Weekly Summary: Focus on Bitcoin as Companies Fundraise to Acquire BTC
In this edition, all roads lead to Bitcoin as several companies, both crypto-native and non-crypto-native, fundraise to establish Bitcoin treasuries, including Trump Media, Strive and others.
đ„The Bitcoin Rush
The race to acquire Bitcoin is heating up as multiple companies raise billions of dollars to buy more amid the recent rally to a new all-time high.
Although Bitcoin has pulled back since Trump brought back the tariffs debate, even hinting at a 50% duty on products from the EU, the general interest in Bitcoin remains high.
This week, several companies raised funds to establish their own BTC treasuries, a strategy popularised by Michael Saylorâs Strategy.
The latest of those is Trump Media and Technology Group, which on Friday said it will invest about $2.3 billion of the $2.5 billion announced in a fundraising earlier this week, in Bitcoin.
Asset management company, Strive also secured $750 million after selling shares of common stock. The company plans to use the capital in an âalpha-generatingâ Bitcoin investment vehicle.
Elsewhere, GameStop said it bought 4,710 bitcoins, implying an investment value of about $512 million at the time of reporting. The video games retailer had in March announced plans to establish a Bitcoin treasury. Its stock tumbled upon the announcement of the BTC purchase this week.
Trump Media Secures $2.5 Billion Warchest to Establish Bitcoin Treasury
The company has entered into subscription agreements with over 50 institutional investors to raise approximately $1.5 billion from the sale of its common stock.
It is also targeting to raise $1 billion in principal amount from issuing convertible notes, bringing the total raised to $2.5 billion.
Trump Media and Technology Group plans to use the capital raised to create a Bitcoin treasury.
Strive Bags $750 Million for Its Alpha-Grenrerating Bitcoin Investment Vehicle
The company sold shares of common stock at $1.35 per share via private investment in a public equity offering.
The asset management company could raise an additional $750 million bringing the total to $1.5 billion upon warrant exercise.
Strive plans to use the funds to support acquisitions of Bitcoin firms, distressed Bitcoin claims like Mt. Gox and discounted structured Bitcoin credit, among others.
GameStop Kicks Off Bitcoin Treasury Strategy with $512M BTC Purchase
GameStop revealed via an X post on Wednesday that it purchased 4,710 Bitcoin about $512 million at the time of writing.
The company did not provide details on when the BTC was purchased or the average price.
GameStop shares spiked more than 4% pre-market before plummeting more than 10% in the early hours of trading on Wednesday.
đ”More Crypto Treasuries
Sports Betting Company SharpLink Raises $425M to Establish Ethereum Treasury
Consensys led the round with participation from ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital and GSR among others.
The fundraising was structured as a private investment in public equity with the company selling 69,100,313 shares of common stock.
The company will use the capital to buy the native token of the Ethereum blockchain (ETH) after identifying working capital needs.
âOn close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor,â said Joseph Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum. This is an exciting time for the Ethereum community, and I am delighted to work with Rob and the team to bring the Ethereum opportunity to public markets.â
SOL Strategies Eyes $1 Billion Funding to Expand Solana Investment
The company has filed a preliminary short-form base shelf prospectus with securities regulators in each of the provinces in Canada.
The filing allows the company to make offerings of common shares, warrants, subscription receipts, units, and debt securities of up to $1 billion as per the prospectus.
The company plans to use the funds to expand its investments in Solana.
âThe filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,â said Leah Wald, CEO of SOL Strategies. âThis strategic move enhances our ability to act decisively when compelling investment opportunities present themselves.â
đ”Crypto Fundraising News
Telegram Secures $1.7B Convertible Bond to Restructure Existing Debt
The messaging platform will utilise the funds to repay its existing debt and extend the maturity of its debt.
The company plans to use some of the proceeds from the new 5-year notes to service $955 million of debt due in 2026.
Investors in the new notes can redeem them at 80% of the price of any IPO if Telegram decides to go public before the notes mature.
The new notes were priced with a coupon of 9%, 200 basis points more than the $2.35 billion bond issued in 2021. The tender closed on May 28, with the settlement expected on June 5.
Dragonfly Co-Anchors $36M Series A Round for Stablecoin Company Conduit
Other investors in the round included Altose Venture, which co-anchored the round with participation from Sound Ventures, DCG, and Commerce Ventures.
The latest funding brings the total raised to $53 million, according to the announcement on Wednesday.
Conduit aims to make cross-border payments faster, cheaper and more reliable for businesses worldwide.
Solana-Based AI Project Donut Bags $7M Pre-Seed Led by Hongshan, BITKRAFT and Hack VC
Donutâs AI algorithms process both the webpage content and its usersâ actions, enabling it to autonomously execute on-chain operations.
The company said in an X post its mission is for crypto executions to be completed by agents.
Its agentic algorithms combine wallets, DEXs and networks in one unified agentic interface.
âWhile others automate clicks, we automate capital. Our vision is for crypto executions to be completed by agents,â Donut wrote in an X post. âTo do that, we are building the best in-domain model and a swarm of browser agents across complex environments.â
đOn-Chain Analysis
Risk Curator Alphaping Hits Record $13M in TVL
Ethereum-based yield platform Alphaping has surged to a record $13 million in total value locked (TVL), tripling its deposits in a month.
Alphaping positions itself as an on-chain vault curator and liquidity allocator, enabling users to earn passive income by lending crypto assets, such as USDC, USDF, and Wrapped Ethereum (WETH).
The protocol is part of Morphoâs DeFi ecosystem, actively managing two vaults on Morpho: ALPHA USDC and ALPHA WETH.
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