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 released by DWF Labs in late June this year 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.
Big Brain Holdings
The US crypto venture capital fund Big Brain Holdings recently became a key supporter of Upexi (NASDAQ:UPXI), a consumer goods development, manufacturing, and distribution enterprise. In July 2025, Upexi announced a convertible debt issuance worth $150 million, with the issuance using locked Solana (SOL) tokens as collateral, with a 2% interest rate for 24 months. Big Brain Holdings is the lead investor in this note financing. After the financing is completed, 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 field can be traced back to at least three months ago - in April 2025, GSR led a $100 million private investment in public equity (PIPE) for Upexi, with funds used to purchase and pledge Solana tokens. This helped Upexi establish a Solana-centric crypto treasury. Public reports show that after the transaction was announced, Upexi's stock price rose by about 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 also participated.
Moreover, in the largest initial financing in the history of listed Bitcoin financial reserve companies completed by ProCap Financial, multiple crypto venture capital firms were also involved. ProCap Financial was formed by the merger of ProCap BTC, a private company by former Morgan Creek partner Anthony Pompliano, 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
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