20 projects raised $202 million this week, led by ARQ ($60M) and Crossover Markets ($31M), while Strategy, Bitmine, and ProCap Financial announced $333 million in digital asset treasury purchases. Predict.fun acquired Probable and Bitcoin Depot acquired Kutt, and on Crypto Twitter Alana Levin discussed public venture funds as a vehicle for retail exposure to private companies, Nick Tomaino highlighted growth across prediction markets and stablecoin neobanks, and Felipe Montealegre argued that permissionless MetaDAO launches could reshape startup fundraising.
The Pitch: Strategy (Nasdaq: MSTR) purchased 3,015 BTC for ~$204.1 million at an average price of ~$67,700 per coin. The acquisition lifted the company’s total holdings to 720,737 BTC, acquired for approximately $54.77 billion at an average cost basis of ~$75,985 per bitcoin. Strategy now controls over 3.4% of Bitcoin’s 21 million supply cap.
Round: ~$204.1 million Bitcoin purchase
Investors: Public market investors
Bitmine
The Pitch: Bitmine Immersion Technologies (NYSE: BMNR) purchased ~51,000 ETH for approximately $98 million, increasing its total holdings to 4,473,587 ETH. The firm’s ether treasury is valued at roughly $9.9 billion in combined crypto and cash holdings, with 3,040,483 ETH currently staked. Bitmine’s ether position represents ~3.71% of Ethereum’s total supply.
Round: ~$98 million ETH purchase
Investors: Public market investors
ProCap Financial
The Pitch: ProCap Financial (NYSE: BRR), the Bitcoin treasury firm led by Anthony Pompliano, purchased 450 BTC for approximately $31 million, bringing its total holdings to 5,457 BTC valued at roughly $376 million. Alongside the purchase, the firm continued executing its share repurchase program, buying back 782,408 shares of its common stock (BRR) over the past 10 days for about $2.2 million.
Round: ~$31 million Bitcoin purchase
Investors: Public market investors
M&A Activity
Predict.fun acquired Probable
Predict.funacquiredProbable, an onchain prediction platform originally incubated by PancakeSwap and YZi Labs, to strengthen its technology stack and expand its presence within the BNB Chain ecosystem. Since launching in December 2025, Predict.fun has processed $1.5 billion in cumulative trading volume across more than 120,000 users. The acquisition brings Probable’s team and technology in-house to accelerate improvements in market architecture, execution efficiency, and capital optimization, while also expanding Predict.fun’s reach among Asian user communities. Probable users will be migrated to Predict.fun through a phased transition with incentives for early participants.
Bitcoin Depot acquired Kutt
Bitcoin DepotacquiredKutt, a P2P social betting platform that enables users to wager directly against one another on customizable events across sports, entertainment, and user-generated markets. Founded in 2022, Kutt removes the traditional sportsbook “house” by allowing users to define and agree on their own betting terms. The acquisition marks Bitcoin Depot’s entry into the social betting market and reflects a broader strategy to diversify beyond its core Bitcoin ATM business. Kutt will continue operating under its existing brand and leadership while leveraging Bitcoin Depot’s resources to support product development and user growth.
Discussed emerging vehicles for giving retail investors exposure to private companies, highlighting publicly traded venture funds as a potential structure for accessing baskets of late-stage private assets.
Released 1confirmation’s Q1 2026 LP Letter, highlighting strong growth in prediction markets and stablecoin-enabled neobanks while reiterating a long-term bullish view on credibly neutral assets like Bitcoin and Ethereum.
Argued that permissionless MetaDAO launches could reshape startup fundraising by enabling rapid capital formation, early market accountability, and smaller-scale venture outcomes through liquid, community-backed funding.
Quick Recap
Total Deals: 20
Total Raised: $202M
Digital Asset Treasuries: $333M
Acquisitions: 3
Newly Launched Funds: 0
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.
