Tether’s Co-Founder Backs New SPAC For Digital Assets

There’s a new mega SPAC deal on Wall Street for digital assets. And it’s being led by one of the founders of Tether.

What’s happening:

• ReserveOne has entered into a business combination agreement with M-3 Brigade Acquisition V Corp (NASDAQ: MBAV)
  

By the numbers:‍

• The new SPAC deal is expected to come with more than $1B USD in new capital upon closing, including a $500M USD equity financing round and $250M USD in convertible debt
  

Why it matters:‍

• ReserveOne is led by Jaime Leverton who previously ran Hut 8 (NASDAQ: HUT) and Tether co-founder Reeve Collins
  

Going deeper:‍

• ReserveOne will not focus on one single digital asset and will instead accumulate Bitcoin, Ethereum and Solana
  
• Multiple prominent crypto investors and venture capital funds are backing the new deal, including Galaxy Digital (NASDAQ: GLXY), Kraken, Pantera Capital and ParaFi Capital
  

The intrigue:‍

• ReserveOne has also publicly stated they plan to stake and lend their digital assets to generate a yield

‍