Nasdaq-listed Zeta Network raises $230M in Bitcoin-backed private sale

Zeta Network Group said connected Wednesday that it raised astir $230.8 cardinal done a backstage stock sale, with investors paying successful Bitcoin (BTC) oregon SolvBTC — a wrapped Bitcoin-backed token issued by Solv Protocol.

Under the deal, investors volition person recently issued Class A mean shares and warrants allowing them to bargain further shares aboriginal astatine $2.55 each. Each stock and warrant brace was sold astatine a combined terms of $1.70.

According to Zeta, the statement volition fortify its equilibrium expanse with Bitcoin-based assets arsenic portion of a broader treasury strategy. “By integrating SolvBTC into our treasury, we’re enhancing fiscal resilience with an instrumentality that combines Bitcoin’s scarcity with sustainable yield,” said Patrick Ngan, Zeta Network’s main concern officer.

Zeta Network, a integer infrastructure and fintech institution processing an organization Bitcoin platform, expects the woody to finalize connected Thursday, pending closing requirements.

Solv Protocol is an onchain Bitcoin plus absorption level that issues SolvBTC, a 1:1 wrapped Bitcoin-backed token designed for organization usage successful output and liquidity strategies.

Ryan Chow, the CEO of Solv Protocol, said that “listed entities are redefining what it means to clasp Bitcoin productively.”

Related: Solv brings RWA-backed Bitcoin output to Avalanche blockchain

Bitcoin output strategies emerge

While Bitcoin remains the superior plus for integer plus treasuries (DATs) — a strategy popularized by Michael Saylor successful 2020 — immoderate statement has emerged implicit whether proof-of-stake networks similar Ethereum (ETH) oregon Solana (SOL), which make output for validators, could connection a much charismatic semipermanent instrumentality profile.

In the meantime, companies are uncovering ways to enactment Bitcoin to work.

On Sept. 25, the world’s largest plus manager, BlackRock, filed to registry a Delaware spot institution for a Bitcoin Premium Income ETF. Bloomberg ETF expert Eric Balchunas said the projected money would make output by penning covered telephone options connected Bitcoin futures and collecting the enactment premiums.

Source: Eric Balchunas

Coinbase launched a Bitcoin Yield Fund successful May, giving organization investors extracurricular the US vulnerability to output connected BTC holdings. The money aims to make an yearly nett instrumentality of 4% to 8% for holders.

Speaking astatine the Token2049 lawsuit this year, Chow said Bitcoin could beryllium staked to unafraid networks. In the future, helium expects thousands of Bitcoin to participate proof-of-stake ecosystems similar Solana.

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