22 projects raised $185 million this week, led by Etherealize ($40M) and Utila ($22M), while TRON Inc. added $110 million to its TRX treasury and CIMG Inc. acquired 500 BTC via a $55 million share issuance. On the M&A front, Kraken purchased Breakout, Solowin bought AlloyX for $350 million, and RedStone acquired Credora. Sora Ventures launched a $1 billion Bitcoin Treasury Fund. On Crypto Twitter, Jason Kam pointed to tokenized assets as a growth engine for DeFi lending, Tim Draper doubled down on his $250,000 BTC forecast and warned of rising risks without exposure, and Kyle emphasized Collector Crypt’s strengths while noting new IPs could be a future catalyst. Here’s the breakdown of this week’s top deals and insights.
VC CT: Jason Kamargued tokenized assets could unlock exponential growth for DeFi lenders; Tim Draperreiterated his $250K BTC call by end-2025, warning of risks without exposure; and Kyle outlined his thesis on Collector Crypt’s potential with IP expansion.
Notable Deals
22 projects collectively raised $185 million this week. Here are the ten that stood out:
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:
TRON Inc.
The Pitch: TRON Inc. (Nasdaq: TRON), a blockchain and entertainment-focused public company, expanded its TRX token treasury to over $220 million following a $110 million equity investment from majority shareholder Bravemorning Limited.
Round: $110 million equity investment via warrant exercise
The Pitch: Nasdaq-listed digital health company CIMG Inc.completed a $55 million share issuance to acquire 500 Bitcoin for its corporate treasury. The firm sold 220 million common shares at $0.25 each, executing the transaction through a private placement under Regulation S exemptions.
Round: $55 million
Investors: Undisclosed
M&A Activity
Kraken acquired Breakout
KrakenacquiredBreakout, a crypto-native proprietary trading platform that has issued over 20,000 funded accounts since its launch in 2023. Breakout pioneered an evaluation-based model where traders prove their edge to access funded accounts of up to $100,000 without risking personal capital, offering transparent rules, one-step evaluations, and on-demand USDC payouts. The acquisition integrates Breakout’s funded trader program with Kraken’s infrastructure, security, and ecosystem. Breakout will continue operating independently while leveraging Kraken’s scale and reputation to expand its trader base.
Solowin acquired AlloyX for $350M
Solowin (Nasdaq: SWIN) completed its $350 million acquisition of AlloyX, a stablecoin infrastructure provider. The deal is designed to accelerate Solowin’s global stablecoin strategy across markets, including the UAE, ASEAN, and Africa. AlloyX’s technology stack, covering stablecoin applications, RWA tokenization, and global payments, will now support Solowin’s licensed financial services ecosystem. The deal includes a 12-month lock-up for AlloyX’s founders and strategic investors to ensure long-term alignment, as well as valuation-based incentives tied to $600 million and $1 billion milestones.
RedStone acquired Credora
RedStoneacquiredCredora, a DeFi-native ratings platform, to expand its oracle services beyond real-time prices into standardized risk ratings. The integration creates oracles delivering both price data and risk transparency, enabling protocols to attract more capital through rated vaults, manage risks dynamically, and meet institutional requirements for reliable frameworks. Credora’s ratings, already adopted by protocols like Morpho, assess liquidity, collateral, governance, and volatility with crypto-native methods.
Newly Launched Funds
Sora Ventures Bitcoin Treasury Fund – $1B
Sora Ventureslaunched Asia’s first Bitcoin treasury fund with a target of purchasing $1 billion worth of BTC within six months. Backed by an initial $200 million commitment from regional partners, the fund expands on earlier treasury initiatives from Metaplanet, Moon Inc., DV8, and BitPlanet by creating a pooled vehicle for institutional capital. Unlike firms holding Bitcoin directly on their balance sheets, the fund will operate as a central platform to support existing treasuries and catalyze new ones across Asia and beyond.
Argued that tokenized assets with sufficient liquidity could make overcollateralized lending a massive market, driving exponential growth for leading DeFi lending platforms.
Claimed that corporate treasuries, families, and governments face rising risks without Bitcoin exposure and reiterated a $250K BTC prediction by the end of 2025.
Shared a detailed thesis on Collector Crypt, highlighting its logistics strength, founder alignment, and sourcing moats while noting expansion into new IPs like MTG and NBA as key catalysts.
Quick Recap
Total Deals: 22
Total Raised: $185M
Digital Asset Treasuries: $165M
Acquisitions: 4
Newly Launched Funds: Sora Ventures Bitcoin Treasury Fund ($1B)
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.
