At the intersection of the cryptocurrency and traditional financial sectors, another major transaction event has recently drawn attention. Reeve Collins, the co-founder of stablecoin issuer Tether, joined hands with MI7 Sponsor, LLC, an affiliate of CC Capital, at a price of $6,467,500. Successfully acquired 7,187,500 Class B ordinary shares and 5,043,750 of the Nasdaq-listed company M3-Brigade Acquisition V Corp. (i.e. M3-Brigade) from M3-Brigade Sponsor V LLC A private equity warrant.
As a globally renowned stablecoin issuer, Tether’s Tether coin (USDT) holds a significant position in the cryptocurrency market. USDT is a stable-value token based on the US dollar, designed to ensure that the value of 1USDT is equivalent to 1US dollar. Users can exchange it at a 1:1 ratio at any time. It is one of the earliest and most widely used US dollar stablecoins and ranks among the top in terms of trading volume in the virtual currency market. And Reeve Collins, as the co-founder of Tether, can be regarded as a pioneer in the field of cryptocurrencies. In 2013, he seized the opportunity to promote the development of blockchain technology, tokenized the US dollar, and created stablecoins, an asset class that is now widely used. In 2015, he was the first to develop programmable and “intelligent” NFT technology.
M3-Brigade Acquisition V Corp. As a special purpose acquisition company (SPAC), established in 2024, it originally focused on the North American energy market. It planned to raise up to 250 million US dollars through an initial public offering, issuing 25 million shares at a price of 10 US dollars per share, each consisting of one common share and one-third of a warrant. The exercise price is $11.50. Based on this transaction size, its market value is expected to reach $313 million. The multiple SPAC projects previously operated by its management team Such as M3-Brigade Acquisition IV (withdrew the offering plan in March 2022), M3-Brigade Acquisition III (merged with the oil sands producer Greenfire Resources in September 2023) The share price of GFR (down 42% from the issue price) and M3-Brigade Acquisition II (liquidated in December 2023) have also attracted much attention in the market.
After the completion of this transaction, the company name of M3-Brigade will be changed to CCRC Digital Assets Corp, and the company’s business direction will also undergo a significant transformation. In the future, it will focus on seeking business combination targets in the digital asset-related industry. Meanwhile, Reeve Collins will serve as the CEO of the company. With his rich experience and outstanding leadership accumulated in the fields of cryptocurrencies and blockchain, he is expected to open up a new path for the development of the new company in the field of digital assets.
Related Topics:
