Behind the cryptocurrency reserve strategy of publicly listed companies, which crypto VCs are making moves?

An increasing number of crypto VCs are actively promoting the cryptoization process of publicly listed companies.

Written by: Zen, PANews

In recent years, more and more publicly listed companies have incorporated crypto assets into their balance sheets, from MicroStrategy's pioneering bet on Bitcoin to Trump Media & Technology Group raising $2.5 billion to build a Bitcoin treasury, and several traditional industrial and tech giants experimenting with stablecoins or Ethereum as strategic reserves. According to BitcoinTreasuries, as of July 17, 154 publicly listed companies have adopted Bitcoin as a strategic reserve; additionally, a research report released by DWF Labs at the end of June this year indicated that publicly listed companies have cumulatively invested up to $76 billion in crypto assets.

In addition to the crypto-friendly policies of the Trump administration and the demonstrative effect of MicroStrategy, this wave is also supported by crypto venture capital and Web3 funds focused on institutional-level digital asset layouts—they provide comprehensive solutions for publicly listed companies through leading PIPE (Private Investment in Public Equity), convertible bonds, reverse mergers, and other methods, offering cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management.

The main institutions driving the cryptoization of publicly listed companies have expanded from early players like Pantera Capital, Animoca Brands, and Sora Ventures to include DWF Labs, Big Brain Holdings, GSR, Bain Capital Crypto, and more, with an increasing number of crypto VCs joining this trend recently.

Pantera Capital

Pantera has invested in several DAT (Digital Asset Treasury) companies, the most notable being the financial services company Twenty One Capital (NASDAQ: CEP), led by long-time Bitcoin evangelist Jack Mallers, where Pantera was also the largest investor in its PIPE financing round. Twenty One is attempting to emulate MSTR's strategy and has received support from three industry giants: Tether, SoftBank, and Cantor Fitzgerald. Pantera points out that Twenty One's scale is just right to utilize all capital market tools, while its market cap is small enough to allow it to achieve BPS growth faster than MSTR and trade at a higher premium.

Additionally, Pantera led the investment in DeFi Development Corp (NASDAQ: DFDV, formerly Janover), which has sparked a DAT trend in the U.S. DFDV, led by CEO Joseph Onorati and CIO Parker White, is borrowing from MSTR's strategy but applying it to Solana. Pantera believes Solana is an interesting alternative to BTC for several reasons: its shorter maturity period may offer greater upside than BTC; its volatility is higher than BTC, meaning this volatility can be leveraged for higher returns; its staking rewards can promote the growth of each SOL; and due to the limited available alternatives, Solana has more untapped demand.

In addition to supporting publicly listed companies holding Bitcoin and Sol treasury, Pantera has also invested in Sharplink Gaming (SBET), the first Ethereum digital asset financial company in the U.S. SBET, led by Ethereum co-founder Joe Lubin's software company Consensys, has launched an ETH treasury strategy, and Pantera has collaborated with its team for over a decade.

Galaxy Digital

In May 2025, Trump Media announced it would raise approximately $2.5 billion for Bitcoin treasury construction through the issuance of $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 had assisted non-crypto native companies like GameStop and AMC in conducting crypto payment and treasury experiments, and 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 in crypto-related financing for publicly listed companies between 2024 and 2025, covering various aspects including equity investment, debt financing, and advisory services.

Animoca Brands

In July 2025, Animoca announced it had signed a non-binding memorandum of understanding (MOU) with food and packaging company DayDayCook (DDC). According to a joint statement from both parties, Animoca will invest up to $100 million in Bitcoin for DDC's Bitcoin treasury revenue strategy. Animoca's co-founder Yat Siu 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 reserve that month.

Additionally, as a well-known investor in the Web3 industry that has risen during the NFT boom, Animoca is also seeking opportunities to go public in the U.S. 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 it is transforming towards consulting services, covering token consulting, token economics, marketing, IPO 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 publicly listed companies. 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 Metaplanet, 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 through a strategic merger with Hong Kong luxury goods distributor Top Win International, which is listed on NASDAQ, and rebranded as AsiaStrateg. This merger allowed TopWin to gain Sora's Bitcoin expertise, which will participate in TopWin's investment and treasury management. TopWin 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, Metaplanet CEO Simon Gerovich, and South Korean investment firm KCGI, raised approximately $25 million by issuing about 58,862,249 new shares to the software service provider SGA listed on the 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, fitness equipment and digital fitness service company Interactive Strength (Nasdaq: TRNR) announced it had signed a financing framework for a "FET Token Treasury" totaling up to $500 million, with the first $55 million jointly invested by ATW Partners and DWF Labs. The funds will be exclusively used to purchase Fetch.ai's FET tokens through the BitGo platform as on-chain allocated assets in its balance sheet. TRNR 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 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 an article by Primitive Ventures, since the beginning of 2025, the institution has begun to focus on "digital asset reserve PIPE" as a key research direction, systematically screening and participating in various representative transactions to support publicly listed companies with Ethereum-based crypto assets as core reserve strategies. Primitive Ventures also participated in SharpLink Gaming's announcement of completing a $425 million private equity financing in May this year. Primitive believes that BTC-based strategies primarily rely on financing to purchase coins, lacking self-generated asset income and carrying higher leverage risks. In contrast, SBET has the potential to directly utilize ETH's staking rewards and 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 consumer goods development, manufacturing, and distribution company Upexi (NASDAQ: UPXI). In July 2025, Upexi 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 lead investor in this note financing. After the financing is completed, Upexi is expected to hold approximately 1.65 million SOL, significantly increasing the company's on-chain treasury size from the previously disclosed 735,000 Solana.

GSR

Upexi's expansion into the cryptocurrency sector can be traced back at least three months—In April 2025, GSR led a $100 million private investment in public equity (PIPE) for Upexi, with the funds used to purchase and stake Solana tokens. This move helped Upexi establish a Solana-centric crypto treasury. Public reports indicate that after the announcement of the deal, Upexi's stock price surged by approximately 700%, highlighting the market's enthusiastic response to corporate digital asset strategies. GSR stated that this transaction reflects the growing demand for high-quality crypto assets from traditional capital. Additionally, GSR also participated in SharpLink's $425 million private financing.

Other Participants

In the $100 million PIPE for Upexi led by GSR and the $425 million private financing for SharpLink Gaming led by Consensys, many well-known crypto VCs also participated.

Furthermore, several crypto venture capital firms were involved in ProCap Financial's record-setting initial financing for a publicly listed Bitcoin treasury company. 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 the completion of $750 million in financing, which will focus on acquiring Bitcoin and developing profitable financial products based on the holdings.

According to public information, in the three major private placements:

Institutions participating in both SharpLink Gaming and Upexi private placements include: GSR, White Star Capital, Hivemind Capital
Institutions participating in both SharpLink Gaming and ProCap Financial include: ParaFi Capital, Arrington Capital
Institutions participating only in the Upexi private placement include: Big Brain Holdings, Anagram, Delphi Ventures, Maelstrom, Arthur Hayes Family Office, Borderless, Morgan Creek, Elune Capital, Delta Blockchain Fund
Institutions participating only in the ProCap Financial private placement include: Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Blockchain.com, BSQ Capital Partners, FalconX
Institutions participating only in the SharpLink Gaming private placement include: Electric Capital, Pantera Capital, Galaxy Digital, Hypersphere, Primitive Ventures, Republic Digital

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