The Driving Force Behind Public Companies' Encryption Reserve Strategies: New Layouts of Crypto Venture Capital

In recent years, more and more listed companies have incorporated encryption assets into their balance sheets. From a certain technology company taking the lead in betting on Bitcoin, to a media group raising $2.5 billion to build a Bitcoin treasury, to several traditional industrial and technology giants testing stablecoins or Ethereum as strategic reserves on a small scale. According to data from the platform, as of July 17, 154 listed companies have adopted Bitcoin as a strategic reserve; additionally, a report published by a certain research institution at the end of June this year pointed out that listed companies have cumulatively invested up to $76 billion in encryption assets.

In addition to the government's encryption-friendly policies and the demonstration effect of certain companies, behind this wave is also the encryption venture capital and Web3 funds focused on institutional-level digital asset layouts. They provide listed companies with comprehensive solutions such as cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management through leading PIPE (private equity investment in publicly traded companies), convertible bonds, reverse mergers, and other means.

The main institutions driving the encryption of publicly listed companies have expanded from a few in the early stages to include several well-known organizations, with an increasing number of encryption VCs joining this trend recently.

Pantera Capital

Pantera has invested in several DAT (Digital Asset Treasury) companies, the most notable of which is a financial services company (NASDAQ: CEP). Pantera contributed the most funds in its PIPE financing round. The company is trying to emulate the strategy of a certain technology company and has received support from several industry giants. Pantera pointed out that the company's scale is just enough to utilize all capital market tools while also having a relatively small market capitalization, allowing for flexible and faster growth of BPS and trading at a higher premium.

In addition, Pantera also led an investment in a company (Nasdaq: DFDV) that has sparked a trend of DAT in the United States. DFDV is drawing on the strategies of a certain technology company but applying them to Solana. Pantera believes that Solana is an interesting alternative to Bitcoin for several reasons: it may have greater upside potential due to its shorter maturation period; its volatility is higher than Bitcoin, which means that this volatility can be leveraged for higher returns; its staking yields can promote the growth of each SOL share; and due to the current lack of available alternatives, Solana has more untapped demand.

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

Galaxy Digital

In May 2025, a media group announced that it would raise approximately $2.5 billion for the construction of a Bitcoin treasury through the issuance of $1.5 billion in common stock and $1 billion in convertible bonds. Galaxy Digital not only acted 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 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 the target companies to incorporate digital assets into their strategic asset allocation. Galaxy has participated in over $800 million in public company encryption-related financing from 2024 to 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 certain food and packaging company. According to a joint statement released by both parties, Animoca will invest up to $100 million in Bitcoin into the company's treasury yield strategy. Animoca's co-founder will also join the company's "Bitcoin Vision Committee" to provide strategic guidance for its treasury management and yield optimization. The company announced its Bitcoin fund reserve plan in May of this year, aiming to purchase 5,000 Bitcoins over three years, and purchased 21 Bitcoins for its corporate fund reserves that month.

In addition, as a well-known investor in the Web3 industry that has risen amid the NFT boom, Animoca itself is also seeking opportunities for a public listing in the United States. According to certain media reports, Animoca is planning to go public in New York, aiming to seize the "unique opportunity" provided by the government's regulatory approach to digital assets. 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 a certain technology 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 of this year, Sora Ventures entered the public market and rebranded through a strategic merger with a certain Hong Kong luxury goods distributor listed on Nasdaq. This merger allowed the distributor to gain Sora's expertise in Bitcoin, which will participate in its investment and treasury management. The distributor has announced that it will adopt a Bitcoin reserve strategy and plans to allocate $150 million to support Bitcoin treasury projects for at least ten listed companies in the Asian market.

Recently, a Bitcoin investor alliance, which includes Sora Ventures, a certain company's CEO, and Korean investment institutions, raised approximately $25 million by issuing around 58,862,249 new shares through a directed issuance to a KOSDAQ-listed software service provider in South Korea. The service provider plans to use the new capital to support its daily operations and to develop 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 for up to $500 million called "FET Token Treasury," with an initial investment of $55 million co-invested by an investment firm and DWF Labs. The funds will be specifically used to purchase Fetch.ai's FET tokens through a certain platform, as on-chain allocated assets in its balance sheet. The company claims that if the plan is fully implemented, it is expected to have the largest publicly listed encryption 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 trades in the US stock market.

Primitive Ventures

According to a post by Primitive Ventures, starting from early 2025, the institution will focus on "Digital Asset Reserve PIPE" as a key research direction, systematically screening and participating in various representative transactions to support listed companies whose core reserve strategy is based on Ethereum-centric encryption assets. Primitive Ventures also participated in a certain company's announcement in May this year regarding the completion of a $425 million private equity financing. Primitive believes that Bitcoin-based strategies primarily rely on financing for coin purchases, lacking asset self-generated returns and posing higher leverage risks. In contrast, certain companies have the potential to directly utilize ETH's staking rewards and the DeFi ecosystem to achieve on-chain compound growth, creating actual value for shareholders.

Big Brain Holdings

A U.S. encryption venture capital fund has recently become an important supporter of consumer goods development, manufacturing, and distribution companies. In July 2025, the company announced a convertible bond issuance worth $150 million, with the issuer using locked Solana (SOL) tokens as collateral, a coupon rate of 2%, for a period of 24 months. Big Brain Holdings is the leading investor in this note 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 consumer goods company has expanded its business into the cryptocurrency field at least three months ago — in April 2025, GSR led a $100 million private investment in public equity (PIPE) for the company, with funds used to purchase and stake Solana tokens. This move helped the company establish a Solana-centered cryptocurrency treasury. Public reports indicate that after the announcement of the transaction, the company’s stock price surged by about 700%, highlighting the market's enthusiastic response to the company's digital asset strategy. GSR stated that this transaction reflects the growing demand from traditional capital for high-quality cryptocurrency assets. Additionally, GSR also participated in a $425 million private financing for a certain company.

Other Participants

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

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

According to public information, several well-known institutions and individual investors participated in three significant private placements, demonstrating the active role of encryption venture capital in promoting the crypto strategy of listed companies.