Which Crypto VCs Are Powering the Corporate Crypto Reserve Strategy?

In recent years, a growing number of publicly traded companies have incorporated crypto assets into their balance sheets. This trend began with MicroStrategy’s pioneering commitment to Bitcoin, followed by Trump Media & Technology Group raising $2.5 billion to build a Bitcoin treasury, and now includes several major industrial and tech players making initial moves into stablecoin and Ethereum-based reserves. As tracked by BitcoinTreasuries, as of July 17, 154 public companies have deployed a Bitcoin treasury strategy. Further, a June research report from DWF Labs highlights that public companies have collectively allocated around $76 billion to crypto assets.

In addition to Trump administration crypto-friendly policy and the example set by MicroStrategy, this movement has been fueled by crypto venture capital and Web3 funds specializing in institutional-scale digital asset strategies. These investors support public companies by leading Private Investment in Public Equity (PIPE) rounds, convertible debt offerings, and reverse mergers—delivering full-stack solutions for crypto acquisitions, tokenized equity, stablecoin settlement, and on-chain treasury management.

The principal players driving the crypto adoption wave among public companies have expanded from early entrants like Pantera Capital, Animoca Brands, and Sora Ventures, to now include DWF Labs, Big Brain Holdings, GSR, Bain Capital Crypto, and an ever-increasing number of crypto VCs.

Pantera Capital

Pantera has invested in several Digital Asset Treasury (DAT) companies, most notably Twenty One Capital (NASDAQ: CEP), a financial services company led by longtime Bitcoin advocate Jack Mallers. Pantera was the largest contributor to Twenty One Capital’s PIPE round. The company is aiming to replicate MicroStrategy’s playbook, backed by industry leaders Tether, SoftBank, and Cantor Fitzgerald. Pantera believes Twenty One is optimally sized to utilize capital markets tools and, due to its smaller market cap, can accelerate BPS growth faster than MicroStrategy and potentially trade at a higher premium.

Pantera also led the fundraising for DeFi Development Corp (NASDAQ: DFDV; formerly Janover), which is sparking the DAT trend in the U.S. DFDV, led by CEO Joseph Onorati and CIO Parker White, has adapted MicroStrategy’s approach to Solana. Pantera sees Solana as a compelling alternative to Bitcoin due to its shorter history (suggesting greater upside), higher volatility (enabling potentially higher returns), staking yields that support per-share SOL growth, and a comparative lack of alternatives that creates room for latent demand.

Beyond supporting companies with Bitcoin and SOL treasuries, Pantera has invested in Sharplink Gaming (SBET), the first U.S.-based public company to build an Ethereum digital asset treasury. SBET, led by Consensys (the firm run by Ethereum co-founder Joe Lubin), is pioneering an ETH treasury strategy, and Pantera has collaborated with this team for over a decade.

Galaxy Digital

In May 2025, Trump Media announced it would raise $2.5 billion for a Bitcoin treasury via $1.5 billion in common stock and $1 billion in convertible bonds. Galaxy Digital served as both financial advisor and lead underwriter, structuring the deal and guaranteeing liquidity.

Previously, Galaxy Digital guided GameStop, AMC, and other non-crypto-native enterprises in launching crypto payments and treasury pilots, and served as advisor to several SPAC mergers, helping those companies include digital assets in their strategic asset allocation. From 2024 to 2025, Galaxy participated in over $800 million in public company crypto financings spanning equity, debt, and advisory roles.

Animoca Brands

In July 2025, Animoca signed a non-binding memorandum of understanding (MOU) with DayDayCook (DDC), a food and packaging company. Their joint announcement revealed Animoca’s intention to allocate up to $100 million in Bitcoin to DDC’s treasury yield strategy. Animoca’s co-founder, Yat Siu, will join DDC’s “Bitcoin Visionary Council” to help guide treasury management and yield optimization. In May, DDC launched a Bitcoin reserve plan with the goal to acquire 5,000 BTC in three years, and purchased 21 BTC for its treasury that month.

As a major Web3 investor that rose during the NFT boom, Animoca Brands is pursuing a U.S. public listing. According to the Financial Times, Yat Siu stated that Animoca plans to list in New York to seize the “unique window” presented by the Trump administration’s digital asset regulatory approach. As interest in NFTs and GameFi wanes, Animoca’s latest financials show a pivot toward consulting services—including token advisory, tokenomics design, marketing, listing support, node operations, and trading services.

Sora Ventures

In December 2024, Sora Ventures launched a $150 million fund to help Asian public companies adopt a MicroStrategy-style Bitcoin treasury management model, focusing on firms listed in Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first recipient was Metaplanet, listed on the Tokyo Stock Exchange, whose stock soared over 1,000% in 2024, making it the exchange’s best performer.

In May, Sora Ventures entered the U.S. public market through a strategic merger with Top Win International, a Nasdaq-listed Hong Kong luxury goods distributor, renaming as AsiaStrateg. The merger enabled TopWin to tap Sora’s expertise and bring Sora into its investment and treasury management activities. TopWin has adopted a Bitcoin reserve strategy and earmarked $150 million to back at least ten Asian public companies with similar treasury initiatives.

Recently, a Bitcoin investor alliance—comprising Sora Ventures, AsiaStrategy, Metaplanet CEO Simon Gerovich, and Korean investment giant KCGI—raised about $25 million through a private placement of approximately 58,862,249 new SGA shares (a software and services firm listed on Korea’s KOSDAQ). SGA will use the capital for daily operations and to launch new digital asset business lines.

DWF Labs

In June 2025, Interactive Strength (Nasdaq: TRNR), a fitness equipment and digital fitness platform provider, announced a $500 million “FET token treasury” financing framework. The initial $55 million came from ATW Partners and DWF Labs, earmarked for acquiring Fetch.ai’s FET tokens via BitGo to be held on the company’s balance sheet. TRNR says that, if fully implemented, this will make it the world’s largest public company crypto treasury focused on AI tokens. DWF Labs’ research confirms it will keep seeking similar opportunities in the U.S. stock market.

Primitive Ventures

Primitive Ventures disclosed that since early 2025, it has prioritized “digital asset reserve PIPEs” as a research and investment focus, systematically sourcing and participating in deals empowering public companies to adopt Ethereum-centered digital asset strategies. The firm participated in SharpLink Gaming’s $425 million PIPE in May. Primitive argues that Bitcoin-based treasury strategies mainly depend on leveraged buying and produce no native yield, thus exposing shareholders to greater risk. In contrast, SBET’s ETH strategy leverages staking and DeFi for on-chain compounding with real value creation.

Big Brain Holdings

Big Brain Holdings, a U.S. crypto venture fund, recently became a key supporter of Upexi (NASDAQ: UPXI), a consumer products developer, manufacturer, and distributor. In July 2025, Upexi announced a $150 million convertible note offering, collateralized with locked Solana (SOL) tokens, carrying a 2% coupon over 24 months. Big Brain Holdings led the investment. Post-transaction, Upexi expects to hold roughly 1.65 million SOL (up from 735,000 previously reported), massively increasing its on-chain treasury.

GSR

Upexi’s foray into crypto dates back to April 2025, when GSR led a $100 million PIPE to fund the purchase and staking of Solana tokens. This established a SOL-focused crypto treasury, and Upexi’s share price surged by around 700% after the announcement, reflecting robust investor appetite for corporate digital asset strategies. GSR says the deal indicates surging institutional demand for blue-chip crypto assets. GSR also took part in SharpLink’s $425 million PIPE.

Other Participants

Numerous top crypto VCs joined the $100 million Upexi PIPE led by GSR and the $425 million SharpLink Gaming PIPE led by Consensys.

Many crypto venture firms also participated in ProCap Financial’s first and largest funding round for a public Bitcoin treasury company. ProCap Financial was formed through the merger of former Morgan Creek partner Anthony Pompliano’s private company, ProCap BTC, and Nasdaq SPAC Columbus Circle Capital. Pompliano also announced a $750 million fundraise aimed at acquiring Bitcoin and creating yield-generating financial products based on its holdings.

According to public disclosures, in these three major PIPE rounds:

• Investors in both SharpLink Gaming and Upexi PIPEs: GSR, White Star Capital, Hivemind Capital
• Investors in both SharpLink Gaming and ProCap Financial PIPEs: ParaFi Capital, Arrington Capital
• Investors only in the Upexi PIPE: Big Brain Holdings, Anagram, Delphi Ventures, Maelstrom, Arthur Hayes Family Office, Borderless, Morgan Creek, Elune Capital, Delta Blockchain Fund
• Investors only in the ProCap Financial PIPE: Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Blockchain.com, BSQ Capital Partners, FalconX
• Investors only in the SharpLink Gaming PIPE: Electric Capital, Pantera Capital, Galaxy Digital, Hypersphere, Primitive Ventures, Republic Digital

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