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 that would allow them to later purchase more shares for $2.55. Each pair of shares and warrants was sold for a total price of $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 is 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, an onchain Bitcoin Asset Management Platform, issues SolvBTC – a wrapped Bitcoin-backed 1:1 token for use by institutions in yield and liquidity strategy.
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 (ETHSolanaSOL(), which provide yield to validators could have a better long-term performance.
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 The fund’s proposed strategy would be to write covered call options and collect the premiums on Bitcoin Futures.
Coinbase is launched Bitcoin Yield Fund Institutional investors in the US and abroad will be able to access BTC’s yield when it is released on May 1. 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 expects that in the future thousands of Bitcoin will enter Proof-of-Stake eco-systems such as Solana.
Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
