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 ￰0￱ Takeaways: ReserveOne has filed for a $1 billion SPAC merger to go public and list on ￰1￱ firm will manage a diversified crypto treasury anchored by Bitcoin, Ethereum, and ￰2￱ by former Hut 8 and Coinbase executives, ReserveOne aims to offer crypto exposure via public ￰3￱ merger, first revealed in July , is expected to raise over $1 billion and lead to a Nasdaq ￰4￱ S-4 is commonly used for registering securities during mergers or similar corporate ￰5￱ to Manage Diversified Crypto Treasury with BTC, ETH, SOL According to its earlier statements, ReserveOne will manage a diversified digital asset treasury, including Bitcoin, Ethereum, Solana, and other ￰6￱ 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 ￰7￱ 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 ￰8￱ is positioned as a bridge for traditional investors to gain exposure to cryptocurrencies through a publicly traded equity, rather than holding digital assets ￰9￱ 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… ￰10￱ — ReserveOne (@ReserveOne_) September 23, 2025 The structure mirrors Hut 8’s earlier strategy of becoming the first publicly listed company to hold Bitcoin on its balance ￰11￱ 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 ￰12￱ final terms and timelines remain undisclosed, the $1 billion figure signals growing institutional confidence in structured crypto investment ￰13￱ IPOs Gain Momentum 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 ￰14￱ digital asset space has seen several notable public listings in ￰15￱ issuer Circle made a splash with its IPO in June, surging more than sevenfold since going ￰16￱ trading platform Etoro , which offers crypto trading among its services, debuted in ￰17￱ 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 ￰18￱ in June, signaling strong market confidence in crypto exchanges going ￰19￱ recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public ￰20￱ 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 ￰21￱ targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.