Crypto Asset Manager ReserveOne Files for $1B Merger with M3-Brigade SPAC

ReserveOne, a crypto asset management firm modeled after the US Strategic Bitcoin Reserve, has filed a confidential draft of Form S-4 with the US Securities and Exchange Commission as part of its plan to go public through a merger with M3-Brigade Acquisition V Corp.

Key Takeaways:

• ReserveOne has filed for a $1 billion SPAC merger to go public and list on Nasdaq.
• The firm will manage a diversified crypto treasury anchored by Bitcoin, Ethereum, and Solana.
• Led by former Hut 8 and Coinbase executives, ReserveOne aims to offer crypto exposure via public equity.

The merger, first revealed in July, is expected to raise over $1 billion and lead to a Nasdaq listing.

Form S-4 is commonly used for registering securities during mergers or similar corporate transactions.

According to its earlier statements, ReserveOne will manage a diversified digital asset treasury, including Bitcoin, Ethereum, Solana, and other tokens.

The firm says it aims to generate yield via institutional staking and lending strategies, with Bitcoin serving as the core reserve asset.

“ReserveOne will hold and manage a diverse basket of cryptocurrencies anchored with Bitcoin,” the company said in a July announcement.

The leadership team includes Jaime Leverton, former CEO of Hut 8, who will serve as CEO, and Sebastian Bea, who previously ran Coinbase Asset Management, as president and head of investment.

ReserveOne is positioned as a bridge for traditional investors to gain exposure to cryptocurrencies through a publicly traded equity, rather than holding digital assets directly.

Big announcement today at ReserveOne!

We’ve confidentially submitted our draft registration statement on Form S-4 with the SEC (U.S. Securities and Exchange Commission)

A quick refresher on us: we’re one of the rare digital asset companies that hold diversified crypto… pic.twitter.com/gAGThNz3Uy

The structure mirrors Hut 8’s earlier strategy of becoming the first publicly listed company to hold Bitcoin on its balance sheet.

The merger with M3-Brigade, a special purpose acquisition company (SPAC), is part of a broader trend of digital asset firms seeking public market entry without the standard IPO route.

While final terms and timelines remain undisclosed, the $1 billion figure signals growing institutional confidence in structured crypto investment products.

Last week, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

The San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 billion.

Originally targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.

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