Former executives from Tether and Blackstone, Chinh Chu and Reeve Collins, are aiming to raise $1 billion to establish a digital asset treasury, which they plan to make public through a SPAC deal with M-3 Brigade Acquisition V Corp. This treasury will include major cryptocurrencies such as Bitcoin, Ethereum, and Solana. This initiative comes as the trend of publicly traded crypto treasuries is on the rise, with over 250 entities, including 141 publicly listed companies, holding Bitcoin on their balance sheets. The concept of corporate crypto treasuries was pioneered by Strategy, which has experienced significant growth since transitioning from software to a crypto-focused model. Additionally, the popularity of SPACs has surged in various industries, contributing to the expectation of future SPAC listings in the crypto sector as firms seek to leverage favorable market conditions. Collins is a co-founder of Tether, and Chu has participated in creating multiple SPACs since leaving Blackstone. The increasing embrace of cryptocurrencies by public companies signifies a growing acceptance of digital assets in corporate finance.

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