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Crypto Asset Management Firm ReserveOne Submits Application for $1 Billion Merger with M3-Brigade SPAC
ReserveOne, a cryptocurrency asset management company inspired by the US Strategic Bitcoin Reserve, has submitted a confidential draft of Form S-4 to the US Securities and Exchange Commission as part of its strategy to become publicly traded through a merger with M3-Brigade Acquisition V Corp.
Key Takeaways:
- ReserveOne has initiated a $1 billion SPAC merger to become publicly listed on Nasdaq.
- The firm plans to oversee a diversified cryptocurrency treasury primarily consisting of Bitcoin, Ethereum, and Solana.
- With leadership from former executives of Hut 8 and Coinbase, ReserveOne intends to provide crypto exposure through public equity.
The merger, initially disclosed in July, is anticipated to generate over $1 billion and facilitate a Nasdaq listing.
Form S-4 is typically utilized for registering securities in the context of mergers or similar corporate activities.
ReserveOne to Oversee Diversified Crypto Treasury with BTC, ETH, SOL
As per its previous announcements, ReserveOne will manage a varied digital asset treasury that includes Bitcoin, Ethereum, Solana, and additional tokens.
The firm aims to create yield through institutional staking and lending strategies, with Bitcoin as the primary reserve asset.
“ReserveOne will hold and manage a diverse collection of cryptocurrencies anchored by Bitcoin,” the company stated in a July release.
The executive team features Jaime Leverton, the former CEO of Hut 8, who will take on the role of CEO, and Sebastian Bea, who previously led Coinbase Asset Management, serving as president and head of investment.
ReserveOne is designed to act as a conduit for traditional investors to access cryptocurrencies via publicly traded equity, rather than directly owning digital assets.
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— ReserveOne (@ReserveOne_) September 23, 2025
The structure reflects Hut 8’s previous approach of becoming the first publicly traded entity to include Bitcoin on its balance sheet.
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The merger with M3-Brigade, a special purpose acquisition company (SPAC), aligns with a broader trend of digital asset firms pursuing public market access without following the traditional IPO process.
While specific terms and timelines are yet to be revealed, the $1 billion figure indicates increasing institutional confidence in structured cryptocurrency investment products.
Crypto IPOs Gain Momentum
Last week, BitGo officially submitted its application for an initial public offering, marking it as the first dedicated crypto custodian to seek a listing on a US stock exchange.
BitGo’s IPO application emerged amid a resurgence of interest in crypto-related public offerings.
The digital asset sector has witnessed several significant public listings in 2025. Stablecoin issuer Circle made headlines with its IPO in June, experiencing a surge of more than sevenfold since its public debut.
Online trading platform Etoro, which includes crypto trading among its offerings, launched in May.
Additionally, Galaxy Digital, led by Mike Novogratz, transitioned its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange established by the Winklevoss twins, filed confidentially for a U.S. IPO in June, indicating robust market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-centric lending platform, secured $787.5 million in its initial public offering.
The San Francisco-based firm, supported by key investors including Ribbit Capital, sold 31.5 million shares at $25 each, valuing the company at approximately $5.3 billion.
Initially aiming for a lower price range, Figure raised both the share count and price just days before the listing, reflecting strong investor interest.
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