The Driving Forces Behind the Listed Company's Encryption Asset Reserve Strategy

In recent years, an increasing number of publicly listed companies have incorporated encryption assets into their balance sheets. From companies that were the first to bet on Bitcoin, to a certain media group that raised $2.5 billion to build a Bitcoin treasury, to several traditional industrial and technology giants experimenting with stablecoins or Ethereum as strategic reserves on a small scale. According to data platforms, as of July 17, 154 publicly listed companies have adopted Bitcoin as a strategic reserve; additionally, a report released by a certain research institution at the end of June this year indicated that publicly listed companies have cumulatively invested as much as $76 billion in encryption assets.

In addition to the government's encryption-friendly policies and the示范作用 of certain companies, there are also encryption venture capital and Web3 funds focused on institutional-level digital asset布局 that support this wave from behind. They provide comprehensive solutions for listed companies through leading PIPE (Private Investment in Public Equity), convertible bonds, reverse mergers, and other methods, including cryptocurrency purchases, tokenized equity, stablecoin settlement, and on-chain treasury management.

The main institutions driving the encryption of listed companies have expanded from a few well-known investment firms in the early days to include several emerging encryption investment companies. Recently, more and more encryption VCs have started to join this trend.

Pantera Capital

Pantera has invested in several DAT (Digital Asset Treasury) companies, the most famous of which is a financial services firm led by a certain Bitcoin evangelist. Pantera is also the institution that invested the most in its PIPE funding round. The company is trying to emulate the strategy of a well-known company and has received support from several industry giants. Pantera pointed out that this company's size is just right to utilize all capital market tools, while its market capitalization is relatively small, allowing it to flexibly achieve BPS growth at a faster pace and trade at a higher premium.

In addition, Pantera also led another company that has sparked the DAT trend in the United States. This company is drawing on a well-known strategy, but applying it to Solana. Pantera believes that Solana is an interesting alternative to BTC for several reasons: due to its shorter maturity period, its potential for growth may be greater; its volatility is higher than that of BTC, which means that this volatility can lead to higher returns; its staking yield can promote the growth of each SOL share; and due to the limited alternatives currently available, Solana has more untapped demand.

In addition to supporting publicly traded companies that hold Bitcoin and Sol treasury, Pantera has also invested in the first Ethereum digital asset financial company in the United States. The company is led by a software company headed by a co-founder of Ethereum, which launched the ETH treasury strategy. Pantera has collaborated with its team for over ten years.

Galaxy Digital

In May 2025, a media company announced that it would raise approximately $2.5 billion for the construction of a 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 this debt and equity financing but was also one of the lead underwriters, designing the financing structure and committing to provide liquidity support.

Previously, Galaxy Digital has assisted several non-encryption native enterprises in conducting encryption payments and treasury experiments, and has served as an advisor in several SPAC mergers, promoting target companies to incorporate digital assets into their strategic asset allocation. Galaxy participated in over $800 million of publicly listed company encryption-related financing between 2024 and 2025, 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 with a catering and packaged food company. According to a joint statement released by both parties, Animoca will invest up to $100 million in Bitcoin into the company's Bitcoin treasury revenue strategy. Animoca's co-founder will also join the company's "Bitcoin Vision Committee" to provide strategic guidance for its treasury management and revenue optimization. The company announced its Bitcoin funding reserve plan in May this year, aiming to purchase 5,000 Bitcoins within three years and bought 21 Bitcoins for its corporate funding reserves that month.

In addition, as a well-known investor in the Web3 industry that has risen amid the NFT craze, Animoca itself is also seeking opportunities for a public listing in the United States. According to certain media reports, the co-founder of Animoca stated that the company is planning to go public in New York, striving to seize the "unique opportunity" presented by the current government's approach to regulating digital assets. With the decline of NFT and GameFi projects, in addition to investments, Animoca Brands' latest financial report also shows that it is transforming into 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 a company's Bitcoin treasury management model for publicly listed companies in Asia. The fund will focus on publicly listed companies in markets such as Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first beneficiary case is a company listed on the Tokyo Stock Exchange, which saw its stock price soar over 1000% in 2024, becoming the best-performing stock on the Tokyo Stock Exchange.

In May this year, Sora Ventures entered the public market and renamed itself AsiaStrateg through a strategic merger with a Hong Kong luxury goods distributor listed on Nasdaq. This merger allowed the distributor to acquire Sora's expertise in Bitcoin, which will participate in its investment and treasury management. The distributor has announced plans to adopt a Bitcoin reserve strategy and intends to allocate $150 million to support Bitcoin treasury projects for at least ten publicly listed companies in the Asian market.

Recently, a Bitcoin investor alliance, including Sora Ventures, AsiaStrategy, a certain company's CEO, and South Korean investment institutions, raised approximately $25 million by conducting a private placement of about 58,862,249 new shares to a KOSDAQ-listed software service provider in South Korea. The software service provider plans to use the new capital to support its daily operations and launch new business plans in the digital asset sector.

DWF Labs

In June 2025, a fitness equipment and digital fitness services company announced the signing of a financing framework totaling up to $500 million for the "FET Token Treasury," with the first 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 through a certain platform, as on-chain allocated assets in its balance sheet. The company stated that if the plan is fully implemented, it is expected to have the largest publicly listed crypto asset portfolio focused on AI tokens. According to a research article published by DWF Labs, it will continue to explore building similar trading opportunities in the U.S. stock market.

Primitive Ventures

According to a piece by Primitive Ventures, starting from early 2025, the institution began focusing on "digital asset reserve PIPE" as a key research direction, systematically selecting and participating in various representative transactions to support publicly listed companies that center their reserve strategies on encryption assets primarily based on Ethereum. Primitive Ventures also participated in a company's announcement in May of this year regarding the completion of a $425 million private equity financing. Primitive believes that BTC-based strategies mainly rely on financing to purchase coins, lacking self-generated asset income, and possess higher leverage risks. In contrast, this company has the potential to directly utilize ETH's staking returns and the DeFi ecosystem to achieve compounded growth on-chain, creating actual value for shareholders.

Big Brain Holdings

Big Brain Holdings, a US encryption venture capital fund, has recently become an important supporter of a consumer goods development, manufacturing, and distribution company. In July 2025, the company announced a $150 million convertible bond issuance, with the issuer using locked Solana (SOL) tokens as collateral, a coupon rate of 2%, and a term of 24 months. Big Brain Holdings is the leading investor in this bond financing. After the financing is completed, the company is expected to hold approximately 1.65 million SOL, exceeding the previously disclosed 735,000 Solana, significantly increasing the company's on-chain treasury size.

GSR

A certain enterprise has expanded its business into the field of encryption at least three months ago. In April 2025, GSR led a $100 million private investment in public equity (PIPE) for the enterprise, with funds used to purchase and stake Solana tokens. This move helped the enterprise establish an encryption treasury centered around Solana. Public reports show that after the announcement of the transaction, the enterprise's stock price surged by about 700%, highlighting the market's enthusiastic response to the enterprise's digital asset strategy. GSR stated that this transaction reflects the growing demand from traditional capital for high-quality encryption assets. In addition, GSR also participated in a company's $425 million private financing.

Other Participants

In a $100 million private placement led by GSR and a $425 million private placement led by another company, many well-known encryption VCs also participated in the investment.

In addition, several encryption venture capital firms participated in the largest initial financing in the history of a certain publicly listed Bitcoin financial reserve company. The company was formed by the merger of a private company owned by a well-known individual and a Nasdaq SPAC. This well-known individual also announced that they have completed a $750 million financing, which will focus on purchasing Bitcoin and developing profitable financial products based on their holdings.

According to public information, in three major private placements, several institutions participated in one or more of the financings, demonstrating the widespread support of encryption investment institutions for the cryptocurrency asset strategies of listed companies. These institutions include several well-known encryption investment funds, venture capital firms, and family offices.