Tether Co-founder’s Bold Crypto Fund Aims for $1B Mega-Bet on BTC, ETH, and SOL

Tether's co-founder is doubling down—launching a crypto fund with a billion-dollar appetite for Bitcoin, Ethereum, and Solana. Here's why Wall Street's watching.

Bullish or reckless? The fund's trifecta bet on BTC, ETH, and SOL screams confidence (or desperation) in a market that still gives traditional finance hives.

No hedging, no apologies—just pure crypto conviction. Meanwhile, bankers clutch their pearls over 'volatility' from their glass towers.

Strategic Partnership Between Industry Veterans

The initiative is being led by two notable figures in their respective domains. Reeve Collins is best known for his role as the founding CEO of Tether, the stablecoin issuer that helped pioneer blockchain-based USD-pegged tokens. He served in that position between 2013 and 2015, during Tether’s formative years. Chinh Chu, meanwhile, was one of Blackstone’s most seasoned dealmakers, with a long career focused on strategic mergers and acquisitions before she departed the firm in 2015.

Together, Collins and Chu are using their combined experience to bridge the gap between legacy finance and digital assets. Their special-purpose acquisition company, M3-Brigade Acquisition V Corp, will act as the fundraising vehicle for this new crypto-focused treasury.

A Diverse Portfolio Strategy: Bitcoin, Ethereum, Solana, and More

According to a Bloomberg report, the goal is to create a crypto fund that holds a range of leading digital assets. Bitcoin, Ethereum, and Solana have been named as key components of the portfolio. This sets the M3-Brigade initiative apart from other corporate treasury moves, many of which focus on a single token. For example, some hedge funds have recently opted for BNB-only treasuries or concentrated holdings in Bitcoin alone.

By choosing a multi-asset approach, Collins and Chu are signaling their belief in a more diversified crypto economy—one where different blockchains play distinct roles. Bitcoin remains the industry’s primary store of value, ethereum supports a robust ecosystem of smart contracts and DeFi applications, and Solana continues to gain traction as a fast, cost-efficient blockchain for scalable applications.

Fundraising Still Underway, Target May Shift

The proposed $1 billion fund is still in its early stages, and the final size of the raise may change depending on market conditions and investor appetite. The duo is currently working with Cantor Fitzgerald LP as an adviser on the deal, adding further institutional weight to the effort.

The M3-Brigade SPAC had already hinted at a MOVE into digital assets during a transaction in May, when both Collins and Chu acquired sponsor interests in the company. At the time, the SPAC revealed that it intended to seek business combinations within sectors tied to blockchain and crypto.

While details remain fluid, the scope and ambition of the project suggest that the M3-Brigade fund could become one of the largest crypto-focused investment vehicles started through a public structure.

Institutional Capital Eyes Crypto Treasuries

This development is part of a wider trend of institutional capital flowing into digital assets, particularly through treasury-focused vehicles. Just days ago, several hedge fund executives were reported to be planning a $100 million raise for a BNB treasury fund—an initiative that reflects similar thinking, albeit on a smaller scale.

By leveraging a SPAC structure, Collins and Chu aim to create a transparent, regulated path for investors to gain exposure to crypto without navigating the complexities of directly buying and storing digital assets themselves. It’s a model that could appeal to family offices, asset managers, and institutional allocators who want blockchain exposure through a familiar investment format.

Building for the Next Crypto Cycle

As digital assets continue to recover from a volatile 2022–2023 period, market sentiment has shifted back toward growth. Institutional investors are now taking long positions on the future of blockchain technology and digital assets. Funds like the one proposed by M3-Brigade could be positioned to benefit from this next cycle, especially if spot ETFs and regulatory clarity continue to improve globally.

For Collins and Chu, this is more than a financial experiment. It represents a bet that the next wave of value in crypto will be driven by responsible, diversified holdings supported by experienced leadership. Their backgrounds in both crypto innovation and institutional dealmaking give the initiative a level of credibility that could prove critical in attracting large-scale capital.

What Comes Next?

As the fundraising process unfolds, the crypto community and financial sector alike will be watching closely. A successful $1 billion raise could set a new benchmark for SPAC-based crypto funds and encourage more firms to explore multi-asset digital treasuries.

Whether or not the fund hits its initial $1 billion goal, it’s clear that the appetite for regulated, large-scale crypto investment vehicles is growing. The involvement of figures like Reeve Collins and Chinh Chu only underscores the maturity the space is beginning to command.