18 projects raised $312 million this week, led by Flying Tulip ($200M) and xMoney ($21.5M), while AlphaTON Capital, Strategy, and VivoPower International announced over $112 million in digital asset treasury allocations. CoinShares acquired Bastion Asset Management, RYVYL merged with Roundtable, and Bitcoin Depot acquired National Bitcoin ATM, while Foresight Ventures and Lisk launched new venture funds totaling $65 million. Nic Carter predicted Tether and Circle’s dominance will erode as yield-sharing stablecoins proliferate, Jason Choi noted at Token2049 that conviction is limited outside Bitcoin with attention on perp DEXs, and Andy Hall highlighted decentralization and community engagement as key drivers for tokenholder governance. Here’s the breakdown of this week’s top deals and insights.
VC CT: Nic Carterpredicted Tether and Circle’s dominance will erode as yield-sharing stablecoins gain traction; Jason Choinoted at Token2049 that conviction is limited outside Bitcoin with focus shifting to perp DEXs; and Andy Halloutlined decentralization and community engagement as key drivers for tokenholder governance.
Notable Deals
18 projects collectively raised $312 million this week. Here are the eight 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:
AlphaTON Capital
The Pitch: AlphaTON Capital (Nasdaq: ATON) closed $71 million in financing to establish a TON-focused digital asset treasury strategy. Proceeds funded an initial $30 million TON acquisition, with future plans to expand its treasury to $100 million in TON by year-end.
Round: $71 million financing in a private placement (32 million shares at $5.73 per share) and a $35 million loan facility with BitGo.
The Pitch: Strategy (Nasdaq: MSTR) announced the purchase of 196 BTC for $22.1 million, at an average price of $113,048 per bitcoin. This brings its total Bitcoin holdings to 640,031 BTC, with an overall average purchase price of $73,983.
Round: $22.1 million Bitcoin purchase funded through issuance of common stock via an at-the-market (ATM) program and perpetual preferred stock.
Investors: N/A
VivoPower International
The Pitch: Sustainability firm VivoPower International (Nasdaq: VVPR) raised $19 million to support its recently launched XRP treasury strategy.
Round: $19 million equity raise through issuance of common stock at $6.05 per share.
Investors: N/A
M&A Activity
CoinShares acquired Bastion Asset Management
CoinShares, a European digital asset manager with roughly $10 billion in AUM, agreed to acquire London-based Bastion Asset Management, an FCA-regulated crypto-focused alternative investment manager. The acquisition enhances CoinShares’ actively managed product suite, complementing its existing ETPs and aligning with its strategy to become a full-spectrum digital asset management platform. Bastion’s team, including CEO Philip Scott and CIO Fred Desobry, will join CoinShares upon completion. The deal, pending UK regulatory approval, also supports CoinShares’ U.S. expansion by enabling the development of actively managed funds under its registered investment advisor framework.
RYVYL merged with Roundtable
RYVYL signed a definitive $75 million agreement to merge with Roundtable, a Web3 digital media SaaS platform that provides white-label distribution, publishing, and monetization tools for major media brands such as Yahoo, TheStreet, and PSG Football Club. The combined entity, to be rebranded as Roundtable, will integrate RYVYL’s payment infrastructure with Roundtable’s blockchain-powered media platform and Bitcoin treasury strategy. Roundtable CEO James Heckman will lead the merged company, supported by a senior team including Bancor founder Eyal Hertzog. The transaction, expected to close by year-end pending shareholder approval, positions the platform to expand decentralized media liquidity pools and actively leverage Bitcoin as a reserve asset.
Bitcoin Depot acquired National Bitcoin ATM
Bitcoin Depot (Nasdaq: BTM), North America’s largest Bitcoin ATM operator, acquired the assets of National Bitcoin ATM, adding 527 kiosks across 27 states. National Bitcoin ATM customers will see no service disruption as the kiosks are integrated into Bitcoin Depot’s broader network, benefiting from enhanced compliance, technology, and customer support.
Newly Launched Funds
Foresight Ventures Stablecoin Infrastructure Fund – $50M
Foresight Ventureslaunched a $50 million Stablecoin Infrastructure Fund, the first sector-dedicated vehicle targeting the full stablecoin value chain. The fund will back projects spanning issuance, exchange, compliant on/off-ramps, payment-focused blockchains, and applications where stablecoins intersect with real-world assets, AI, FX, and merchant acquiring. Since 2023, Foresight has prioritized stablecoin infrastructure, with investments in Ethena, Noble, Codex, Agora, and WSPN.
Lisk EMpower Fund – $15M
Lisk, a growth platform for Web3 founders in emerging markets, launched a $15 million EMpower Fund to back post-incubation Web3 startups in Africa, Latin America, and Southeast Asia. The initiative will provide up to $250,000 per project alongside hands-on advisory, legal structuring, and fundraising support.
Predicted that Tether and Circle’s dominance will decline as exchanges, fintechs, DeFi protocols, and banks launch or adopt yield-sharing stablecoins due to improved cross-chain liquidity and post-GENIUS regulatory clarity.
Observed at Token2049 that while traders are broadly bullish on Bitcoin, conviction elsewhere is weak, with attention centered on perp DEXs amid divided views on sustainable revenue models versus fading inflows and experimentation.
Outlined two main reasons for granting governance rights to tokenholders: ensuring credible decentralization beyond code and fostering community engagement in decision-making.
Quick Recap
Total Deals: 18
Total Raised: $312M
Digital Asset Treasuries: $112.1M
Acquisitions: 3
Newly Launched Funds: Foresight Ventures Stablecoin Infrastructure Fund ($50M) and Lisk EMpower Fund ($15M)
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.
