Author: Zen, PANews
Original Title: Behind the Crypto Reserve Strategies of Listed Companies, Which Crypto VCs Are Making Efforts?
In recent years, an increasing number of listed companies have incorporated crypto assets into their balance sheets, from MicroStrategy first betting on Bitcoin, to Trump Media & Technology Group raising $2.5 billion to build a Bitcoin Treasury, and then to several traditional industrial and tech giants cautiously testing stablecoin or Ethereum strategic reserves. According to BitcoinTreasuries, as of July 17, 154 listed companies have adopted Bitcoin strategic reserves; additionally, a research report by DWF Labs released in late June indicates that listed companies have cumulatively invested up to $76 billion in crypto assets.
Besides the Trump administration's crypto-friendly policies and MicroStrategy's demonstration effect, the wave is also supported by crypto venture capitals and Web3 funds focusing on institutional-level digital asset layouts - they provide comprehensive solutions for listed companies, including crypto currency purchases, tokenized equity, stablecoin settlement, and on-chain treasury management through methods like leading PIPE investments, convertible bonds, and reverse mergers.
The main institutions driving the crypto transformation of listed companies have expanded from early players like Pantera Capital, Animoca Brands, and Sora Ventures to include DWF Labs, Big Brain Holdings, GSR, Bain Capital Crypto, with more crypto VCs joining recently.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and terminology]Primitive Ventures
According to Primitive Ventures, starting from the beginning of 2025, the institution began focusing on "Digital Asset Reserve PIPE" as a key research direction, systematically screening and participating in representative transactions to support listed companies with Ethereum-based crypto assets as core reserve strategies. Primitive Ventures also participated in SharpLink Gaming's $425 million private equity financing announced in May this year. Primitive believes that BTC-based strategies mainly rely on financing to purchase coins, lack asset-generated revenue, and have higher leverage risks. In contrast, SBET has the potential to directly utilize ETH staking returns and DeFi ecosystem to achieve compound growth on-chain, creating actual value for shareholders.
Big Brain Holdings
The US crypto venture capital fund Big Brain Holdings has recently become a key supporter of Upexi (NASDAQ:UPXI), a consumer goods development, manufacturing, and distribution enterprise. In July 2025, Upexi announced a $150 million convertible debt issuance, with locked Solana (SOL) tokens as collateral, a 2% coupon rate, and a 24-month term. Big Brain Holdings is the lead investor in this note financing. After the financing, Upexi is expected to hold approximately 1.65 million SOL, exceeding the previously disclosed 735,000 Solana, significantly enhancing the company's on-chain treasury size.
GSR
Upexi's expansion into the cryptocurrency domain can be traced back to at least three months ago - in April 2025, GSR led a $100 million private placement (PIPE) to Upexi, with funds used to purchase and stake Solana tokens. This helped Upexi establish a Solana-core crypto treasury. Public reports show that after the transaction was announced, Upexi's stock price rose by around 700%, highlighting the market's enthusiastic response to the company's digital asset strategy. GSR stated that this transaction reflects the growing demand from traditional capital for high-quality crypto assets. Additionally, GSR also participated in SharpLink's $425 million private placement.
Other Participants
In the Upexi $100 million private placement led by GSR and the SharpLink Gaming $425 million private placement led by ConsenSys, many well-known crypto VCs participated in the investment.
Moreover, in ProCap Financial's financing, which is the largest in the history of listed Bitcoin financial reserve companies, multiple crypto venture capital firms also participated. ProCap Financial was formed by the merger of Anthony Pompliano's private company ProCap BTC (a former Morgan Creek partner) and the Nasdaq SPAC Columbus Circle Capital. Pompliano simultaneously announced the completion of a $750 million financing, which will focus on purchasing Bitcoin and developing profit-generating financial products based on holdings.
According to public information, in these three major private placements:
- Institutions participating in both SharpLink Gaming and Upexi private placements include: GSR, White Star Capital, Hivemind Capital
- Institutions participating in both SharpLink Gaming and ProCap Financial include: ParaFi Capital, Arrington Capital
- Institutions participating only in Upexi private placement include: Big Brain Holdings, Anagram, Delphi Ventures, Maelstrom, Arthur Hayes Family Office, Borderless, Morgan Creek, Elune Capital, Delta Blockchain Fund
- Institutions participating only in ProCap Financial private placement include: Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Blockchain.com, BSQ Capital Partners, FalconX
- Institutions participating only in SharpLink Gaming private placement include: Electric Capital, Pantera Capital, Galaxy Digital, Hypersphere, Primitive Ventures, Republic Digital
