
ReserveOne, backed by crypto heavyweights, set to raise over US$1 billion in Nasdaq listing
ReserveOne, a new cryptocurrency holding company with ties to industry veterans and a former U.S. commerce secretary, said on Tuesday it will list on the Nasdaq through a blank-check deal that is expected to raise more than US$1 billion.
The company will manage a portfolio of cryptocurrencies including bitcoin, ethereum and Solana. Shares of M3-Brigade Acquisition V Corp, the blank-check firm, fell nearly 4 per cent before the open.
The deal is the latest in a series of efforts to wrap crypto assets into equity and make them more appealing for traditional investors.
The exponential stock price growth of Michael Saylor's Strategy, which pivoted to a bitcoin-focused business model in 2020, has also popularized the playbook.
While ReserveOne is joining a crowded space, its leadership team includes some high-profile figures. The company will be led by CEO Jaime Leverton, the former chief of crypto miner and computing provider Hut 8.
Sebastian Bea, a former executive at asset managers BlackRock and Coinbase Asset Management, will be its president and head of investment.
The company's board will be chaired by stablecoin giant Tether's co-founder Reeve Collins, and will include Wilbur Ross, the Secretary of Commerce in the first Trump administration.
Crypto firm Blockchain.com and crypto exchange Kraken are among the investors, contributing up to US$750 million to the deal, through a combination of equity and convertible debt offering.
Blank-check firms, or special purpose acquisition companies, are shell entities that raise capital through an IPO with the sole purpose of merging with a private company, which then becomes publicly traded.
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Reporting by Niket Nishant in Bengaluru; Editing by Sahal Muhammed
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Globe and Mail
3 hours ago
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Prediction: Quantum Computing Stock Will Be Worth This Much in 2030
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IonQ relies on a process called trapped-ion, which essentially uses lasers to trap atoms and use them as the foundation of a qubit. Meanwhile, other competitors such as Rigetti Computing and D-Wave Quantum use superconducting circuits and quantum annealing techniques to make qubits. Quantum Computing, on the other hand, is using light (photons) as opposed to Rigetti and D-Wave's electricity-based foundation or IonQ's trapped atom technology. In theory, photonic qubits may be more energy efficient and easier to scale than other approaches that are heavily reliant on sophisticated cooling systems. ... there are quite a few red flags to point out Before buying into the idea that Quantum Computing is on the verge of a technological breakthrough, consider the following: Quantum Computing was once known as Innovative Beverage Group Holdings (IBGH). Why did the company pivot from beverages to qubits? Well, consider that IBGH went out of business, and the leftover management team decided to acquire a small company called QPhoton and completely shift its focus to quantum computing. Over the last year, Quantum Computing has generated $385,000 in sales. While the idea of photonic qubits is interesting, Quantum Computing is far from building a competitive moat over its rivals. The company's nominal revenue base and unproven roadmap hint at possible liquidity crunches down the road. For now, Quantum Computing appears to be relying on issuing stock as a means to raise cash and fund the operation. Despite these red flags, Quantum Computing has seen its market value climb from $55 million to $2.4 billion in just one year. QUBT Market Cap data by YCharts The company's valuation is far higher than what investors witnessed during prior stock market bubbles during the internet boom and the COVID-19 stock market euphoria. Where will Quantum Computing stock be in five years? 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