryptocurrencies, with returns bolstered through institutional staking, lending, and venture activity.
The transaction will provide ReserveOne with more than $1 billion in gross proceeds, including approximately $297.7 million in M3-Brigade’s trust account, assuming no redemptions, and $750 million in private investment through a mix of common equity, warrants, and convertible notes.
The deal is expected to close in the final quarter of 2025.
A crypto portfolio built for institutions
ReserveOne’s strategy centres on offering regulated exposure to digital assets with yield potential, while appealing to institutional investors seeking diversification.
Its investment model draws inspiration from the proposed US Strategic Bitcoin Reserve and Digital Asset Stockpile, which the firm said reflects growing global interest in sovereign-level crypto holdings, despite no such public reserve yet existing.
In a statement, Jaime Leverton, CEO of ReserveOne, described the company as “purpose-built for investors seeking professional access to the long-term potential of this emerging asset class”.
ReserveOne will use Coinbase as custodian for its secured Bitcoin holdings. It has also formed partnerships with Monarq Asset Management, Kraken, FalconX and Galaxy Digital to support its investment operations.
Leadership from both traditional and crypto finance
The firm will be led by Leverton, who formerly served as CEO of Bitcoin mining company Hut 8. She is also a board member at Riot Platforms and several digital infrastructure firms. Sebastian Bea, previously the head of Coinbase Asset Management and a veteran of BlackRock and Credit Suisse, will serve as President and Head of Investments.
The board is expected to include a number of high-profile figures from both finance and politics. Reeve Collins, co-founder of Tether and current CEO of M3-Brigade, will take on the role of Executive Chairman. Wilbur Ross, former US Secretary of Commerce, is also set to join the board, alongside Gabriel Abed, Chairman of a leading crypto exchange, and Chinh Chu of CC Capital.
Navigating public markets amid regulatory scrutiny
ReserveOne’s push to enter public markets follows a broader industry shift toward regulated structures and transparency in digital assets. The firm stated its ambition to become a “category-defining platform” in the digital investment space.
While the SPAC market has cooled in recent years following regulatory scrutiny and volatile returns, the ReserveOne deal marks a high-profile attempt to revive interest in crypto-focused listings. Its focus on institutional-grade products and board-level governance may appeal to traditional investors wary of unregulated crypto ventures.
Ross said the initiative “represents the kind of disciplined innovation our financial markets need to responsibly integrate digital assets into mainstream portfolios”.
Conditions and timing
The boards of both ReserveOne and M3-Brigade have unanimously approved the transaction. The deal remains subject to shareholder approval and customary closing conditions.
Following the merger, ReserveOne’s shares and warrants are expected to trade under the new ticker symbols “RONE” and “RONEW”.
Further details on the agreement are expected to be included in filings with the US Securities and Exchange Commission later this month.
