An ambitious plan to build a $1 billion treasury of digital assets is taking shape under the leadership of former Blackstone and Tether executives.

Reeve Collins, co-founder of Tether, and a subsidiary of CC Capital, an investment firm founded by former Blackstone trader Chinh Chu, are leading the initiative.

They are joined by former Binance exchange executives and former U.S. officials, Bloomberg reported, in an effort to establish a publicly traded company focused on accumulating digital assets.

The fundraising is being channeled through M3-Brigade Acquisition V Corp., a special-purpose acquisition company backed by Blackstone and Tether.

This financial vehicle seeks to assemble a diversified portfolio that will include Bitcoin (BTC), Ether (ETH), and Solana (SOL). While the goal is to reach $1 billion, the details of the deal, advised by Cantor Fitzgerald, are still under development and could be adjusted.

This initiative reflects a growing trend among publicly traded companies around the world that incorporate bitcoin and cryptocurrencies as treasury assets.

While some, like Strategy and ProCap BTC, focus solely on Bitcoin, others diversify their strategies. SharpLink Gaming, for example, focuses on Ether, with 188,478 ETH in its treasury, positioning itself as the largest holder of this asset among publicly traded companies.

For their part, companies like Everything Blockchain are opting for a broader strategy, allocating funds to assets such as SOL, XRP, Sui (SUI), Bittensor (TAO) and Hyperliquid (HYPE). This move underscores the growing corporate interest in diversifying treasuries with cryptocurrencies, marking a new chapter in the adoption of digital assets.