Former Blackstone executive Chinh Chu and Tether co-founder Reeve Collins are joining forces to raise $1 billion for a crypto project.
Multi-Token Approach
According to Bloomberg reports, the new venture will include a diverse mix of tokens such as Bitcoin (BTC), Ether (ETH), and Solana (SOL). It is noted that the fundraising effort is ongoing, which may lead to shifts in the $1 billion target. Cantor Fitzgerald LP is also advising on the deal.
Acquisition of SPAC Control
In May 2025, Reeve Collins acquired a controlling stake in M3 Brigade for $6.47 million. The deal included 7.19 million Class B shares and 5.04 million private placement warrants, with plans to purchase additional shares from Cantor Fitzgerald & Co. After the transaction, Collins was appointed CEO, and Chinh Chu became the SPAC’s new president.
Background of Project Participants
Chinh Chu was Blackstone’s longest-serving dealmaker before leaving in 2015. Reeve Collins has been instrumental in founding Tether, NFT platform BLOCKv, and Smart Media Technologies. He currently serves as chairman of STBL.com, a yield-bearing stablecoin protocol built on Ethereum and Solana.
The collaboration between Chinh Chu and Reeve Collins highlights an active movement in the crypto industry and the use of SPACs to raise capital for digital assets.
