Deng Tong, Golden Finance
Since ETH finally broke through the $3,000 mark on July 15, the entire crypto market has been pleasing, and mainstream altcoins have basically recorded double-digit gains. At the same time, more and more companies have embarked on the road of transformation. This article summarizes which companies have implemented treasury plans since ETH rose to $3,000 on July 15, and what industries do they belong to?
1. BTC Treasury Plan
Grupo Murano, a $1 billion real estate company in Mexico, announced a large-scale investment in Bitcoin and plans to establish a $10 billion Bitcoin vault within five years. CEO Elias Sacar said the company will convert assets into Bitcoin through asset restructuring and sale and leaseback while maintaining operational control. The strategy aims to meet the challenges of interest rate fluctuations in the real estate industry. The company will focus 70-80% of its business on Bitcoin holdings and 20-30% on real estate development. Grupo Murano also plans to deploy Bitcoin ATMs in its hotels and support Bitcoin payments.
Swedish company Fragbite Group completed its first purchase of approximately 4.3 Bitcoins and began to build a Bitcoin treasury at an average price of approximately $112,958 per Bitcoin.
Fragbite Group said it aims to invest the remaining liquidity for the long term and continue to accumulate Bitcoin to enhance the company's capital structure.
Strategy plans to issue 5 million shares of variable-rate Series A perpetual preferred stock (STRC stock) for the first time, and the funds raised will be used for general corporate purposes, including the purchase of Bitcoin and replenishment of working capital.
Volcon, a US-listed electric car company, purchased 280.14 BTC for the first time and completed more than $500 million in private financing for the purchase of Bitcoin.
As previously reported, on July 17, electric car company Volcon announced that it would adopt a Bitcoin financial strategy. It has reached a securities purchase agreement with certain institutions and qualified investors to purchase and sell 50,142,851 common shares in a private placement at a price of $10 per share, with an estimated total proceeds of more than $500 million, excluding placement agent fees and other issuance expenses (private placement). Empery served as the lead investor, and participants in the offering included well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital and Relayer Capital, as well as traditional financial investors.
H100 Group, a Swedish listed company, announced an increase of 140.25 BTC, bringing its total holdings to 510.28 BTC.
K Wave Media (NASDAQ: KWM) announced a strategic partnership with digital asset investment company Galaxy Digital (NASDAQ: GLXY). Under the agreement, Galaxy Digital will serve as KWM's asset manager and strategic advisor and invest in KWM to support its Bitcoin treasury strategy implementation and expand institutional capital access. KWM has received nearly $1 billion in institutional capital support and has acquired 88 Bitcoins.
Genius Group, a US-listed company, announced an increase of 20 Bitcoins, bringing its total holdings to 200 Bitcoins.
Profusa (NASDAQ: PFSA), a commercial-stage digital health company, announced that it has entered into a securities purchase agreement (equity credit agreement) with Ascent Partners Fund LLC (Ascent) to raise up to $100 million through the issuance of common stock, with all net proceeds used to purchase Bitcoin (which may be used to repay debt), provided that the company's cash balance at the time of the equity sale is greater than $5 million.
Under the terms of the agreement, Profusa has the right to sell common stock to Ascent at a price per share that is 97% of the lowest volume-weighted average price (VWAP) in the five trading days immediately following each sale. The maximum amount of a single sale is $5 million or 100% of the average daily trading volume in the five trading days prior to the sale date, whichever is less. If the company's cash balance is less than $5 million, the net proceeds will be used to make up the amount first, and the remaining funds will be used to allocate Bitcoin as a core reserve asset.
Sequans, a US-listed company, increased its holdings by 1,264 bitcoins, worth approximately $150 million. The total holdings have now reached 2,317.
LondonBTCCompany (formerly Vinanz), a UK-listed company, increased its holdings by 20.94 BTC, bringing its total holdings to 85.97.
Jetking, India's first listed company to adopt the Bitcoin standard, announced that its board of directors has approved a private placement of shares to expand its Bitcoin reserve operations. The plan will issue 460,000 shares to certain non-promoters at a price of Rs. 250 per share (face value of Rs. 10 + premium of Rs. 240), with a total financing scale of Rs. 1.15 billion. The funds raised will be used in three aspects: acquisition of Bitcoin, general corporate purposes, and Bitcoin education training and skill development. The plan is in compliance with the Securities and Exchange Board of India (SEBI) Regulations 2018 and the Companies Act 2013, and is subject to shareholder and regulatory approval. The company's management will remain unchanged, but the equity structure may be adjusted.
The Blockchain Group, a European listed company, spent about 2.2 million euros to increase its holdings of 22 bitcoins, and its total holdings have now reached 1,955. The BTC yield since the beginning of the year is 1,373.2%.
Vaultz Capital, a British listed company, increased its holdings of 20 bitcoins, with the unit price of this increase being approximately US$119,380. After this increase, the company holds a total of 70 bitcoins.
Aether Holdings, an AI and data-driven financial instrument platform, announced a $40 million financing, planning to use most of the proceeds to purchase Bitcoin as part of its financial reserve strategy.
Canadian listed company Bitcoin Treasury Capital announced that it purchased 4.5 Bitcoins for approximately $500,000 (or 5 million Swedish kronor), with an average purchase price of $118,338 per Bitcoin.
Forza, a subsidiary of Coinsilium Group, increased its holdings by 10.25 BTC, and now holds a total of 112 BTC.
Vanadi Coffee, a Spanish coffee shop chain, increased its holdings by 4 Bitcoins, and now holds a total of 74 Bitcoins.
The Smarter Web Company announced that it has appointed Tennyson Securities and Peterhouse Capital Limited to issue new ordinary shares to institutional investors for placement. The accelerated book-building process will start immediately following this announcement and the company intends to raise at least £15 million ($20.1 million) to purchase Bitcoin.
US-listed medical technology company Semler Scientific has purchased 210 Bitcoins for an investment of $25 million. The company has gained 30.3% on its Bitcoin investment so far this year. With this increase, Semler Scientific's total Bitcoin holdings have reached 4,846.
Canadian listed company Belgravia Hartford announced the issuance of $5 million in convertible secured bonds and the completion of nearly 4 million Canadian dollars (about 2.91 million US dollars) in private placement financing, which will be used to expand its Bitcoin treasury strategy. Belgravia Hartford announced on June 9 that it had completed the first transaction of its Bitcoin reserve strategy, using $500,000 to purchase 4.86152969 Bitcoins at an average price of $102,848.29 per Bitcoin.
LiveOne, a US-listed company, has priced the launch of its Bitcoin income treasury strategy at $8.9 million in public offerings. The company plans to initially allocate $10 million and has received board approval for a total investment of up to $500 million.
Super Copper Corp, a Canadian-listed company, has begun to incorporate Bitcoin into its treasury reserve strategy, planning to allocate up to 20% of its reserve funds to Bitcoin as a means of storing value.
The board of directors of Canadian technology company Matador Technologies Inc. approved a long-term Bitcoin reserve strategy, planning to accumulate up to 6,000 Bitcoins by 2027, and set a mid-term goal of holding up to 1,000 Bitcoins by 2026. The company currently holds 77.4 Bitcoins and Bitcoin equivalents.
To support this strategy, Matador has previously filed a preliminary short-term infrastructure prospectus of C$900 million, providing financing flexibility for the next 25 months. The company plans to raise funds through a variety of methods, including on-market equity issuance, convertible financing, non-core asset divestitures, Bitcoin-backed credit lines, and strategic acquisitions or partnerships.
Swedish consumer retail company Refine Group AB announced the launch of a Bitcoin treasury strategy, with the first batch of financing of 10 million Swedish kronor (about 1 million US dollars) to purchase Bitcoin.
South Korean listed company Bitmax (KOSDAQ: 377030) announced the purchase of an additional 51.06 Bitcoins, bringing its total holdings to 400.25 BTC, continuing to be the largest Bitcoin holder among South Korean listed companies. The company previously stated that it is raising an additional 50 billion won to support its continued increase in Bitcoin holdings.
Canadian listed company Sixty Six Capital Inc increased its holdings of 6.1 bitcoins through ETFs, and currently holds a total of 132.8 bitcoins in ETFs. The company plans to convert these holdings into directly held bitcoins in the near future.
Second, ETH Treasury Plan
SharpLink increased its holdings of 18,712 ETHs, holding a total of 326,074 ETHs, worth $1.14 billion.
GameSquare (NASDAQ: GAME), a US-listed media technology company, announced that it would increase its digital asset treasury authorization from $100 million to $250 million, and has purchased more than 10,000 ETH, with a total value of approximately $35 million.
GameSquare and crypto investment company Dialectic have simultaneously launched an NFT investment strategy based on the Ethereum ecosystem, with an initial investment of $10 million. GameSquare said the move is aimed at improving capital efficiency and creating stable returns by actively deploying ETH and NFT assets to support the long-term growth of its media and creative businesses. The company has also established a dedicated digital asset investment committee to ensure risk control and compliance.
BTCS, Inc. (NASDAQ: BTCS), a company focused on blockchain technology, announced that the total market value of its holdings of 55,788 Ethereum (ETH), cash and other liquid assets is approximately $242.2 million, based on the price of Ethereum (ETH) of $3,600. Ethereum holdings increased by 22,935 compared to the previous announcement (32,853), and the total holdings reached 55,788, an increase of 69.8%. In addition, the company has agreed to issue $10 million in convertible bonds through a previous $56 million financing arrangement with ATW Partners LLC.
Nasdaq-listed company Bit Digital (stock code: BTBT) announced that it used the net proceeds from the recently completed $67.3 million private placement to purchase approximately 19,683 ETH. After this transaction, the total amount of Ethereum held by Bit Digital reached approximately 120,306.
Bit Digital CEO Sam Tabar said that the company has now become one of the largest institutional-level Ethereum holders in the public market. The company sees Ethereum as the cornerstone of the next stage of digital financial infrastructure, and believes that Ethereum's programmability, growing adoption rate and staking income model represent the future of digital assets.
BTC Digital (BTCT) announced that it has fully embraced Ethereum (ETH) as its core asset and operating basis, and announced that it has purchased $1 million worth of ETH. The company plans to convert all existing and future holdings of Bitcoin (BTC) into ETH to build a long-term and efficient on-chain asset pool to achieve medium- and long-term growth around the Ethereum ecosystem. Its goal is to achieve tens of millions of dollars in ETH reserves by the end of the year and launch a comprehensive ETH staking program.
3. SOL
Digital financial technology group Mercurity Fintech Holding Inc. (NASDAQ: MFH) announced a $200 million equity credit agreement with Solana Ventures Ltd. to launch a digital asset treasury strategy based on the Solana blockchain. It is reported that MFH's Solana strategy focuses on three major directions: establishing a high-value digital asset reserve with SOL tokens as the core; obtaining long-term returns through staking, verification nodes and Solana decentralized finance (DeFi) protocols; investing in Solana ecological projects such as real-world assets (RWA) and tokenized financial products.
SOL Treasury Company Upexi announced that it bought 100,000 Sol for $17.7 million, bringing its total holdings to 1.82 million Sol, worth $331 million. The total cost was $273 million, with a floating profit of $58 million.
Nasdaq-listed Solana enterprise reserve company DeFi Development Corp. announced the launch of its SOL reserve accelerator program. According to an announcement released on Thursday, DeFi Development officially launched the DFDV Treasury Accelerator as part of its international expansion plan, using a franchise model to support regional Solana reserve systems around the world.
The program is jointly supported by cryptocurrency exchange Kraken and crypto venture capital firms Pantera Capital, RK Capital and Borderless Capital. They will assist in promoting the implementation of new regional SOL reserve projects and provide potential investment, strategic guidance and infrastructure support.
Currently, the DFDV Treasury Accelerator has operations in five regions and continues to introduce new geographic regions "weekly."
Fourth, ENA
Stablecoin issuer StablecoinX announced the completion of a $360 million financing to acquire ENA tokens and plans to list Class A common stock on the Nasdaq Global Market under the stock code "USDE". Among them, the Ethena Foundation will contribute $60 million worth of ENA tokens.
To launch the acquisition plan, StablecoinX will use the net cash of $260 million (after deducting related expenses) obtained from financing to purchase locked ENA tokens from Ethena Foundation subsidiaries.
V. DOGE
Nasdaq-listed Bit Origin announced that it purchased 40.54 million Dogecoin (DOGE) at an average price of approximately $0.2466 as the first operation of its digital asset treasury strategy, with DOGE holdings accounting for approximately 0.691 per share. The strategy is supported by the previously announced maximum funding of $500 million.
VI. Others
Yuga Labs co-founder Greg Solano tweeted that the world is not ready for NFT treasury companies, but they are on their way. The market interprets this move as learning from the coin hoarding strategy of listed companies to establish NFT treasury companies.
On July 22, Nasdaq-listed carbon management company DevvStream announced that it had signed a securities purchase agreement and planned to raise $300 million through the issuance of senior secured convertible notes to establish an on-chain digital asset treasury. Cohen & Company Capital Markets served as the placement agent. At the same time, the company also announced the launch of a tokenization platform for infrastructure related to sustainable development. It is reported that the first $10 million financing transaction of this agreement has been completed. The company will use 75% of the net proceeds to purchase liquid digital assets to support its cryptocurrency reserves and the tokenization of real-world assets.
Mercurity Fintech Holding Inc. (NASDAQ: MFH) announced on July 21 that it has signed a securities purchase agreement with institutional investors to raise $43.7 million through a registered direct offering. The offering includes 12,485,715 shares of common stock and an equal number of warrants, priced at $3.50 per share, and the warrants are valid for five years. Participants include digital asset investment institutions such as LTP, Syntax Capital, OGBC Group and Blockstone Capital. The funds raised will be used to advance the company's crypto financial strategy, including ecosystem staking, tokenized yield tools, and institutional-grade on-chain financial infrastructure construction.
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