Author: Zen, PANews
In recent years, more and more listed companies have incorporated crypto assets into their balance sheets, from MicroStrategy's initial bet on Bitcoin to Trump Media's $2.5 billion fundraising for Bitcoin treasury construction, and to several traditional industrial and technology giants testing stablecoins or Ethereum strategic reserves on a small scale. According to BitcoinTreasuries, as of July 17, 154 listed companies have adopted Bitcoin strategic reserves; additionally, a research report released by DWF Labs at the end of June this year indicated that listed companies have cumulatively invested up to $76 billion in crypto assets.
Beyond the crypto-friendly policies of the Trump administration and the demonstrative effect of MicroStrategy, behind this wave is also a focus on institutional-level digital asset layouts by crypto venture capital and Web3 funds—they provide comprehensive solutions for listed companies in cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management through leading PIPEs (Private Investment in Public Equity), convertible bonds, reverse mergers, and other methods.
The main institutions driving the cryptoization of listed companies have expanded from the early Pantera Capital, Animoca Brands, and Sora Ventures to include DWF Labs, Big Brain Holdings, GSR, Bain Capital Crypto, etc., with more crypto VCs joining this trend recently.
Pantera Capital
Pantera has invested in several DAT (Digital Asset Treasury) companies, among which the most notable is Twenty One Capital, a financial services company led by long-time Bitcoin advocate Jack Mallers (NASDAQ: CEP), with Pantera being the institution that invested the most in its PIPE financing round. Twenty One is attempting to emulate MSTR's strategy and has the support of three industry giants: Tether, SoftBank, and Cantor Fitzgerald. Pantera points out that Twenty One's size is just right to utilize all capital market tools while having a relatively small market capitalization, allowing it to achieve BPS growth at a faster pace than MSTR and trade at a higher premium.
Additionally, Pantera also led the investment in DeFi Development Corp (NASDAQ: DFDV, formerly Janover), which sparked a DAT trend in the U.S. DFDV is led by CEO Joseph Onorati and CIO Parker White, who are borrowing from MSTR's strategy but applying it to Solana. Pantera believes that Solana is an interesting alternative to BTC for several reasons: due to its shorter maturity, its upward potential may be greater than BTC; it is more volatile than BTC, meaning higher returns can be achieved by leveraging this volatility; its staking rewards can promote the growth of each SOL share; and Solana has more untapped demand due to the limited available alternatives.
In addition to supporting listed companies holding Bitcoin and Solana treasuries, Pantera has also invested in Sharplink Gaming (SBET), the first Ethereum digital asset financial company in the U.S. SBET is led by the software company Consensys, founded by Ethereum co-founder Joe Lubin, which launched the ETH treasury strategy, and Pantera has collaborated with its team for over ten years.
Galaxy Digital
In May 2025, Trump Media announced that it would raise about $2.5 billion for Bitcoin treasury construction by issuing $1.5 billion in common stock and $1 billion in convertible bonds. Galaxy Digital not only served as the financial advisor for this debt and equity financing but was also one of the lead underwriters, designing the financing structure for the company and committing to provide liquidity support.
Previously, Galaxy Digital 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, promoting the target companies to incorporate digital assets into their strategic asset allocation. Between 2024 and 2025, Galaxy participated in over $800 million of crypto-related financing for listed companies, covering multiple aspects including equity investments, debt financing, and advisory services.
Animoca Brands
In July 2025, Animoca announced that it had signed a non-binding memorandum of understanding (MOU) with the food and packaging company DayDayCook (DDC). According to the joint statement released by both parties, Animoca will invest up to $100 million in Bitcoin for DDC's Bitcoin treasury revenue strategy. Yat Siu, co-founder of Animoca, will also join DDC's 'Bitcoin Visionary Council' to provide strategic guidance for its treasury management and revenue optimization. DDC Enterprise announced its Bitcoin funding reserve plan in May this year, aiming to purchase 5,000 Bitcoins within three years, and purchased 21 Bitcoins for its corporate funding reserves that same month.
Moreover, as a prominent investor in the Web3 industry that has risen during the NFT boom, Animoca is also seeking opportunities for a U.S. IPO. According to the Financial Times, Yat Siu stated that Animoca is planning to go public in New York, aiming to seize the 'unique opportunity' provided by the Trump administration's digital asset regulatory approach. With the decline of NFT and GameFi projects, in addition to investments, Animoca Brands' latest financial report also shows that it is transitioning towards consulting services, covering token consulting, token economics, marketing, listing consulting, node operation, and trading services.
Sora Ventures
In December 2024, Sora Ventures announced the launch of a $150 million fund aimed at 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 case is Metaplanet, listed on the Tokyo Stock Exchange, whose stock price surged over 1000% in 2024, becoming the best-performing stock on the Tokyo Stock Exchange.
In May this year, Sora Ventures entered the public market through a strategic merger with Top Win International, a Hong Kong luxury goods distributor listed on NASDAQ, and renamed itself AsiaStrategy. This merger enabled Top Win to gain Sora's expertise in Bitcoin, as the latter will participate in Top Win's investment and treasury management. Top Win has announced that it will adopt a Bitcoin reserve strategy and plans to use $150 million to support Bitcoin treasury projects for at least ten listed companies in the Asian market.
Recently, a Bitcoin investor alliance including Sora Ventures, AsiaStrategy, Metaplanet CEO Simon Gerovich, and the South Korean investment institution KCGI raised approximately $25 million by issuing about 58,862,249 new shares to the software service provider SGA, listed on the Korean KOSDAQ. SGA plans to use the new capital to support its daily operations and develop new business plans in the digital asset field.
DWF Labs
In June 2025, Interactive Strength (Nasdaq: TRNR), a company specializing in fitness equipment and digital fitness services, announced the signing of a financing framework for a 'FET token treasury' totaling up to $500 million, with an initial investment of $55 million jointly made by ATW Partners and DWF Labs. The funds will be exclusively used to purchase Fetch.ai's FET tokens via the BitGo platform as on-chain allocated assets in its balance sheet. TRNR stated that if the plan can be fully implemented, it is expected to have the largest publicly listed crypto asset library focused on AI tokens. According to a research article released by DWF Labs, it will continue to explore new opportunities to build similar transactions in the U.S. stock market.
Primitive Ventures
According to Primitive Ventures, since the beginning of 2025, the firm has begun to focus on 'digital asset treasury PIPEs' as a key research direction, systematically screening and participating in various representative transactions to support listed companies that focus on Ethereum-based cryptocurrency reserve strategies. Primitive also participated in SharpLink Gaming's announcement of a $425 million private equity financing in May this year. Primitive believes that BTC-based strategies mainly rely on financing to purchase coins, lacking self-generated asset yields, and carry higher leverage risks. In contrast, SBET has the potential to directly utilize ETH staking rewards and the DeFi ecosystem to achieve compound growth on-chain, creating real value for shareholders.
Big Brain Holdings
The U.S. crypto venture capital fund Big Brain Holdings has recently become a significant supporter of Upexi (NASDAQ: UPXI), a consumer products development, manufacturing, and distribution company. In July 2025, Upexi announced a $150 million convertible bond issuance, secured by locked Solana (SOL) tokens, with a coupon rate of 2% for a term of 24 months. Big Brain Holdings was the lead investor in this bond financing. After the financing was completed, Upexi expects to hold approximately 1.65 million SOL, exceeding the previously disclosed 735,000 Solana, significantly enhancing the company's on-chain treasury size.
GSR
Upexi's business expansion into the cryptocurrency field can be traced back at least three months to April 2025, when GSR led a $100 million private investment in public equity (PIPE) in Upexi, with funds used to purchase and stake Solana tokens. This move helped Upexi establish a crypto treasury centered on Solana. Public reports show that after the announcement of the deal, Upexi's stock price surged by about 700%, highlighting the market's enthusiastic response to corporate digital asset strategies. GSR stated that the transaction reflects the growing demand from traditional capital for high-quality crypto assets. Additionally, GSR also participated in SharpLink's $425 million private financing.
Other participants
In the $100 million private placement led by GSR for Upexi and the $425 million private placement for SharpLink Gaming led by Consensys, many well-known crypto VCs also participated in the investments.
Additionally, several crypto venture capital firms participated in ProCap Financial's 'largest initial financing in the history of listed Bitcoin financial reserve companies.' ProCap Financial was formed from the merger of former Morgan Creek partner Anthony Pompliano's private company ProCap BTC and NASDAQ SPAC Columbus Circle Capital. Pompliano also announced that he has completed $750 million in financing, focusing on acquiring Bitcoin and developing profitable financial products based on its holdings.
According to public information, in three major private placements:
Institutions participating in the SharpLink Gaming and Upexi private placements include: GSR, White Star Capital, Hivemind Capital
Institutions participating in the SharpLink Gaming and ProCap Financial private placements include: ParaFi Capital, Arrington Capital
Institutions that only participated in Upexi's 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 Financial's private placement include: Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Blockchain.com, BSQ Capital Partners, FalconX
Institutions that only participated in SharpLink Gaming's private placement include: Electric Capital, Pantera Capital, Galaxy Digital, Hypersphere, Primitive Ventures, Republic Digital
