Zeta Community Group mentioned on Wednesday that it raised about $230.8 million by a personal share sale, with buyers paying in Bitcoin (BTC) or SolvBTC — a wrapped Bitcoin-backed token issued by Solv Protocol.
Below the deal, buyers will obtain newly issued Class A abnormal shares and warrants permitting them to purchase extra shares later at $2.55 every. Every share and warrant pair was bought at a mixed value of $1.70.
In response to Zeta, the association will strengthen its steadiness sheet with Bitcoin-based belongings as a part of a broader treasury technique. “By integrating SolvBTC into our treasury, we’re enhancing monetary resilience with an instrument that mixes Bitcoin’s shortage with sustainable yield,” mentioned Patrick Ngan, Zeta Community’s chief funding officer.
Zeta Community, a digital infrastructure and fintech firm creating an institutional Bitcoin platform, expects the deal to finalize on Thursday, pending closing necessities.
Solv Protocol is an onchain Bitcoin asset administration platform that points SolvBTC, a 1:1 wrapped Bitcoin-backed token designed for institutional use in yield and liquidity methods.
Ryan Chow, the CEO of Solv Protocol, mentioned that “listed entities are redefining what it means to carry Bitcoin productively.”
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Bitcoin yield methods emerge
Whereas Bitcoin stays the first asset for digital asset treasuries (DATs) — a method popularized by Michael Saylor in 2020 — some debate has emerged over whether or not proof-of-stake networks like Ethereum (ETH) or Solana (SOL), which generate yield for validators, may provide a extra enticing long-term return profile.
Within the meantime, firms are discovering methods to place Bitcoin to work.
On Sept. 25, the world’s largest asset supervisor, BlackRock, filed to register a Delaware belief firm for a Bitcoin Premium Earnings ETF. Bloomberg ETF analyst Eric Balchunas mentioned the proposed fund would generate yield by writing lined name choices on Bitcoin futures and gathering the choice premiums.
Coinbase launched a Bitcoin Yield Fund in Might, giving institutional buyers exterior the US publicity to yield on BTC holdings. The fund goals to generate an annual web return of 4% to eight% for holders.
Talking on the Token2049 occasion this yr, Chow mentioned Bitcoin might be staked to safe networks. Sooner or later, he expects 1000’s of Bitcoin to enter proof-of-stake ecosystems like Solana.
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