Blockworks

ETHZilla’s treasury is moving into DeFi, a strategy many Digital Asset Treasuries (DATs) talk about but haven’t executed at scale: split sleeves across liquid (re)staking providers, negotiate institutional terms, and favor long-duration capital over mercenary flows.



On Sept. 2, ETHZilla — currently the fifth-largest DAT by ETH held — <a href="https://www.prnewswire.com/news-releases/ethzilla-plans-to-deploy-100-million-in-eth-to-etherfi-for-restaking-initiatives-302543423.html?utm_source=chatgpt.com">said</a> it plans to deploy $100 million in ETH to Ether.fi, its first formal DeFi treasury mandate. Today, the company <a href="https://www.prnewswire.com/news-releases/ethzilla-to-deploy-approximately-47-million-in-eth-to-puffer-302567042.html">announced</a> it would deploy about $47 million into Puffer.



For <a href="https://blockworks.co/news/etherfi-launches-defibank-us-crypto">Ether.fi</a>, the pitch to institutions is partly economic and partly behavioral, according to Mike Silagadze, Ether.fi’s founder and CEO. The difference with DAT flows compared to retail is their durability.



“It’s nice to have like this long-standing capital,” Silagadze told Blockworks, adding that the staking provider incentivized the institutional allocator to the tune of “about $3 million” in tokens. Some DATs may choose to sell those tokens, of course.



“Some of the more conservative ones, their approach is, look, they&#8217;re going to sell the [ETHFI] immediately and compound it,” Silagadze said. Ether.fi is “fine either way.”



Puffer’s tranche amounts to 10,000 pufETH, according to contributor Amir Forouzani.



Puffer’s pufETH is “a yield bearing token that accrues value over time,” Forouzani told Blockworks. Beyond baseline staking rewards, Puffer “takes advantage of a combination of compounding and selling strategy of restaking rewards to maximize the returns on restaking,” Forouzani said.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="796" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1024&amp;h=1024" alt="" class="wp-image-108348" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Ethereum treasuries race: ETHZilla (red) has amassed just over 100k ETH, putting it roughly neck-and-neck with Bit Digital (BTBT, green) and well behind Ether Holdings (ETHM, purple), which leads public ETH treasuries with nearly 500k ETH. (BMNR and SBET — not shown — hold even larger positions.) Source: <a href="https://app.blockworksresearch.com/analytics/treasury-companies?dashboard=366">Blockworks Research</a>



The DAT’s goal: sleeves that are large enough to matter but diversified enough to avoid concentration in operators or AVSs and with predictable liquidity during stress. As for the details, ETHZilla leaves risk curation up to the service providers, Silagadze said.



“They&#8217;ve certainly asked questions — make sure that we&#8217;re being reasonable about it — but no, they haven&#8217;t gotten involved,” he said.



Blockworks reached an ETHZilla spokesperson but the company did not respond to questions for this story.



ETHZilla’s capital stack gives it room to run the playbook while it manages public-company optics. In a Sept. 22 update, the firm <a href="https://www.prnewswire.com/news-releases/ethzilla-announces-350-million-add-on-convertible-debenture-investment-and-provides-business-update-302562888.html">announced</a> a $350 million add-on convertible debenture investment alongside a broader business update, signaling continued access to financing even as it balances share repurchases and on-chain deployments.



Ether.fi says it’s seeing broad interest across the DAT landscape. “We’ve talked to all of them,” Silagadze said.



For Puffer, an extra yield kick may come from appchain revenue. As Puffer <a href="https://blockworks.co/news/ronin-becoming-ethereum-l2">rolls out its UniFi stack</a>, Forouzani says, “All sequencing fees (including MEV) will be captured and distributed fairly between the rollup owner and UniFi AVS.” That means pufETH holders should eventually accrue a slice of sequencing/MEV fees tied to based appchains secured by UniFi.



If ETHZilla can keep sleeves “sticky,” it may prove that institutional restaking isn’t just possible, it’s better than vanilla ETFs — with or without staking yield.



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DATs

ETHZilla leans into sticky restaking with Ether.fi and Puffer

Strive, Inc. said on Monday that it will acquire Semler Scientific, Inc. in an all-stock transaction that will significantly expand its corporate Bitcoin holdings.



The merger <a href="https://www.globenewswire.com/news-release/2025/09/22/3153902/0/en/Strive-Inc-Nasdaq-ASST-and-Semler-Scientific-Inc-Nasdaq-SMLR-Announce-Bitcoin-Treasury-Merger-in-All-Stock-Transaction.html">values</a> Semler at a 210% premium, with each of its shares exchanged for 21.05 Strive Class A shares. Alongside the announcement, Strive disclosed the purchase of 5,816 Bitcoin at an average cost of $116,047 each, or roughly $675 million, bringing its total treasury to 5,886 Bitcoin.



After closing, the combined company expects to hold more than 10,900 Bitcoin, a figure that would place it among the fastest-growing corporate Bitcoin holders.



Strive, which went public in 2022 as the first Bitcoin-focused asset manager, has pursued a strategy of accumulating Bitcoin per share to outperform the asset long-term. By contrast, Semler Scientific entered the market as the second U.S. public firm to adopt Bitcoin as a primary reserve asset, funding purchases with equity and cash flows from its medical diagnostics operations.



Semler’s flagship product, QuantaFlo, is an FDA-cleared test for peripheral arterial disease. The merged company plans to explore monetizing or distributing this diagnostics business while expanding into preventative healthcare.



The boards of both companies unanimously approved the transaction, which is subject to standard regulatory and shareholder approvals. Strive’s management team will remain in place, while Semler’s executive chairman Eric Semler is expected to join the board.



The companies say they intend to pursue a “preferred equity only” model to avoid debt risks common in leveraged Bitcoin strategies.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
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Strive acquires Semler Scientific in Bitcoin-focused merger

Brera Holdings PLC has formally announced it will rebrand as Solmate, establishing a Solana-based digital asset treasury (DAT) and crypto infrastructure company following an oversubscribed $300 million Private Investment in Public Equity (PIPE).



The <a href="https://www.globenewswire.com/news-release/2025/09/18/3152510/0/en/Wall-Street-Finds-Its-Solmate-Brera-Holdings-PLC-NASDAQ-BREA-Announces-Oversubscribed-300-Million-Private-Placement-to-Fund-Establishment-of-Solana-Digital-Asset-Treasury-Backed-by.html">transaction</a> is backed by the Solana Foundation, UAE-based investors via the Pulsar Group, and institutional players like ARK Invest.



Solmate intends to build out core Solana staking infrastructure in the UAE, including deploying bare-metal servers in Abu Dhabi that are configured to outperform typical DAT validator strategies. It will also focus on accumulating $SOL and generating revenue from staking operations.



Leadership will include Marco Santori as CEO (formerly Chief Legal Officer at Kraken), with board seats held by economist Dr. Arthur Laffer, RockawayX CEO Viktor Fischer, and additional seats to be appointed by the Solana Foundation.



The move is designed to align Solmate with the UAE’s digital transformation goals and position the country as a global hub for the Solana ecosystem. Dual listings on Nasdaq and UAE exchanges are anticipated. Meanwhile, Solmate will continue to operate Brera Holdings’ existing multi-club sports ownership portfolio.



Cantor Fitzgerald is serving as the exclusive placement agent on the PIPE, with Lowenstein Sandler LLP and DLA Piper LLP advising on legal matters. The inclusion of global financial and legal heavyweights signals a coordinated effort to bridge Wall Street capital with emerging blockchain infrastructure in the Middle East.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Brera Holdings rebrands as Solmate, launches DAT after $300M raise

Forward Industries is continuing to bet big on Solana. The Nasdaq-listed company said on Wednesday that it will raise up to $4 billion through an at-the-market equity program, with proceeds aimed at expanding its SOL holdings.



The program, arranged with Cantor Fitzgerald, <a href="https://www.businesswire.com/news/home/20250916485458/en/Forward-Industries-Announces-%244-Billion-At-The-Market-Equity-Offering-Program">allows</a> Forward to sell shares directly into the market over time instead of in a single issuance. The company said the flexible structure will support its Solana-focused treasury strategy, which has already included the purchase of more than 6.8 million SOL this year.



Chairman Kyle Samani described the program as a way to keep building the company’s Solana position while giving it room to fund other growth initiatives. Forward’s strategy is backed by investors including Galaxy Digital, Jump Crypto, and Multicoin Capital, positioning it as one of the largest public firms centered on Solana rather than Bitcoin or Ethereum.



Forward acknowledged that its stock price may become tightly linked to the value of SOL, a token known for sharp volatility. US regulators have also raised questions about how companies account for and disclose crypto holdings, leaving open the possibility of shifting compliance requirements.



Still, the scale of the raise highlights how some public companies are using traditional capital markets to double down on digital asset strategies. If fully executed, the $4 billion program would make Forward one of the most aggressive corporate buyers of Solana to date.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Forward Industries launches $4B Solana treasury equity plan

Helius Medical Technologies (Nasdaq: HSDT) has announced that it has raised more than $500 million in a private investment in public equity offering led by Pantera Capital and Summer Capital to launch a Solana-focused treasury company.



Other backers include Big Brain Holdings, Avenir, SinoHope, FalconX, Arrington Capital, Animoca Brands, Aspen Digital, Borderless, Laser Digital, HashKey Capital, and Republic Digital.



The deal <a href="https://www.prnewswire.com/news-releases/helius-nasdaqhsdt-in-partnership-with-pantera-capital-and-summer-capital-announces-over-500-million-in-funding-to-launch-sol-treasury-company-302556157.html">includes</a> common stock, pre-funded warrants, and stapled warrants exercisable over three years, potentially expanding the total investment to $1.25 billion. Net proceeds will be used to acquire SOL, which Helius plans to designate as its primary reserve asset.



Helius’ move is part of a growing wave of public companies that are adding SOL to their balance sheets, not just for speculative upside, but for utility, yield, and strategic exposure to the Solana blockchain ecosystem.



Firms such as Upexi Inc. (UPXI), DeFi Development Corp. (DFDV), and Sharps Technology (STSS) have already accumulated millions of SOL. As of early September 2025, 13 publicly listed companies collectively hold ~8.9 million SOL (worth roughly $1.8 billion) — which equates to about 1.55% of Solana’s circulating supply.



Key features of these SOL treasuries include staking yield at ~7%, where SOL is staked to help secure the network in return for rewards, as well as holding SOL outright for its performance and ecosystem growth. According to the press release, Helius will pursue the same approach, aiming to benefit from Solana’s native staking yield.



The initiative will be overseen by Joseph Chee, incoming director and executive chairman of Helius and founder of Summer Capital, with Pantera Capital’s Cosmo Jiang as board observer and Dan Morehead as advisor.



The offering is expected to close by September 18, pending customary conditions. Clear Street acted as financial advisor, with Maxim Group and Tiger Securities as co-placement agents.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Helius raises $500 million with Pantera to build Solana treasury

David Canellis

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If you’re waiting for the conversation to shift away from Digital Asset Treasury companies, prepare to wait longer. Same goes for those anticipating a cascade of implosions.



“ You probably end up having an evolution of these DATs, where instead of just putting a one-to-one token in it, DATs basically become this vehicle through which capital ends up getting mobilized in the TradFi world and then deployed onchain at scale,” Yano posited on today’s Empire podcast to Ethena Labs CEO Guy Young.



With that in mind, Yano wondered whether the over-leveraged blowups at the end of 2021 and into 2022 has Young scared of a redux.



In the cases where the carry trade is collateralized one-to-one with the target asset — for example, raising $5 billion to deploy $5 billion — the stablecoin founder doesn’t see cause for concern.



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/NrIfwXyVtWQ?si=-c9z_b39j_eV-uPQ" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







“I think the risk obviously comes if you start to lever up all of the underlying assets and you&#8217;re, you know, 2x long ETH within the vehicle itself, and then these things start getting liquidated. Obviously that becomes a bit more challenging,” Young said.



“I think the one thing that&#8217;s good is that they&#8217;re all much more transparent vehicles, right? Like, we couldn&#8217;t really see into the balance sheets of all of the entities that blew up last cycle, while here, you actually have disclosure requirements to be showing to the market. So anyone who&#8217;s reading those documents will be well aware of how much leverage there actually is.”



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Shifts in strategy, increased transparency may help DATs evolve

Ben Strack

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Because companies accumulating crypto (aka digital asset treasuries, or DATs) have created quite the buzz this summer, it’s worth addressing reported guidance such firms are getting from a major exchange.&nbsp;



The TL;DR, you ask? Nasdaq told companies listed on its exchange that their shareholders, “under certain circumstances,” would need to approve plans to raise money to buy crypto, Yueqi Yang <a href="https://www.theinformation.com/articles/nasdaq-steps-scrutiny-companies-loading-crypto?offer=rtsu-engagement-25%2Crtsu-featured-articles-pro&amp;utm_campaign=RTSU%3A+Nasdaq+Steps+U&amp;utm_content=9928&amp;utm_medium=email&amp;utm_source=cio&amp;utm_term=6713">reported</a>.



I got ahold of a rep at Nasdaq, who declined to comment.



But let’s take a moment to clarify something. The exchange has not created any new rules specific to crypto-linked companies. Any guidance given to industry firms deals with adhering to existing standards (feel free to peruse those <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5600-series#nasdaq-rule_5635">here</a>).&nbsp;



Among the companies reportedly in the crosshairs here was Heritage Distilling, Finality Capital Partners’ David Grider’s X post shows.&nbsp;



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1178" height="1262" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=1024&amp;h=1024" alt="" class="wp-image-107313" style="width:645px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=1178 1178w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=280 280w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=956 956w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=240 240w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=244 244w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=204 204w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-56.png?w=75 75w" sizes="auto, (max-width: 1178px) 100vw, 1178px" /></figure>



My colleague Byron Gilliam — author of <a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown newsletter</a> — gave this <a href="https://blockworks.co/news/overconfidence-in-crypto-markets">take</a> yesterday: “That doesn’t seem like a lot to ask — shouldn’t shareholders get to vote on such a major change of direction?”



Put simply, I agree. And others — like Federico Brokate, head of 21Shares’ US business — tell me they too are not surprised, given exchanges long prioritizing investor protection.



“Transitioning to a digital asset treasury significantly alters a company’s risk and return profile, making it crucial for boards and investors to be aligned in their understanding and approval of such a strategic move,” the ex-BlackRock exec said.



Bitwise senior investment strategist Juan Leon added: “The change reinforces a trend: institutional investors are increasingly embracing crypto, but looking for transparency and governance standards.”&nbsp;



The more important question seems to be how this would impact what has become <a href="https://blockworks.co/news/companies-holding-crypto-phase-one">a bit of a craze</a>. The splash of colors on the right side of this chart show how many more companies have begun stockpiling bitcoin, ether and other tokens this summer:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="865" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=1024&amp;h=1024" alt="" class="wp-image-107346" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-57.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Shares of Strategy — holder of a bazillion or so bitcoin (636,505 BTC, in actuality) — dipped Thursday, seemingly in response to the report.



BitMine Immersion, which boasts the <a href="https://blockworks.co/news/eth-treasury-companies-growth">largest corporate ETH treasury</a> and also saw a share price decline Thursday, felt the need to share an X post in the story’s wake.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">For those wondering&#8230; BitMine is listed on the NYSE American. BitMine is able to issue shares via its existing shelf registration without shareholder approval. Ticker: <a href="https://twitter.com/search?q=%24BMNR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BMNR</a> Chairman: Thomas &quot;Tom&quot; Lee <a href="https://twitter.com/fundstrat?ref_src=twsrc%5Etfw">@fundstrat</a>&mdash; Bitmine BMNR (@BitMNR) <a href="https://twitter.com/BitMNR/status/1963687490557980692?ref_src=twsrc%5Etfw">September 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“We don’t anticipate this rule will significantly deter corporate interest in adding crypto to balance sheets,” Brokate noted. “While it may introduce some delays as boards and shareholders assess the risks and benefits, it’s unlikely to stifle overall demand.”



Leon agreed about Nasdaq’s reported guidance potentially slowing adoption, particularly for smaller companies seeking to replicate MSTR’s model. Over the longer term, it could “concentrate the crypto treasury strategy among better-capitalized, high-conviction firms willing to navigate the governance process,” he added.



That doesn’t seem like a bad thing at all — and could help investors more easily navigate a subsector some <a href="https://fortune.com/crypto/2025/07/30/bitcoin-treasuries/">remain skeptical of</a>. Perhaps you saw what <a href="https://x.com/nic__carter/status/1928447918354149728">Nic Carter</a> and Blockworks’ own <a href="https://x.com/MikeIppolito_/status/1927450775870931015">Michael Ippolito</a> had to say about these vehicles as far back as May.&nbsp;



“For investors, that means the wild-west phase of public companies casually turning into crypto vehicles is ending,” Leon explained.&nbsp;



Perhaps only a handful of these crypto-accumulating machines reach scale and withstand the test of time. But we’re likely to see <a href="https://blockworks.co/news/companies-building-btc-treasuries-corporate-reserves">many more</a> quietly putting a small percentage of reserves toward BTC, for example, as a hedge against uncertainty.



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Nasdaq’s reported guidance to DATs ‘unlikely to stifle overall demand’

Jack Kubinec

Multicoin Capital managing partner Kyle Samani is expected to serve as chairman for a forthcoming Solana treasury vehicle, three sources with knowledge of the matter said.



Multicoin hatched plans for a potential $1 billion Solana digital asset treasury company, alongside Galaxy Digital and Jump Crypto, Bloomberg first <a href="https://www.bloomberg.com/news/articles/2025-08-25/galaxy-jump-multicoin-seek-1-billion-for-buying-solana-token">reported</a>.



According to the report, the DAT is expected to be created via a takeover of an undisclosed publicly traded entity. The transaction is yet to take place.&nbsp;



Multicoin and Galaxy declined to comment. Samani and Jump did not return requests for comment.



Samani’s role as chairman could answer a question on many Solana watchers’ minds lately: <a href="https://blockworks.co/news/solana-wall-street-champion">Who will be Solana’s version of Michael Saylor?</a>&nbsp;



Multicoin first <a href="https://www.crunchbase.com/funding_round/solana-io-seed--6b558739">invested</a> in Solana during the blockchain’s 2018 seed round, and Samani has become one of the network’s staunchest advocates.



Samani frequently posts in Solana’s favor — and <a href="https://x.com/KyleSamani/status/1962520401915027808">trolls</a> its competitors — to his more than 170,000 followers on X. Samani’s chairmanship could set him up for a similar role to Strategy executive chairman Michael Saylor and BitMine chairman Tom Lee, who have become well-known for television appearances and social media posts praising bitcoin and ether — which are held by their respective DATs.



If Multicoin, Galaxy, and Jump’s forthcoming DAT is able to raise and deploy $1 billion, it would become the largest Solana treasury vehicle as things stand today. The current leader, Upexi, has a net asset value of $413 million, according to Blockworks Research <a href="https://blockworks.com/analytics/treasury-companies">data</a>.&nbsp;



Solana treasury companies are proportionally smaller overall than for BTC or ETH. Just 1% of SOL is held by treasury companies, compared to 3.4% and 2.9% of bitcoin and ether, respectively.



Updated 9/5/2025 at 1:42 p.m. ET: Michael Saylor is Strategy executive chairman.



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Multicoin’s Kyle Samani expected to be chairman for Solana treasury company: Sources

Sora Ventures has announced plans to launch Asia’s first $1 billion Bitcoin treasury fund, aiming to accelerate regional adoption of corporate Bitcoin reserves.



The announcement came during Taipei Blockchain Week, with the firm disclosing $200 million in initial institutional commitments from Asia-based partners. Sora Ventures said it intends to complete the Bitcoin acquisitions within six months, positioning the vehicle as the largest coordinated treasury initiative in the region.



The effort comes amid a broader surge in corporate crypto treasury strategies, first popularized by U.S. firms like MicroStrategy and Block. Blockworks reporting shows companies added billions in digital assets in recent months.



That includes Strategy Inc.’s 636,505 BTC, BitMine Immersion’s 1.87 million ETH, and SharpLink’s recent 39,008 ETH acquisition. Ether Machine, preparing for a Nasdaq debut, has also raised 150,000 ETH in financing, bringing its total holdings close to half a million ETH.



Sora’s fund aims to support both existing treasury participants and new entrants, including Metaplanet in Japan, as well as Moon Inc., BitPlanet and DV8 in Southeast Asia. Sora is also part of a consortium seeking a controlling stake in Thai-listed DV8 to further expand Bitcoin treasury access in the region. Blockworks Research data shows how corporate crypto treasuries have expanded well beyond Bitcoin, with firms now holding more than $90 billion in BTC, $12 billion in ETH, and nearly $1 billion in SOL.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=1024&amp;h=1024" alt="" class="wp-image-107228" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-43.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Aggregate market cap of crypto treasury companies by asset | Source: Blockworks Research</figcaption></figure>



Strategy (MSTR) leads with 636,505 BTC worth $70.5 billion, while BitMine tops Ethereum holders with 1.87 million ETH, and Solana exposure is spread across companies like Upexi and Sharps Technology, which each hold roughly 2 million SOL.



Aggregate treasury assets have now exceeded $100 billion in market value, with some firms allocating more than 80% of total assets to crypto.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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