上市公司不是孤军作战：加密 VC 已在场边推手

比推Pubblicato 2025-07-21Pubblicato ultima volta 2025-07-21

作者：Zen，PANews

原文标题：上市公司加密储备战略背后，有哪些加密VC在发力？

近年来，越来越多的上市公司将加密资产纳入资产负债表，从微策略（MicroStrategy）率先押注比特币，到特朗普媒体（Trump Media & Technology Group）筹集 25 亿美元构建比特币国库，再到多家传统工业与科技巨头小规模试水稳定币或以太坊战略储备。据BitcoinTreasuries显示，截至7月17日，已有154家上市公司采用比特币战略储备；另据DWF Labs于今年6月底发布的研究报告指出，上市公司累计投入加密资产高达760亿美元。

除了特朗普政府的加密友好政策、以及微策略的示范作用外，在背后支撑这一浪潮的，还有专注于机构级数字资产布局的加密风投与 Web3 基金——它们通过领投 PIPE（Private Investment in Public Equity，私募股权投资已上市公司股份）、可转债、反向并购等方式，为上市公司提供加密货币买入、代币化股权、稳定币结算与链上国库管理等全方位解决方案。

推动上市公司加密化的主力机构，已从早期的 Pantera Capital、Animoca Brands、Sora Ventures，扩展到包括 DWF Labs、Big Brain Holdings、GSR、Bain Capital Crypto等，近期越来越多的加密VC开始加入这一行列。

Pantera Capital

Pantera 投资了多家 DAT（Digital Asset Treasury）公司，其中最著名的是长期比特币布道者 Jack Mallers领导的金融服务公司Twenty One Capital（纳斯达克股票代码：CEP），Pantera也是其PIPE 融资轮里投入资金最多的机构。Twenty One正试图效仿 MSTR 的策略，并得到了Tether、软银和 Cantor Fitzgerald这三家行业巨头的支持。Pantera指出，Twenty One 的规模刚好足以利用所有资本市场工具，同时市值也较小，因此它能够灵活地以比 MSTR 更快的速度实现 BPS 的增长，并以更高的溢价进行交易。

此外，Pantera还领投了 DeFi Development Corp（纳斯达克股票代码：DFDV，前身为 Janover），该公司在美国掀起了 DAT 的潮流。DFDV 由首席执行官 Joseph Onorati 和首席信息官 Parker White 领导，正在借鉴 MSTR 的策略，但将其应用于 Solana。Pantera认为，Solana 是 BTC 的一个有趣替代品，原因包括：由于成熟期较短，其上涨空间可能比 BTC 更大；波动性高于 BTC，这意味着利用这种波动性可以实现更高的收益；其质押收益部分可以促进每股 SOL 的增长；由于目前可用的替代品较少，因此 Solana 拥有更多尚未开发的需求。

除了支持持有比特币和Sol财库的上市公司，Pantera同样投资了美国首家以太坊数字资产财务公司 Sharplink Gaming (SBET)。SBET 由以太坊联合创始人Joe Lubin执掌的软件公司 Consensys 牵头推出ETH财库策略，Pantera 已与其团队合作超过十年。

Galaxy Digital

2025 年 5 月，特朗普媒体宣布通过发行 15 亿美元普通股和 10 亿美元可转债，筹集约 25 亿美元用于比特币国库建设。Galaxy Digital 不仅作为该笔债权与股权融资的财务顾问，同时也是主承销商之一，为公司设计融资结构并承诺提供流动性支持。

此前，Galaxy Digital 已协助 GameStop 与 AMC 等非加密原生企业开展加密支付与国库实验，并在若干 SPAC 合并中担任顾问，推动标的公司将数字资产纳入其战略资产配置。Galaxy 于 2024–2025 年间累计参与超过 8 亿美元上市公司加密相关融资，涵盖股权投资、债务融资与顾问服务多个层面。

Animoca Brands

2025年7月，Animoca宣布与餐饮和包装食品公司DayDayCook (DDC，日日煮）签署了一份不具约束力的谅解备忘录 (MOU)。根据双方发布的联合声明，Animoca将向DDC的比特币国库收益策略投入高达1亿美元比特币。Animoca的联合创始人Yat Siu也讲加入DDC的“比特币愿景委员会”（Bitcoin Visionary Council），为其国库管理和收益优化提供战略指导。DDC Enterprise于今年5月公布了其比特币资金储备计划，目标是在三年内购买5,000枚比特币，并在当月为其企业资金储备购买了 21 枚比特币。

此外，作为在NFT热潮中崛起的Web3 行业的知名投资者，Animoca本身也在寻求赴美上市的机会。据《金融时报》报道，Yat Siu 表示Animoca正计划在纽约公开上市，力求抓住特朗普政府数字资产监管方式提供的“独特时机”。随着NFT和GameFi项目的衰退，除投资外，Animoca Brands 最新的财务报告还显示其正向咨询服务转型，涵盖代币咨询、代币经济学、营销、上市咨询、节点运营和交易服务。

Sora Ventures

2024年12月，Sora Ventures宣布推出规模1.5亿美元的基金，目标是为亚洲上市公司复制MicroStrategy式的比特币国库管理模式。基金将重点关注日本、香港、泰国、台湾和韩国等市场的上市公司。首个受益案例是日本东京证券交易所上市的Metaplanet公司，后者在2024年股价飙涨逾1000%，成为东京证券交易所表现最佳的股票。

今年5月，Sora Ventures通过与纳斯达克上市的香港奢侈品分销商Top Win International的战略合并，进入公开市场并更名为AsiaStrateg。此次合并使TopWin获得Sora的比特币专业知识，后者将参与TopWin的投资与国库管理。TopWin已宣布将采用比特币储备战略，并计划动用1.5亿美元资金支持亚洲市场上至少十家上市公司的比特币国库项目。

日前，包含 Sora Ventures、AsiaStrategy、Metaplanet CEO Simon Gerovich 及韩国投资机构 KCGI 在内的比特币投资者联盟，通过向韩国 KOSDAQ 上市软件服务商 SGA 定向增发约 58,862,249 股新股，合计募资约 2500 万美元。SGA 计划利用新资本支持其日常运营，并在数字资产领域开展新的业务计划。

DWF Labs

2025年6月，健身器材和数字健身服务公司Interactive Strength（Nasdaq：TRNR）宣布签署总规模高达 5 亿美元的“FET 代币国库”融资框架，首笔 5,500 万美元由 ATW Partners 和 DWF Labs 共同投资。资金将专用于通过 BitGo 平台购买 Fetch.ai 的 FET 代币，作为其资产负债表中的链上配置资产。TRNR称若计划能完全落地，预计将使其拥有最大的专注于AI代币的公开上市加密资产库。据DWF Labs官方发布的研究文章，其将继续在美国股票市场中探索构建类似交易的新机会。

Primitive Ventures

据Primitive Ventures撰文，自 2025 年初起，该机构开始将“数字资产储备金 PIPE”作为重点研究方向，系统筛选并参与各类代表性交易，以资本助力那些以以太坊为主的加密资产为核心储备策略的上市公司。在 SharpLink Gaming 于今年5月宣布完成4.25 亿美元的私募股权融资中，Primitive Ventures亦有参与。Primitive认为，以BTC 为基础的策略主要依靠融资购币，不具备资产自产收益，杠杆风险更高。而 SBET 则有潜力直接利用 ETH 的质押收益和 DeFi 生态，在链上实现复利增长，为股东创造实际价值。

Big Brain Holdings

美国加密风险投资基金Big Brain Holdings近期成为消费品开发、制造和分销企业Upexi（ NASDAQ:UPXI）的重要支持者。2025年7月，Upexi宣布进行价值1.5亿美元的可转债发行，发行人以锁定的Solana（SOL）代币作为抵押，票面利率2%，为期24个月。Big Brain Holdings是该笔票据融资的主导投资者。融资完成后，Upexi预计持有约165万枚SOL，超过此前披露的73.5万枚Solana，大幅提升了公司链上国库规模。

GSR

Upexi将业务拓展至加密货币领域至少要追溯到三个月之前——2025年4月，GSR牵头向Upexi进行一笔1亿美元的私募发行（PIPE），资金用于购买并质押Solana代币。此举帮助Upexi建立了以Solana为核心的加密国库。公开报道显示，该交易公布后，Upexi股价应声上涨约700%，凸显市场对企业数字资产战略的热烈反应。GSR方面称，此交易反映了传统资本对高质量加密资产日益增长的需求。此外，GSR同样参与了SharpLink的4.25亿美元私募融资。

其它参与者

在GSR领投的Upexi 1 亿美元私募以及Consensys领投的SharpLink Gaming的4.25 亿美元私募融资中，参与投资的还有许多知名加密VC。

此外，在ProCap Financial完成的“上市比特币财务储备公司历史上规模最大的首次融资中，亦有多家加密风险投资公司参与。ProCap Financial由前Morgan Creek合伙人Anthony Pompliano的私人公司ProCap BTC与纳斯达克SPAC Columbus Circle Capital合并而来。Pompliano同时宣布已完成7.5亿美元融资，将专注于购入比特币并基于持仓开发盈利型金融产品。

根据公开信息，在三笔重磅私募中：

同时参与 SharpLink Gaming 与 Upexi 私募的机构包括： GSR、White Star Capital、Hivemind Capital
同时参与 SharpLink Gaming 与 ProCap Financial的机构包括： ParaFi Capital、Arrington Capital
仅参与 Upexi 私募的机构包括： Big Brain Holdings、Anagram、Delphi Ventures、Maelstrom、Arthur Hayes 家族办公室、Borderless、Morgan Creek、Elune Capital、Delta Blockchain Fund
仅参与 ProCap Financial 私募的机构包括： Magnetar Capital、Woodline Partners LP、Anson Funds、RK Capital、Off the Chain Capital、Blockchain.com、BSQ Capital Partners、FalconX
仅参与 SharpLink Gaming 私募的机构包括： Electric Capital、Pantera Capital、Galaxy Digital、Hypersphere、Primitive Ventures、Republic Digital

原文链接:https://www.panewslab.com/zh/articles/aelufimb

说明: 比推所有文章只代表作者观点，不构成投资建议

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