Digital asset management firm ReserveOne has confidentially submitted a draft Form S-4 with the U.S. Securities and Exchange Commission, moving forward with plans for a $1 billion Nasdaq listing through a special purpose acquisition company (SPAC) merger with M3-Brigade Acquisition V Corp. The filing, announced on September 23, 2025, is a prerequisite for registering securities in connection with the merger, which is expected to close in Q4 2025. Upon approval, the combined entity will trade under the ticker symbol "RONE."
ReserveOne, launched in July 2025, aims to become a publicly listed crypto treasury company inspired by the proposed U.S. Strategic Bitcoin Reserve. The firm plans to manage a diversified cryptocurrency portfolio, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others, and generate yield through institutional-grade staking and lending strategies. The $1 billion in gross proceeds from the merger will fund the crypto reserve, positioning ReserveOne as a bridge for traditional investors to gain crypto exposure via public equity.
Leadership includes Jaime Leverton, former CEO of Hut 8 and head of Coinbase Asset Management, who will serve as president and head of investment. Leverton stated, "By moving towards a public listing, we're reinforcing our commitment to responsible innovation, financial inclusion, and the development of a more resilient, transparent market for digital assets." This move aligns with a broader trend of crypto firms pursuing public listings, such as recent IPOs from Circle, eToro, and BitGo.