Zeta Network Group announced on Wednesday that the company successfully raised approximately $230.8 million through a private equity sale, with investors paying in BTC or SolvBTC (a BTC-backed wrapped token issued by Solv Protocol).
According to the transaction agreement, investors will receive newly issued Class A common stock and warrants, which allow them to purchase additional shares in the future at a price of $2.55 per share. The combination price for each pair of stock and warrants is $1.70.
Zeta stated that this arrangement will strengthen the company's balance sheet by introducing BTC as a foundational asset, as a key part of its broader treasury strategy. Zeta Network's Chief Investment Officer Patrick Ngan noted, "By integrating SolvBTC into our treasury, we are leveraging a tool that combines the scarcity of BTC with sustainable yield characteristics to enhance financial resilience."
As a digital infrastructure and fintech company focused on developing institutional-grade BTC platforms, Zeta Network expects the transaction to be officially completed on Thursday, pending the satisfaction of closing conditions.
Solv Protocol is an on-chain BTC asset management platform, and its issued SolvBTC is a 1:1 BTC-backed wrapped token designed for institutional use in yield and liquidity strategies.
Solv Protocol CEO Ryan Chow stated, "Public entities are redefining the meaning of productive holding of BTC."
While BTC remains the primary asset in digital asset treasuries (DATs)—a strategy promoted by Michael Saylor in 2020—the industry has begun discussing whether proof-of-stake networks like Ethereum (ETH) or Solana (SOL) can offer more attractive long-term return prospects.
Meanwhile, companies are actively exploring how to create value from Bitcoin assets.
On September 25, the world's largest asset management firm, BlackRock, applied to register a Delaware trust company to establish a BTC premium yield ETF. Bloomberg ETF analyst Eric Balchunas explained that the fund plans to generate income by writing covered call options on BTC futures and collecting option premiums.
Coinbase launched a BTC yield fund in May, providing BTC holding yield exposure for institutional investors outside the U.S. The fund aims to generate an annual net return of 4% to 8% for holders.
During this year's Token2049 event, Chow stated that BTC can be staked to secure network safety. He predicted that thousands of BTC will enter proof-of-stake ecosystems like Solana in the future.
Related: Democrats oppose U.S. crypto bill framework, bill stalls
Original: “Zeta Network, a Nasdaq-listed company, raises $230 million in a Bitcoin (BTC)-backed private sale”
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