Which crypto VCs are driving the cryptocurrency reserve strategies of publicly traded companies?
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Which crypto VCs are driving the cryptocurrency reserve strategies of publicly traded companies?
An increasing number of crypto VCs are actively promoting the crypto adoption of public companies.
Navigating Web3 tides with focused insightsAuthor: Zen, PANews
In recent years, an increasing number of publicly traded companies have added crypto assets to their balance sheets—from MicroStrategy's early bet on Bitcoin, to Trump Media & Technology Group raising $2.5 billion to build a Bitcoin treasury, to multiple traditional industrial and tech giants cautiously experimenting with stablecoins or Ethereum strategic reserves. According to BitcoinTreasuries, as of July 17, 154 public companies have adopted Bitcoin as a strategic reserve; another report released by DWF Labs at the end of June this year indicated that public companies have cumulatively invested up to $76 billion in crypto assets.
Beyond the pro-crypto policies of the Trump administration and MicroStrategy’s demonstration effect, this wave is also being driven by crypto venture capital firms and Web3 funds focused on institutional-grade digital asset deployment—offering comprehensive solutions such as cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management through PIPE (Private Investment in Public Equity) lead investments, convertible bonds, reverse mergers, and other mechanisms.
The leading institutions driving corporate crypto adoption 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 many more, with an increasing number of crypto VCs joining this trend recently.
Pantera Capital
Pantera has invested in several DAT (Digital Asset Treasury) companies, most notably Twenty One Capital (Nasdaq: CEP), a financial services firm led by long-time Bitcoin advocate Jack Mallers. Pantera was also the largest institutional investor in its PIPE funding round. Twenty One aims to replicate MSTR’s strategy and has gained support from three industry giants: Tether, SoftBank, and Cantor Fitzgerald. Pantera noted that Twenty One is just large enough to leverage all capital market tools while maintaining a relatively small market cap, allowing it to grow BPS faster than MSTR and trade at higher premiums.
In addition, Pantera led the investment in DeFi Development Corp (Nasdaq: DFDV, formerly Janover), which sparked the DAT trend in the U.S. Led by CEO Joseph Onorati and CIO Parker White, DFDV is adapting MSTR’s strategy but applying it to Solana. Pantera believes Solana is an interesting alternative to BTC for several reasons: its shorter maturity cycle may offer greater upside potential than BTC; higher volatility than BTC means greater returns can be achieved by leveraging this volatility; staking yields can contribute to growth in per-share SOL value; and due to limited current alternatives, Solana has significant untapped demand.
Besides supporting public companies holding Bitcoin and Solana treasuries, Pantera has also invested in Sharplink Gaming (SBET), the first U.S.-based financial company dedicated to Ethereum digital assets. SBET launched its ETH treasury strategy under Consensys—a software company chaired by Ethereum co-founder Joe Lubin—with whom Pantera has collaborated for over ten years.
Galaxy Digital
In May 2025, Trump Media announced it would raise approximately $2.5 billion through issuing $1.5 billion in common stock and $1 billion in convertible bonds, to fund its Bitcoin treasury. Galaxy Digital served not only as the financial advisor for both debt and equity financing but also as one of the lead underwriters, designing the financing structure and committing liquidity support.
Previously, Galaxy Digital assisted non-native crypto firms such as GameStop and AMC in conducting crypto payments and treasury experiments, and acted as an advisor in several SPAC mergers, helping target companies integrate digital assets into their strategic asset allocation. Between 2024 and 2025, Galaxy participated in over $800 million worth of public company crypto-related financings across equity investments, debt financing, and advisory services.
Animoca Brands
In July 2025, Animoca announced a non-binding memorandum of understanding (MOU) with DayDayCook (DDC), a food and packaged goods company. According to the joint statement released by both parties, Animoca will invest up to $100 million worth of Bitcoin into DDC’s Bitcoin treasury yield strategy. Animoca’s co-founder Yat Siu will join DDC’s “Bitcoin Visionary Council” to provide strategic guidance on treasury management and yield optimization. DDC Enterprise revealed its Bitcoin reserve plan earlier in May this year, aiming to purchase 5,000 BTC within three years, and acquired 21 BTC for its corporate reserve that same month.
Additionally, as a well-known investor in the Web3 sector that rose during the NFT boom, Animoca itself is seeking a U.S. IPO opportunity. According to the Financial Times, Yat Siu stated that Animoca plans to go public in New York, aiming to seize what he described as a “unique moment” offered by the Trump administration’s approach to digital asset regulation. Amid declining interest in NFT and GameFi projects, Animoca Brands’ latest financial reports show a shift toward consulting services beyond investing, including token advisory, tokenomics, marketing, IPO consulting, node operations, and trading services.
Sora Ventures
In December 2024, Sora Ventures announced the launch of a $150 million fund targeting Asian public companies to replicate MicroStrategy’s Bitcoin treasury model. The fund will focus on listed companies in Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first beneficiary was Metaplanet, listed on the Tokyo Stock Exchange, whose stock surged over 1,000% in 2024, becoming the top-performing stock on the exchange.
In May this year, Sora Ventures entered the public markets via a strategic merger with Top Win International, a Hong Kong-based luxury goods distributor listed on Nasdaq, renaming itself AsiaStrateg. This merger gave TopWin access to Sora’s Bitcoin expertise, with Sora participating in TopWin’s investment and treasury management. TopWin announced it will adopt a Bitcoin reserve strategy and plans to allocate $150 million to support Bitcoin treasury initiatives for at least ten listed companies across Asia.
Recently, a coalition of Bitcoin investors—including Sora Ventures, AsiaStrategy, Metaplanet CEO Simon Gerovich, and Korean investment firm KCGI—raised approximately $25 million through a private placement of about 58,862,249 new shares to SGA, a software service provider listed on Korea’s KOSDAQ. SGA plans to use the new capital to support daily operations and launch new business initiatives in the digital asset space.
DWF Labs
In June 2025, Interactive Strength (Nasdaq: TRNR), a fitness equipment and digital fitness service provider, announced a treasury financing framework totaling up to $500 million in Fetch.ai (FET) tokens, with the initial tranche of $55 million co-invested by ATW Partners and DWF Labs. The funds will be used exclusively to purchase FET tokens via the BitGo platform, serving as on-chain allocated assets on its balance sheet. TRNR said if fully executed, the plan would position it to own the largest publicly listed crypto asset portfolio focused on AI tokens. According to a research article published by DWF Labs, it intends to continue exploring similar deals in the U.S. stock market.
Primitive Ventures
According to an article by Primitive Ventures, since early 2025, the firm has prioritized “digital asset reserve PIPEs” as a key research area, systematically screening and participating in representative transactions to support public companies adopting Ethereum-centric crypto assets as core reserve strategies. Primitive participated in SharpLink Gaming’s $425 million private equity fundraising announced in May this year. Primitive argues that BTC-based strategies mainly rely on fundraising to buy coins, lack self-generating asset yields, and carry higher leverage risks. In contrast, SBET has the potential to directly leverage ETH staking rewards and the DeFi ecosystem to achieve compounding growth on-chain, creating tangible value for shareholders.
Big Brain Holdings
U.S.-based crypto venture fund Big Brain Holdings has recently become a major supporter of Upexi (NASDAQ: UPXI), a consumer product development, manufacturing, and distribution company. In July 2025, Upexi announced a $150 million convertible note offering, secured by locked Solana (SOL) tokens, carrying a 2% coupon rate with a 24-month term. Big Brain Holdings was the lead investor in this note issuance. Upon completion, Upexi is expected to hold approximately 1.65 million SOL, significantly expanding its on-chain treasury compared to the previously disclosed 735,000 SOL.
GSR
Upexi’s expansion into the crypto space dates back at least three months—to April 2025—when GSR led a $100 million PIPE investment in Upexi, with proceeds used to purchase and stake Solana tokens. This move helped Upexi establish a Solana-centered crypto treasury. Public reports indicate that after the deal was announced, Upexi’s stock price surged approximately 700%, highlighting the market’s enthusiastic response to corporate digital asset strategies. GSR stated that the transaction reflects growing traditional capital demand for high-quality crypto assets. Additionally, GSR also participated in SharpLink’s $425 million private placement.
Other Participants
In GSR-led $100 million PIPE for Upexi and Consensys-led $425 million PIPE for SharpLink Gaming, numerous prominent crypto VCs took part.
Moreover, multiple crypto venture capital firms participated in ProCap Financial’s “largest-ever initial financing by a publicly listed Bitcoin reserve company.” ProCap Financial was formed through the merger of ProCap BTC, a private company founded by former Morgan Creek partner Anthony Pompliano, and Columbus Circle Capital, a Nasdaq-listed SPAC. Pompliano also announced the completion of $750 million in financing, dedicated to purchasing Bitcoin and developing revenue-generating financial products based on its holdings.
Based on public information, across these three major private placements:
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Firms that participated in both SharpLink Gaming and Upexi PIPEs include: GSR, White Star Capital, Hivemind Capital
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Firms that participated in both SharpLink Gaming and ProCap Financial PIPEs include: ParaFi Capital, Arrington Capital
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Firms that participated only in Upexi’s PIPE include: Big Brain Holdings, Anagram, Delphi Ventures, Maelstrom, Arthur Hayes Family Office, Borderless, Morgan Creek, Elune Capital, Delta Blockchain Fund
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Firms that participated only in ProCap Financial’s PIPE include: Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Blockchain.com, BSQ Capital Partners, FalconX
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Firms that participated only in SharpLink Gaming’s PIPE include: Electric Capital, Pantera Capital, Galaxy Digital, Hypersphere, Primitive Ventures, Republic Digital
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