Chainfeeds Briefing:
More and more crypto VCs are actively promoting the crypto transformation of listed companies.
Article Source:
https://www.panewslab.com/zh/articles/aelufimb
Article Author:
PANews
Perspective:
PANews: In recent years, an increasing number of listed companies have incorporated crypto assets into their balance sheet allocations. From MicroStrategy's pioneering large-scale Bitcoin purchase to Trump Media raising $2.5 billion through PIPE and convertible bonds to establish a BTC treasury, and traditional industry enterprises like DDC and Upexi transforming through on-chain asset strategies, this trend has evolved from early demonstration cases to a systematic practice driven by institutions. Supporting this wave are not only the crypto-friendly policies of the Trump administration and the demonstration effect of the MSTR model, but also the deep involvement of numerous crypto venture capitals and Web3 funds. These institutions provide listed companies with integrated crypto solutions through financial instruments such as private equity financing (PIPE), convertible bonds, and reverse mergers, covering token purchases, on-chain reserves, stablecoin settlements, and node operations. These institutions have expanded from pioneers like Pantera, Animoca Brands, and Sora Ventures to include more newcomers such as DWF Labs, Big Brain Holdings, Primitive Ventures, and GSR, enabling listed companies to efficiently allocate crypto assets and innovate financial operations in an increasingly clear regulatory environment. Taking Pantera Capital as an example, they have invested in multiple companies dedicated to on-chain treasury construction through the PIPE model. Their key targets include Twenty One Capital (Bitcoin financial strategy), DeFi Development Corp (focusing on Solana), and SharpLink Gaming (Ethereum financial strategy), building a treasury portfolio covering BTC, SOL, and ETH. Galaxy Digital participated as an investment bank and underwriter in Trump Media's $2.5 billion crypto financing and promoted digital asset applications in non-crypto native enterprises like AMC and GameStop. Animoca Brands helped DDC launch a three-year plan to purchase 5,000 Bitcoins through investment and strategic guidance, while also planning to go public in the US to leverage the current policy window. Additionally, Animoca has expanded its business to token consulting, node operations, and other new Web3 services, gradually transitioning to a diversified on-chain financial group. The operations of these institutions not only promote the integration of crypto assets and traditional financial markets but also demonstrate the increasingly mature and replicable trend of on-chain treasury strategies. Sora Ventures is a key driver of crypto strategies among Asian listed companies. They established a $150 million fund by the end of 2024, focusing on replicating MicroStrategy's treasury model, with a key focus on markets like Japan, Hong Kong, and Taiwan. Notable achievements include the significant rise of Tokyo Stock Exchange-listed Metaplanet and the Bitcoin financing case of KOSDAQ-listed SGA. Meanwhile, institutions like DWF Labs, Big Brain Holdings, and GSR are also deploying on-chain asset allocations in the US market, such as TRNR establishing an FET treasury with DWF support, Upexi raising funds through SOL-collateralized convertible bonds, and SharpLink Gaming initiating a $425 million private placement. These transactions show that traditional consumer, entertainment, sports, and manufacturing enterprises are rapidly embracing on-chain assets through new crypto financial instruments. Moreover, Bitcoin-focused listed financial companies like ProCap Financial, born from SPAC mergers, have received $750 million in investment, forming an asset product development platform centered on BTC holdings. Overall, Web3 venture capitals are driving the on-chain financial transformation of traditional enterprises through PIPE + treasury management + consulting operations.
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