Nearly $2 billion raised in the encryption sector in a single week! Marathon leads with $850 million in financing, and corporate on-chain treasury strategies are becoming a new trend.

Last week, the cryptocurrency sector experienced a massive financing wave, totaling nearly $2 billion, highlighting institutional confidence in digital assets, blockchain infrastructure, and on-chain treasury strategies. Bitcoin mining giant Marathon Digital (MARA) raised $850 million through convertible bonds (which can increase to $1 billion), primarily to increase its BTC holdings; publicly listed company Mill City Ventures invested $450 million to acquire SUI Tokens, becoming the first publicly listed company to adopt the Sui on-chain treasury strategy; FG Nexus transitioned to Ethereum native reserves, completing a $200 million financing; and ETH Strategy, focused on ETH on-chain management, raised $46.5 million (12,342 ETH). At the same time, RD Technologies (stablecoin infrastructure), Billions Network (AI identification), Stable (stablecoin L1), Subzero Labs (dApp infrastructure), and Zodia Custody (compliance trading) completed financing ranging from $40 million to $30 million. This round of financing focuses on RWA tokenization, compliant stablecoins, and enterprise on-chain asset management, reflecting capital's accelerated layout of practical Web3 solutions as the regulatory framework gradually becomes clearer.

Financing Highlights Overview (July 28 - August 2)

• Marathon Digital (MARA): $850 million zero-coupon convertible notes (due in 2032), reserved $150 million over-allotment option (total amount nearly $1 billion). The funds are primarily used to increase Bitcoin (BTC) holdings, with part allocated for debt refinancing and capped call transactions hedging.
• Mill City Ventures: $450 million private acquisition of 76.3 million SUI Tokens (average price $3.64), with follow-on investment from the Sui Foundation. The tokens are placed in a public listing vehicle, providing liquidity and exposure to the Sui network for retail/institutional investors. Plans to continue increasing holdings through over-the-counter (OTC) and public markets.
• FG Nexus: Fundamental Global has transformed and rebranded, announcing the adoption of Ethereum (ETH) as its primary reserve asset, completing a $200 million private placement (issuing 40 million pre-finance warrants @$5 each). The funds will be used to purchase ETH and support staking and DeFi yield strategies. Supported by institutions such as Galaxy Digital, Kraken, and DCG.
• ETH Strategy: Raised approximately $46.5 million (12,342 ETH) through private placements, public offerings, and puttable warrants. Of this, 11,817 ETH will be used for staking and protocol liquidity, with the remainder allocated for growth, audits, etc. Its fully on-chain ETH treasury model has attracted market attention.
• RD Technologies: $40 million Series A2 funding (total Series A amount $48 million), focusing on digital currency infrastructure and stablecoin asset tokenization. Collaborating with ZA Bank to develop a compliance stablecoin solution (custody, distribution), responding to the stablecoin licensing system implemented in Hong Kong on August 1, with a focus on promoting HKDR stablecoin and cross-border wallets.
• Billions Network: 30 million USD financing (with participation from Polychain, Coinbase Ventures, and Polygon) to expand the human-machine collaborative identification platform, addressing bot attacks, identity fraud, and Sybil attacks in Web3, while ensuring privacy and efficiency.
• Stable: 28 million USD seed round financing (led by Bitfinex and Hack VC, with follow-on investments from Franklin Templeton, KuCoin Ventures, etc.). Building a Layer 1 "stable chain" around USDT, aiming to achieve instant financial transactions with stablecoins, benefiting from the stablecoin payment regulatory framework provided by the U.S. "GENIUS Act".
• Subzero Labs: $20 million funding (led by Pantera Capital, with participation from Coinbase Ventures), founded by former Meta/Netflix engineers. Launched a decentralized infrastructure network Rialo, combining RISC-V architecture with Solana VM compatibility, simplifying dApp development, focusing on tokenization of assets, prediction markets, and AI agents.
• Zodia Custody: $18.125 million Series A funding (led by Pharsalus Capital and Tokenbay Capital, with participation from Circle Ventures). Provides non-custodial trading and cross-border payment solutions (primarily using USDC), connecting traditional finance (TradFi) with DeFi, supported by Standard Chartered.

Core Trend Interpretation

1. The Rise of Corporate On-Chain Treasury Strategies: Marathon increases its BTC holdings, FG Nexus transforms into ETH reserves, and Mill City allocates SUI, indicating that listed companies and investment institutions are actively incorporating Crypto Assets into their balance sheets, exploring staking yields and on-chain asset management.
2. RWA and stablecoin infrastructure are favored: The financing of RD Technologies and Stable, along with the layout under Hong Kong's new regulations, highlights the capital's increase in compliance stablecoin issuance and the tokenization of real-world assets (RWA) sector.
3. Regulatory Driven Compliance Solutions: The US "GENIUS Act" and Hong Kong's stablecoin licensing system provide a clear framework for Stable, RD Technologies, etc., promoting institutional-grade compliance solution financing.
4. Practical Web3 Infrastructure Funding: The financing of Billions Network (digital identification), Subzero Labs (dApp development platform), and Zodia Custody (institutional trading) reflects capital's inclination towards addressing real pain points and enhancing user experience.

Conclusion: The nearly 2 billion USD in financing within a single week marks an unprecedented influx of traditional capital into the Crypto Assets ecosystem. From the massive convertible bonds of Bitcoin mining companies to publicly listed companies allocating SUI on-chain assets, and FG Nexus embracing Ethereum reserves, enterprise-level on-chain fund management has become a clear trend. At the same time, the establishment of regulatory frameworks in places like Hong Kong and the United States has injected a strong dose of confidence into the stablecoin and RWA sectors, leading to the emergence of projects like RD Technologies and Stable. This round of financing not only demonstrates the recovery of institutional confidence but also reveals a strategic shift of capital towards compliance, practicality, and infrastructure level, paving the way for large-scale applications of Web3 in the next phase.