Deng Tong, Golden Finance
Since ETH finally broke through the $3,000 mark on July 15, the entire crypto market has been performing well, with mainstream altcoins generally recording double-digit gains. At the same time, more and more companies are embarking on transformation. This article summarizes the companies that have practiced treasury plans since ETH rose to $3,000 on July 15, and what industries they belong to.
1. BTC treasury plan
Grupo Murano, real estate company
Mexican $1 billion real estate company Grupo Murano announced a massive investment in bitcoin, planning to establish a $10 billion bitcoin treasury within five years. CEO Elias Sakal stated that the company will convert assets into bitcoin through asset restructuring and sale-leaseback methods while maintaining operational control. This strategy aims to address challenges from interest rate fluctuations in the real estate industry, with the company concentrating 70-80% of its business on bitcoin holdings and 20-30% on real estate development. Grupo Murano also plans to deploy bitcoin ATMs in its hotels and support bitcoin payments.
Fragbite Group, digital gaming and entertainment company
Swedish company Fragbite Group completed its initial purchase of approximately 4.3 bitcoins, beginning to establish its bitcoin treasury, at an average price of approximately $112,958 per bitcoin. Fragbite Group stated that the goal is to make long-term investments with the remaining liquidity and continue to accumulate bitcoins to strengthen the company's capital structure.
Strategy, analytics and business intelligence company
The Strategy plan will issue 5 million shares of variable rate Series A perpetual preferred stock (STRC stock), with the funds raised to be used for general corporate purposes, including the purchase of bitcoins and supplementing working capital.
Volcon, electric vehicle company
US listed electric vehicle company Volcon made its first purchase of 280.14 BTC and completed over $500 million in private placement financing for the purchase of bitcoins. Previously reported, on July 17, electric vehicle company Volcon announced that it would adopt a bitcoin financial strategy, having reached securities purchase agreements with certain institutions and qualified investors to privately purchase and sell 50,142,851 common shares at a price of $10 per share, with expected total proceeds exceeding $500 million, after deducting placement agent fees and other issuance costs (private placement). Empery acted as the lead investor, with participants in this issuance including well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors.
H100 Group, health technology company
Swedish listed company H100 Group announced an increase of 140.25 BTC, raising its total holdings to 510.28 BTC.
K Wave Media, entertainment content and IP creation company
K Wave Media (Nasdaq code: KWM) announced a strategic partnership with digital asset investment company Galaxy Digital (Nasdaq code: GLXY). According to the agreement, Galaxy Digital will act as KWM's asset manager and strategic advisor, investing in KWM to support the implementation of its bitcoin financial strategy and expand institutional capital access. KWM has secured nearly $1 billion in institutional capital support and has acquired 88 bitcoins.
Genius Group, global education group
US-listed Genius Group announced an increase of 20 bitcoins, bringing its total holdings to 200 bitcoins.
Profusa, digital health enterprise
Commercial stage digital health enterprise Profusa (Nasdaq code: PFSA) announced a securities purchase agreement with Ascent Partners Fund LLC (referred to as Ascent), aiming to finance up to $100 million through the issuance of common stock, with all net proceeds allocated for the purchase of bitcoins (which can be used for debt repayment), provided that the company’s cash balance at the time of equity sale exceeds $5 million. According to the terms of the agreement, Profusa has the right to sell common stock to Ascent at a price equal to 97% of the volume-weighted average price (VWAP) for the lowest trading volume during the five trading days after each sale. The maximum amount for a single sale is $5 million or 100% of the average daily trading volume over the previous five trading days (whichever is lower). If the company’s cash balance falls below $5 million, the net proceeds will prioritize replenishing that amount, with the remaining funds allocated for configuring bitcoins as core reserve assets.
Sequans, semiconductor company
US-listed Sequans increased its holdings by 1,264 bitcoins, worth approximately $150 million. Its total holdings have now reached 2,317.
LondonBTCCompany, BTC asset management company
UK-listed LondonBTCCompany (formerly Vinanz) increased its holdings by 20.94 BTC, bringing its total holdings to 85.97 BTC.
Jetking, computer hardware and networking training company
India's first listed company adopting the bitcoin standard, Jetking, announced that its board has approved a directed issuance plan for stocks aimed at expanding its bitcoin reserve operations. This plan will issue 460,000 shares to specific non-sponsor entities at a price of 250 rupees per share (face value of 10 rupees + premium of 240 rupees), with a total financing scale of 1.15 billion rupees. The raised funds will be used for three aspects: acquiring bitcoins, general corporate purposes, and bitcoin education and skills development. This plan complies with the regulations set by the Indian Securities and Exchange Board (SEBI) in 2018 and the Companies Act of 2013, and still requires approval from shareholders and regulatory authorities. The company's management will remain unchanged, but the equity structure may be adjusted.
The Blockchain Group, blockchain technology
European listed company The Blockchain Group spent approximately €2.2 million to increase its holdings by 22 bitcoins, bringing its total holdings to 1,955. Year-to-date BTC return is 1,373.2%.
Vaultz Capital, digital asset operations
UK-listed Vaultz Capital increased its holdings by 20 bitcoins, with a purchase price of approximately $119,380 per bitcoin. After this increase, the company has a total of 70 bitcoins.
Aether Holdings, financial instrument platform
Artificial intelligence and data-driven financial instrument platform Aether Holdings announced a $40 million financing, planning to use most of the proceeds to purchase bitcoins as part of its financial reserve strategy.
Bitcoin Treasury Capital, bitcoin reserve company
Canadian listed company Bitcoin Treasury Capital announced the purchase of 4.5 bitcoins for approximately $500,000 (or 5 million Swedish kronor), with an average purchase price of $118,338 per bitcoin.
Coinsilium Group, Web3
Coinsilium Group subsidiary Forza increased its holdings by 10.25 BTC, bringing its total holdings to 112 BTC.
Vanadi Coffee, coffee chain
Spanish coffee chain Vanadi Coffee increased its holdings by 4 bitcoins, currently holding a total of 74.
The Smarter Web Company, website design
The Smarter Web Company announced that it has commissioned Tennyson Securities and Peterhouse Capital Limited to issue new common shares to institutional investors for placement. This accelerated bookbuilding process will start immediately after this announcement, with the company planning to raise at least £15 million (US$20 million) to purchase bitcoins.
Semler Scientific, medical technology company
US-listed medical technology company Semler Scientific purchased 210 bitcoins, with an investment amount of $25 million. The company's bitcoin investment return rate has reached 30.3% this year. After this increase, Semler Scientific's total bitcoin holdings have reached 4,846.
Belgravia Hartford, investment
Canadian listed company Belgravia Hartford announced the issuance of $5 million in convertible secured bonds and completed nearly C$4 million (approximately $2.91 million) in private placement financing, with proceeds used to expand its bitcoin treasury strategy. Belgravia Hartford announced on June 9 that it completed its first transaction as part of its bitcoin reserve strategy, using $500,000 to purchase 4.86152969 bitcoins at an average price of $102,848.29 per bitcoin.
LiveOne, music entertainment technology platform
US-listed LiveOne has priced $8.9 million in public fundraising for the launch of its bitcoin revenue treasury strategy. The company plans an initial allocation of $10 million and has received board approval for a total investment limit of up to $500 million.
Super Copper Corp, mining company
Canadian listed company Super Copper Corp has begun to incorporate bitcoin into its reserve strategy, planning to allocate up to 20% of its reserve funds as bitcoin as a means of value storage.
Matador Technologies Inc., technology company
Canadian tech company Matador Technologies Inc. has approved a long-term bitcoin reserve strategy, planning to accumulate up to 6,000 bitcoins by 2027, with a mid-term target of holding up to 1,000 bitcoins by 2026. The company currently holds 77.4 bitcoins and bitcoin equivalents. To support this strategy, Matador has submitted a preliminary short-term infrastructure prospectus for C$900 million to provide financing flexibility for the next 25 months. The company plans to raise funds through various means, including on-market equity issuance, convertible financing, non-core asset divestiture, bitcoin-backed credit lines, and strategic acquisitions or partnerships.
Refine Group AB, consumer retail company
Swedish consumer retail company Refine Group AB announced the launch of a bitcoin treasury strategy, initially financing 10 million Swedish kronor (approximately $1 million) to purchase bitcoins.
Bitmax, cryptocurrency
Korean listed company Bitmax (KOSDAQ: 377030) announced the acquisition of an additional 51.06 bitcoins, bringing its total holdings to 400.25 BTC, continuing to be the largest bitcoin holder among Korean listed companies. The company previously stated it was raising an additional 50 billion won to support its continued increase in bitcoin holdings.
Sixty Six Capital Inc, cryptocurrency
Canadian listed company Sixty Six Capital Inc has increased its holdings of 6.1 bitcoins through an ETF, currently holding a total of 132.8 bitcoins in the ETF. The company plans to convert these holdings into directly held bitcoins soon.
2. ETH treasury plan
SharpLink, sports betting
SharpLink increased its holdings by an additional 18,712 ETH, bringing its total to 326,074, valued at $1.14 billion.
GameSquare, media technology company
US-listed media technology company GameSquare (Nasdaq code: GAME) announced that it has increased its digital asset treasury authorization limit from $100 million to $250 million and has accumulated the purchase of over 10,000 ETH, with a total value of approximately $35 million. GameSquare, in collaboration with crypto investment company Dialectic, has launched an NFT investment strategy based on the Ethereum ecosystem, with an initial investment of $10 million. GameSquare stated that this move aims to improve capital efficiency and create stable income by actively deploying ETH and NFT assets to support long-term growth in its media and creative business. The company has also established a dedicated digital asset investment committee to ensure risk control and compliance.
BTCS, blockchain technology
BTCS, a blockchain technology company (Nasdaq stock code: BTCS), announced that based on Ethereum (ETH) priced at $3,600, the total market value of its 55,788 ETH, cash, and other liquid assets is approximately $242.2 million. The Ethereum holdings increased by 22,935 compared to the last announcement (32,853), and the total holdings reached 55,788, an increase of 69.8%. In addition, the company has agreed to issue $10 million in convertible bonds through a previous financing arrangement with ATW Partners LLC for $56 million.
Bit Digital, auto mortgage
Nasdaq-listed Bit Digital (stock code: BTBT) announced that it used the net proceeds from a recent $67.3 million directed offering to purchase approximately 19,683 ETH. After this transaction, Bit Digital's total Ethereum holdings reached approximately 120,306. Bit Digital's CEO Sam Tabar stated that the company has now become one of the largest institutional-level Ethereum holders on the public market, viewing Ethereum as a cornerstone of the next stage of digital financial infrastructure, believing that Ethereum's programmability, growing adoption, and staking revenue models represent the future of digital assets.
BTC Digital, blockchain technology company
BTC Digital (BTCT) announced its full embrace of Ethereum (ETH) as its core asset and operational foundation, and announced that it has purchased $1 million worth of ETH. The company plans to convert all existing and future holdings of bitcoins (BTC) into ETH to build a long-term efficient on-chain asset pool to achieve medium-to-long-term growth around the Ethereum ecosystem, aiming to achieve tens of millions of dollars in ETH reserves and launch a comprehensive ETH staking plan by the end of the year.
3. SOL
Mercurity Fintech Holding Inc., digital fintech company
Digital fintech group Mercurity Fintech Holding Inc. (Nasdaq code: MFH) announced a $200 million equity credit agreement with Solana Ventures Ltd. to initiate a digital asset treasury strategy based on the Solana blockchain. It is reported that MFH's Solana strategy focuses on three directions: establishing a high-value digital asset reserve centered on SOL tokens; obtaining long-term returns through staking, validation nodes, and Solana decentralized finance (DeFi) protocols; investing in real-world assets (RWA) and tokenized financial products within the Solana ecosystem.
Upexi, consumer goods company
SOL treasury company Upexi announced the purchase of 100,000 Sol for $17.7 million, bringing its total holdings to 1.82 million Sol, valued at $331 million. The total cost is $273 million, with an unrealized profit of $58 million.
DeFi Development Corp., commercial real estate technology
Nasdaq-listed Solana enterprise-level reserve company DeFi Development Corp. announced the launch of its SOL reserve accelerator program. According to the announcement released on Thursday, DeFi Development officially launched the DFDV Treasury Accelerator as part of its international expansion plan, using a franchise model to support regional Solana reserve systems around the world. This plan is supported by cryptocurrency exchange Kraken and crypto venture capital firms Pantera Capital, RK Capital, and Borderless Capital. They will assist in facilitating the deployment of new regional SOL reserve projects, providing potential investments, strategic guidance, and infrastructure support. Currently, the DFDV Treasury Accelerator is operational in five regions and is 'continuously introducing new geographic areas on a weekly basis.'
4. ENA
StablecoinX, stablecoin issuer
Stablecoin issuer StablecoinX announced the completion of a $360 million financing for the acquisition of ENA tokens, planning to list its Class A common stock on Nasdaq Global Market under the ticker 'USDE'. Among them, the Ethena Foundation will contribute ENA tokens worth $60 million. To initiate the acquisition plan, StablecoinX will use $260 million of the net cash proceeds from the financing (after deducting related expenses) to purchase locked ENA tokens from a subsidiary of the Ethena Foundation.
Five, DOGE
Bit Origin, cryptocurrency
Nasdaq-listed Bit Origin announced the purchase of approximately 40.54 million Dogecoin (DOGE) at an average price of about $0.2466, as the first operation of its digital asset treasury strategy, with DOGE holdings accounting for approximately 0.691 per share. This strategy is supported by previously announced funding of up to $500 million.
Six, others
Yuga Labs, NFT
Yuga Labs co-founder Greg Solano tweeted that the world is not yet ready to embrace NFT treasury companies, but they are already on the way. The market interprets this move as possibly borrowing from publicly listed companies' coin-hoarding strategies to establish NFT treasury companies.
DevvStream, carbon management company
On July 22, Nasdaq-listed carbon management company DevvStream announced it has signed a securities purchase agreement to raise $300 million by issuing senior secured convertible notes to establish an on-chain digital asset treasury. Cohen & Company Capital Markets is acting as the placement agent. The company also announced the launch of a tokenization platform related to sustainable development. It is reported that the first transaction of $10 million of this agreement has been completed, with the company planning to use 75% of the net proceeds to purchase liquid digital assets to support its cryptocurrency reserves and the tokenization of real-world assets.
Mercurity Fintech Holding Inc, digital fintech company
Mercurity Fintech Holding Inc. (Nasdaq code: MFH) announced on July 21 that it has signed a securities purchase agreement with institutional investors to raise $43.7 million through a registered direct offering. This issuance includes 12,485,715 common shares and an equal number of warrants, priced at $3.50 per share, with warrants valid for five years. Participants include LTP, Syntax Capital, OGBC Group, and Blockstone Capital, among other digital asset investment institutions. The funds raised will be used to advance the company's crypto financial strategy, including ecosystem staking, tokenized yield instruments, and institutional-level on-chain financial infrastructure construction.
