30 projects raised $255 million this week, led by Rain ($58M) and M0 ($40M), while B Strategy, Sharps Technology, and DeFi Development Corp. announced $1.53 billion in digital asset treasury allocations. Avail acquired Arcana, and OKX and Unified Ventures launched new funds totaling $130 million. Louis Thomazeau cautioned against the venture model’s reliance on founder ethics, David Grider questioned whether markets undervalue BitMine’s ETH-driven growth, and Scott Kominers outlined principles for effective crypto regulation. Here’s the breakdown of this week’s top deals and insights.
In recent months, digital asset treasury activity has accelerated, with corporate and structured vehicles increasingly accumulating tokens at scale. Here are notable examples from the past week:
B Strategy
The Pitch: B Strategy, a digital asset investment firm founded by former Bitmain executives and Metalpha co-founders, announced plans to launch a Nasdaq-listed BNB treasury company targeting a $1 billion raise. The vehicle is designed not only to hold BNB but to operate as the “Berkshire Hathaway of the BNB ecosystem,” deploying capital into core technology, ecosystem grants, and community initiatives. The company will receive strategic funding and ecosystem support from YZi Labs. B Strategy will also leverage its Asia-Pacific footprint for liquidity, distribution, and investor access, with several Asia-based family offices already committed as anchor investors. The Nasdaq listing and fundraising are expected to close in the coming weeks.
Round: $1 billion private placement
Investors: YZi Labs (strategic backer) and Asia-based family offices (undisclosed)
DeFi Development Corp.
The Pitch: DeFi Development Corp. (Nasdaq: DFDV) raised $125 million to accelerate the growth of its SOL treasury. The company sold ~4.2 million shares of common stock and ~5.7 million pre-funded warrants, with proceeds consisting of a mix of cash and locked SOL. The raise is expected to be NAV/share accretive and SPS (SOL per Share) accretive. This marks DFDV’s fourth major financing in 2025, bringing its total capital raised year-to-date to over $370 million.
Round: $125 million equity raise (common stock + pre-funded warrants)
Investors: N/A
Sharps Technology, Inc.
The Pitch: Sharps Technology, Inc. (Nasdaq: STSS) announced an over $400 million private placement to establish one of the largest SOL digital asset treasury strategies.
AvailacquiredArcana, a chain abstraction protocol providing wallet, authentication, and MPC frameworks, to strengthen its multichain scalability stack. Arcana’s infrastructure, which powers over 2.5 million wallets and has processed more than 5 million transactions, will be integrated into the Avail Stack to support seamless cross-chain application development and user experiences. The acquisition enables Avail to expand its Nexus solution across major ecosystems, including Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Base, and Solana. Arcana’s team will join Avail, and existing XAR holders can swap their tokens into AVAIL, aligning both ecosystems under a unified token model.
Newly Launched Funds
X Layer Ecosystem Fund – $100M
OKXannounced the launch of a $100 million ecosystem fund to support development on X Layer, its Ethereum Layer-2 network launched in 2024. X Layer uses OKB as its gas token and is designed to provide low-cost, scalable infrastructure for Web3 applications. The fund will target builders creating long-term, technology-driven projects, positioning OKX to compete with other exchange-operated L2s such as Coinbase’s Base, which has deployed capital across 16 projects to date, as well as newer entrants from Robinhood and Bitget.
Unified Ventures Fund – $30M
Unified Ventures closed a $30 million fund dedicated to investments in real-world assets (RWA) and stablecoins. The vehicle, led by founding partner Bocai, has already backed projects such as Fosun Group’sFinChain and AlloyX. Unified Ventures aims to capitalize on the growing intersection of traditional finance and Web3.
Sharedupdated valuation scenarios for BitMine (Nasdaq: BMNR), suggesting its ETH NAV growth has been the main driver of performance and questioning whether the market is undervaluing the stock.
Argued that well-functioning crypto markets require clear regulation, emphasizing four objectives: predictable and enforceable rules, protection of property rights, transparency through disclosures, and guardrails to ensure fair competition.
Quick Recap
Total Deals: 30
Total Raised: $255M
Digital Asset Treasuries: $1.53B
Acquisitions: 1
Newly Launched Funds: X Layer Ecosystem Fund ($100M) and Unified Ventures Fund ($30M)
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
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Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
