Weekly Summary: Focus on Crypto’s Mainstream Adoption as eToro Goes Public and Addentax to Invest $800M in Bitcoin
In this edition, crypto mainstreaming takes centre stage as eToro goes public, a Chinese garment manufacturer wants to buy Bitcoin and a filmmaker wants to build a new franchise on the blockchain.
🔊Everyone Wants Some Crypto
The crypto market is establishing a stable bullish trajectory fueled by the surging Bitcoin price. While the world’s biggest cryptocurrency by market cap continues to be the main attraction, other facets of the industry are also attracting suitors.
The most recent major move came from eToro, which went public this week, raising $310 million for itself and a further $310 for shareholders.
While eToro is not your brick-and-mortar crypto company, it has been providing crypto trading services for 12 years now, having started with Bitcoin back in 2013.
Elsewhere, Chinese garment manufacturer Addentax said it is consulting with major Bitcoin and other crypto holders to invest $800 million in BTC and other cryptocurrencies including the Official Trump (TRUMP) token.
Later in the week, filmmaker David Goyer said he is building a new science fiction franchise, Emergence on his Story Protocol-based blockchain platform Incention.
eToro Bags $620M Upsized Initial Public Offering
The company offered 11,923,018 Class A common shares consisting of 5,961,509 Class A common shares to be sold by eToro and 5,961,509 Class A common shares to be sold by certain existing shareholders.
The public offering was priced at $52 per share, valuing the online brokerage platform at approximately $4.4 billion.
eToro raised $310 million from the sale of new shares of Class A common stock, with existing shareholders also securing $310 million from the sale of their shares.
Chinese Garment Manufacturer Addentax Eyes $800M Investment in BTC and TRUMP Token
Addentax said in a press release that it has been in discussion with Bitcoin and other influential crypto holders to acquire 8,000 BTC.
The company said it also plans to invest in other cryptocurrencies such as the Offical Trump (TRUMP) token.
The crypto investment will be financed by issuing shares of common stock, subject to reaching a definitive agreement.
The initiative is part of the company’s efforts to support its long-term crypto strategy while building a network of influential crypto holders as part of its shareholders.
Commenting on the announcement, Mr. Hong Zhida, the CEO of Addentax said in a statement: “This initiative supports the Company’s broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with experience in the crypto ecosystem.”
Filmmaker David Goyer Announces New Blockchain-Based Sci-Fi Franchise Emergence
The Dark Knight and Blade trilogy screenwriter said the Web3 sci-fi universe, which features spaceships, relic hunting and white holes, will be built on his new blockchain platform, Incention.
Goyer believes by leveraging Web3, emerging filmmakers could easily break into Hollywood, as this promotes innovation.
His idea is to involve the community in helping create characters, in a bottom-up IP building approach.
Goyer said Incention, which is built on IP-focused blockchain, will allow fans to co-create the Emergence universe alongside professional storytellers.
VanEck Taps Securitize for Its First Tokenised U.S. Treasury Fund
The VanEck Treasury Fund (VBILL) offers on-chain access to short-term U.S. Treasury debt across multiple blockchain networks.
It requires a minimum investment of $100,000 on most blockchains and $1 million on Ethereum.
The fund token initially launched on Avalanche, BNB Chain, Ethereum and Solana networks.
Pricing is updated daily using RedStone’s Oracle service, with assets held by State Street.
KindlyMD Merges with David Baily’s New Company Nakamoto to Form Bitcoin Treasury
The new company launches with $710 million in fundraising including a $510 million PIPE and a $200 million convertible note.
David Bailey, the founder of BTC Inc and UTXO will lead the combined company as CEO.
KindlyMD will continue to trade publicly as KDLY on Nasdaq, which will change when a new name for the company is formed.
Tim Pickett, CEO and founder of KindlyMD, will continue to manage KindlyMD’s healthcare operations.
David Bailey, Founder and CEO of Nakamoto said in a statement: “The securitization of Bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet – public or private – holds Bitcoin.”
Tim Pickett, CEO of KindlyMD commented: “This merger represents a strategic leap for KindlyMD, allowing us to expand our mission. Nakamoto brings in a team with deep expertise in Bitcoin strategy and unparalleled access to the leading experts in Bitcoin treasury management.”
💵Crypto Fundraising and M&As
Robinhood Acquires Canadian Crypto Firm WonderFi for $179 Million
Robinhood is paying 36 Canadian cents per share, a 41% premium on WonderFi’s closing price on Tuesday.
The all-cash deal follows recent crypto M&As including Coinbase’s $2.9 billion acquisition of Deribit and Ripple’s $1.25 billion purchase of Hidden Road.
Last year, Robinhood also acquired crypto exchange Bitstamp in a $200 million deal.
WonderFi’s crypto brands include Bitbuy and Coinsquare and in 2024 processed C$3.47 billion in crypto trading volume.
Derivatives Platform Synthetix Eyes $27M Acquisition of Options Protocol, Derive
The acquisition is structured as a token swap in the ratio of 27 DRV tokens for 1 SNX token, as per the Synthetix Improvement Proposal (SIP-415).
Synthetix will acquire Derive’s treasury, technology, and product suite, subject to approval via an on-chain community vote.
The acquisition is part of the derivatives protocol’s strategy of vertical integration to improve its protocol capabilities on the Ethereum mainnet.
The vesting terms include a three-month lock-up and nine-month linear vesting for DRV holders who receive SNX.
Sonic Labs Strengthens U.S. Presence with $10M Strategic Token Sale to Galaxy
The EVM-compatible high-performance L1 plans to use the capital to accelerate market penetration in the United States and enhance its DeFi offerings in the region.
The strategic alliance with Galaxy comes amid the continued institutional adoption of digital assets.
Sonic Labs plans to leverage Galaxy’s network of over 1,300 institutional trading companies to bridge the gap between traditional finance and high-performance blockchain infrastructure.
Michael Kong, the CEO of Sonic Labs said in a blog post: “Having Galaxy as a strategic investor brings tremendous value beyond capital. They have many connections and insights across the U.S. and Asia markets that will be very beneficial to the Sonic ecosystem.”
Perpl Bags $9.25M Round Led by Dragonfly to Build a DEX Platform on Monad
The fundraising also attracted participation from Ergonia, Brevan Howard, Breed VC, L1D and CMS Holdings.
The London-based decentralised perpetual futures exchange is being built by two founders who left the U.S. because of a lack of regulatory clarity.
Perpl is using the EVM architecture from Monad to build its on-chain central limit order book.
The company plans to launch its testnet by the end of this year.
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