New unicorn! ReserveOne is backed by crypto assets giants and plans to raise over $1 billion by listing on Nasdaq.

According to Reuters, ReserveOne is a new Crypto Assets holding company with connections to industry veterans and a former U.S. Secretary of Commerce. The company announced on Tuesday that it plans to go public on NASDAQ through a blank check deal, expecting to raise over $1 billion.

ReserveOne will manage a portfolio of Crypto Assets including Bitcoin, Ethereum, and Solana. Shares of M3-Brigade Acquisition V Corp (MBAV.O) fell nearly 4% in pre-market trading.

This transaction is the latest effort in a series of initiatives to integrate Crypto Assets into stocks and make them more attractive to traditional investors.

The stock index of Strategy, led by Michael Saylor, formerly known as MicroStrategy, has grown as the company shifted to a Bitcoin-centric business model in 2020 and promoted this strategy.

ReserveOne, although entering a highly competitive field, has several notable figures in its leadership team. The company will be led by CEO Jaime Leverton, who was previously the CEO of the Crypto Assets mining and computing provider Hut 8 (HUT.O).

The chairman of the company's board will be Reeve Collins, co-founder of the stablecoin giant Tether, and the members also include Wilbur Ross, the Secretary of Commerce in Trump's first administration.

Multiple exchanges have become its investors, contributing up to 750 million dollars to the exchange through equity and convertible bond issuance.

A blank check company, or special purpose acquisition company, is a shell entity that raises funds through an initial public offering, with the sole purpose of merging with a private company and then trading publicly.