Zeta Network Raises $230 Million in Bitcoin-Backed Private Share Sale

Zeta Network Group announced on Wednesday that it successfully raised $230.8 million through a private share sale, with investors paying in Bitcoin (BTC) or SolvBTC, a wrapped Bitcoin-backed token issued by Solv Protocol. The deal underscores the growing trend of digital-first fundraising and treasury diversification strategies among blockchain-focused companies.

Under the terms of the agreement, investors will receive newly issued Class A ordinary shares along with warrants to purchase additional shares later at a price of $2.55 each. Each share-and-warrant unit was sold at a combined price of $1.70. Zeta said the offering will help bolster its balance sheet and integrate Bitcoin-based assets into its long-term financial strategy.

Zeta Integrating Bitcoin into Treasuries

Patrick Ngan, Zeta Network’s chief investment officer, said the move reflects the company’s commitment to using blockchain-native instruments for financial resilience. “By integrating SolvBTC into our treasury, we’re enhancing stability with an instrument that merges Bitcoin’s scarcity with sustainable yield,” Ngan explained.

Zeta Network, a digital infrastructure and fintech firm developing an institutional Bitcoin platform, expects the transaction to close on Thursday, pending final requirements. The company views the deal as a cornerstone in its broader effort to bridge traditional finance and onchain liquidity models.

Solv Protocol, which issued the SolvBTC used in the deal, operates as an onchain Bitcoin asset management platform that allows institutions to deploy Bitcoin in yield and liquidity strategies. SolvBTC maintains a 1:1 backing with Bitcoin, enabling holders to earn returns while maintaining exposure to the asset’s price performance.

Bitcoin’s Role in the Yield Economy

Ryan Chow, CEO of Solv Protocol, said the collaboration represents a shift in how public and private entities manage digital assets. “Listed entities are redefining what it means to hold Bitcoin productively,” he noted, referring to the broader trend of companies seeking to earn yield on otherwise idle Bitcoin holdings.

While Bitcoin remains the cornerstone of corporate digital asset treasuries, a trend first popularized by MicroStrategy’s Michael Saylor in 2020. However, there is also growing debate about whether proof-of-stake (PoS) networks such as Ethereum and Solana offer superior yield potential.

Meanwhile, institutions are finding new ways to make Bitcoin work harder. In September, BlackRock registered a Delaware trust for a Bitcoin Premium Income ETF, designed to generate returns through covered call strategies on Bitcoin futures

Earlier this year, Coinbase launched a Bitcoin Yield Fund for international investors, targeting an annual return between 4% and 8%.

Speaking at the Token2049 conference, Chow said he expects future integrations where Bitcoin could help secure other blockchain networks, predicting that “thousands of Bitcoin may one day participate in proof-of-stake ecosystems like Solana.”

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