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Which crypto VCs are behind the crypto reserve strategies of listed companies? | Bee Network Login Актуальные новости Запуск мемов Агенты искусственного интеллекта DeSci TopChainExplorer Для Ньюби 100-кратное количество монет Игра "Пчелка Основные веб-сайты Must-Have APP Криптознаменитости DePIN Новички насущные Детектор-ловушка Основные инструменты Продвинутые веб-сайты Обмен Инструменты NFT Привет, Выйти Вселенная Web3 Игры DApp Пчелиный улей Растущая платформа AD Поиск Английский язык Монеты для пополнения запасов Вход в систему Скачать Web3 Uni Игры DApp Пчелиный улей AD дом•Анализ•Основной текст Which crypto VCs are behind the crypto reserve strategies of listed companies?Анализ8 месяцев назадUpdateУайатт 27 903 48

Original author: Zen, PANews

In recent years, more and more listed companies have included криптовалюта assets in their balance sheets, from MicroStrategy taking the lead in betting on Bitcoin, to Trump Media Technology Group raising $2.5 billion to build a Bitcoin treasury, to a number of traditional industrial and technology giants testing the waters of stablecoins or Ethereum strategic reserves on a small scale. According to BitcoinTreasuries , as of July 17, 154 listed companies have adopted Bitcoin strategic reserves; according to a research report released by DWF Labs at the end of June this year, listed companies have invested a total of $76 billion in crypto assets.

In addition to the Trump administrations crypto-friendly policies and the demonstration role of MicroStrategy, this wave is also supported by crypto venture capital and Web3 funds that focus on institutional-level digital asset layout. They provide listed companies with a full range of solutions such as cryptocurrency purchases, tokenized equity, stablecoin settlement and on-chain treasury management through leading PIPE (Private Investment in Public Equity), convertible bonds, reverse mergers and other methods.

The main institutions promoting the encryption of listed companies have expanded from the early Pantera Capital, Animoca Brands, and Sora Ventures to DWF Labs, BigBrain Holdings, GSR, Bain Capital Crypto, etc. Recently, more and more encryption VCs have begun to join this ranks.

Pantera Capital Pantera has invested in several DAT (Digital Asset Treasury) companies, the most famous of which is Twenty One Capital (NASDAQ: CEP), a financial services company led by long-time Bitcoin evangelist Jack Mallers, and Pantera is also the largest investor in its PIPE financing round. Twenty One is trying to emulate MSTRs strategy and is backed by three industry giants: Tether, SoftBank, and Cantor Fitzgerald. Pantera pointed out that Twenty One is just big enough to use all capital market tools, while also having a smaller market capitalization, so it has the flexibility to grow BPS faster than MSTR and trade at a higher premium.

Additionally, Pantera led an investment in DeFi Development Corp (NASDAQ: DFDV, formerly Janover), which helped kick off the DAT trend in the U.S. DFDV, led by CEO Joseph Onorati and CIO Parker White, is taking a page from MSTR鈥檚 playbook but applying it to Solana. Pantera believes Solana is an interesting alternative to BTC for several reasons: it may have more upside than BTC due to its shorter maturity period; it has higher volatility than BTC, which means that higher returns can be achieved by taking advantage of this volatility; its staking income portion can contribute to the growth of SOL per share; and Solana has more untapped demand because there are fewer alternatives currently available.

In addition to supporting public companies that hold Bitcoin and Sol treasuries, Pantera has also invested in Sharplink Gaming (SBET), the first Ethereum digital asset finance company in the United States. SBET was led by Consensys, a software company headed by Ethereum co-founder Joe Lubin, to launch the ETH treasury strategy, and Pantera has been working with its team for more than a decade.

Galaxy Digital In May 2025, Trump Media announced that it would raise approximately $2.5 billion for the construction of the Bitcoin Treasury by issuing $1.5 billion in common stock and $1 billion in convertible bonds. Galaxy Digital not only served as the financial advisor for the debt and equity financing, but also as one of the lead underwriters, designing the financing structure for the company and promising to provide liquidity support.

Previously, Galaxy Digital has assisted non-crypto native companies such as GameStop and AMC in conducting crypto payment and treasury experiments, and served as an advisor in several SPAC mergers, pushing target companies to include digital assets in their strategic asset allocation. Galaxy has participated in more than $800 million in crypto-related financing for listed companies between 2024 and 2025, covering multiple levels of equity investment, debt financing and advisory services.

Animoca Brands In July 2025, Animoca announced that it had signed a non-binding memorandum of understanding (MOU) with catering and packaged food company DayDayCook (DDC). According to a joint statement issued by both parties, Animoca will invest up to $100 million in Bitcoin into DDCs Bitcoin treasury yield strategy. Animoca co-founder Yat Siu will also join DDCs Bitcoin Visionary Council to provide strategic guidance for its treasury management and yield optimization. DDC Enterprise announced its Bitcoin treasury reserve plan in May this year, with the goal of purchasing 5,000 Bitcoins within three years, and purchased 21 Bitcoins for its corporate treasury reserve that month.

In addition, as a well-known investor in the Web3 industry that has emerged in the NFT boom, Animoca itself is also seeking opportunities to go public in the United States. According to the Financial Times, Yat Siu said that Animoca is planning to go public in New York, seeking to seize the unique opportunity provided by the Trump administrations digital asset regulation approach. With the decline of NFT and GameFi projects, in addition to investment, Animoca Brands latest financial report also shows that it is transforming into consulting services, covering token consulting, token economics, marketing, listing consulting, node operations and trading services.

Sora Ventures In December 2024, Sora Ventures announced the launch of a $150 million fund with the goal of replicating the MicroStrategy-style Bitcoin treasury management model for Asian listed companies. The fund will focus on listed companies in markets such as Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first beneficiary is Metaplanet, a company listed on the Tokyo Stock Обмен in Japan, whose stock price soared by more than 1,000% in 2024, becoming the best performing stock on the Tokyo Stock Exchange.

In May this year, Sora Ventures entered the public market and changed its name to AsiaStrateg through a strategic merger with Nasdaq-listed Hong Kong luxury goods distributor Top Win International. The merger gave TopWin access to Soras Bitcoin expertise, which will participate in TopWins investment and treasury management. TopWin has announced that it will adopt a Bitcoin reserve strategy and plans to use $150 million in funds to support Bitcoin treasury projects of at least ten listed companies in the Asian market.

Recently, a Bitcoin investor alliance including SoraVentures, AsiaStrategy, Metaplanet CEO Simon Gerovich and Korean investment institution KCGI raised a total of approximately US$25 million by issuing approximately 58,862,249 new shares to SGA, a software service provider listed on KOSDAQ in South Korea. SGA plans to use the new capital to support its daily operations and develop new business plans in the field of digital assets.

DWF Labs In June 2025, Interactive Strength (Nasdaq: TRNR), a fitness equipment and digital fitness service company, announced the signing of a FET Токен Treasury financing framework with a total size of up to US$500 million, with the first US$55 million jointly invested by ATW Partners and DWF Labs. The funds will be used exclusively to purchase Fetch.ais FET tokens through the BitGo platform as on-chain configuration assets in its balance sheet. TRNR said that if the plan can be fully implemented, it is expected to have the largest publicly listed crypto asset library focusing on AI tokens. According to a research article officially released by DWF Labs, it will continue to explore new opportunities to build similar transactions in the US stock market.

Primitive Ventures According to PrimitiveVentures, since the beginning of 2025, the agency has begun to focus on Digital Asset Reserve PIPE as a key research direction, systematically screening and participating in various representative transactions, and using capital to support listed companies that use Ethereum-based crypto assets as their core reserve strategy. Primitive Ventures also participated in SharpLink Gamings announcement in May of a $425 million private equity financing. Primitive believes that BTC-based strategies mainly rely on financing to purchase coins, do not have asset self-generated income, and have higher leverage risks. SBET has the potential to directly use ETHs staking income and DeFi ecology to achieve compound growth on the chain and create real value for shareholders.

Big Brain Holdings Big Brain Holdings, a US crypto venture capital fund, has recently become an important supporter of Upexi (NASDAQ:UPXI), a consumer product development, manufacturing and distribution company. In July 2025, Upexi announced a convertible bond issuance worth $150 million, with the issuer using locked Solana (SOL) tokens as collateral, with a coupon rate of 2% for a period of 24 months. Big Brain Holdings is the leading investor in the note financing. After the financing is completed, Upexi expects to hold approximately 1.65 million SOL, exceeding the previously disclosed 735,000 Solana, significantly increasing the size of the companys on-chain treasury.

GSR Upexis expansion into the cryptocurrency space dates back at least three months ago. In April 2025, GSR led a $100 million private placement (PIPE) to Upexi, with the funds used to purchase and pledge Solana tokens. This move helped Upexi establish a crypto treasury centered on Solana. Public reports show that after the deal was announced, Upexis stock price rose by about 700%, highlighting the markets enthusiastic response to the companys digital asset strategy. GSR said the deal reflects the growing demand for high-quality crypto assets from traditional capital. In addition, GSR also participated in SharpLinks $425 million private placement financing.

Other participants Many well-known crypto VCs also participated in Upexi鈥檚 $100 million private placement led by GSR and SharpLink Gaming鈥檚 $425 million private placement led by Consensys.

In addition, several crypto venture capital firms also participated in the largest initial financing in the history of a public Bitcoin financial reserve company completed by ProCap Financial. ProCap Financial was formed by the merger of former MorganCreek partner Anthony Pomplianos private company ProCap BTC and Nasdaq SPAC Columbus Circle Capital. Pompliano also announced that he had completed $750 million in financing and would focus on purchasing Bitcoin and developing profitable financial products based on his holdings.

According to public information, among the three major private placements:

Institutions participating in the private placement of SharpLink Gaming and Upexi include: GSR, WhiteStarCapital, HivemindCapital

Institutions participating in both SharpLink Gaming and ProCap Financial include: ParaFiCapital, ArringtonCapital

Institutions that only participated in Upexis private placement include: Big Brain Holdings, Anagram, Delphi Ventures, Maelstrom, Arthur Hayes Family Office, Borderless, Morgan Creek, Elune Capital, Delta Blockchain Fund

Institutions that only participated in ProCap Financials private placement include: MagnetarCapital, WoodlinePartnersLP, AnsonFunds, RKCapital, OfftheChainCapital, Blockchain.com, BSQCapitalPartners, FalconX

Institutions that participated in SharpLink Gamings private placement include: ElectricCapital, PanteraCapital, GalaxyDigital, Hypersphere, PrimitiveVentures, RepublicDigital

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Related: Hyperliquid, a new player in the cryptocurrency stock market On June 17, eye medicine digital technology company Eyenovia (stock code: EYEN) announced that it had signed a securities purchase agreement to conduct a PIPE (Private Equity) with institutional qualified investors for US$50 million. The funds will be used to establish its first cryptocurrency reserve program, targeting Hyperliquids native token HYPE. The investment amount of US$50 million even far exceeds the companys market value of US$20 million. To promote the implementation of this strategic transformation, the company simultaneously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and member of the board of directors, and announced that the company name will be changed to Hyperion DeFi, and the stock code will also be updated to HYPD. As the first US-listed company to use the tokens of an on-chain exchange…

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