Zeta Network Group announced on Wednesday it had raised $230.8 millions through a private stock sale. Investors paid in Bitcoin.BTC) or SolvBTC — a wrapped Bitcoin-backed token issued by Solv Protocol.
The deal will see investors receive Class A Ordinary Shares and Warrants, which allow them to later purchase more shares for $2.55. The combined selling price for each share-warrant pair was $1.70.
According According to Zeta’s treasury, this arrangement strengthens its balance sheet by incorporating Bitcoin-based assets. “By integrating SolvBTC into our treasury, we’re enhancing financial resilience with an instrument that combines Bitcoin’s scarcity with sustainable yield,” Patrick Ngan was the Chief Investment Officer of Zeta Network.
Zeta Network (a digital infrastructure, fintech, and Bitcoin company) expects to close the deal on Thursday, depending on closing requirements.
Solv Protocol (also known as the Bitcoin Asset Management Platform) is a blockchain-based platform for managing Bitcoin assets. SolvBTC tokens are 1:1 wrapped Bitcoinbacked coins designed to be used by institutional investors in their yield and liquidity strategies.
Ryan Chow said, “The CEO of Solv Protocol is Ryan Chow.” “listed entities are redefining what it means to hold Bitcoin productively.”
Related: Solv brings RWA-backed Bitcoin yield to Avalanche blockchain
The Bitcoin Yield Strategy is emerging
While Bitcoin remains the primary asset for digital asset treasuries (DATs) — a strategy popularized by Michael Saylor in 2020 — some debate has emerged over whether proof-of-stake networks like Ethereum (ETHSolanaSOLValidators can earn a higher yield, which could lead to a longer-term investment profile.
Meanwhile, businesses are looking for ways to make Bitcoin work.
BlackRock, the largest asset manager in the world, registered a Delaware Trust Company for an unnamed client on September 25. Bitcoin Premium Income ETF. Eric Balchunas is a Bloomberg ETF analyst said This fund generates yields by selling covered call option contracts on Bitcoin futures, and then collecting premiums.
Coinbase launches a new service Bitcoin Yield Fund Institutional investors in the US and abroad will be able to access BTC’s yield in May. The fund aims to generate an annual net return of 4% to 8% for holders.
Chow, who spoke at Token2049 this year and said Bitcoin can be used as currency, also suggested that the Token2049 events could lead to a Bitcoin-based economy. staked to secure networks. He believes that thousands of Bitcoins will be used in proof-of stake ecosystems, such as Solana.
Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib
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Source: cointelegraph.com
