MARA’s $850m offering, Subzero Labs’ $20m

A wave of high-profile raises last week—totaling nearly $2 billion—signals institutional confidence in digital assets, blockchain infrastructure, and on-chain treasury strategies.

According to Crypto-Fundraising.info, Marathon Digital’s $850 million convertible note offering led the pack between July 28 and Aug. 2, followed by Mill City Ventures’ $450 million move into Sui-backed tokenization.

Ethereum-native treasury pivots from FG Nexus and ETH Strategy added momentum, as venture capital and strategic investors continued to back a fresh phase of experimentation across the crypto ecosystem.

Rounding out the spree were AI identity platform Billions Network, infrastructure startup Subzero Labs, and stablecoin-focused Layer 1 Stable—each pointing to a post-legislation pivot toward utility, compliance, and enterprise-scale Web3 solutions.

Mara Holdings

• MARA Holdings, Inc. (NASDAQ: MARA), the largest publicly traded Bitcoin (BTC) miner by market capitalization, unveiled an $850 million private offering of zero-coupon convertible notes due 2032.

• The deal, reserved for qualified institutional buyers, includes a potential $150 million upsell option, which could push the raise close to $1 billion, and also features conversion terms carefully calibrated to MARA’s stock performance.

• Notably, the miner earmarked the majority of proceeds for Bitcoin acquisitions, while allocating a smaller portion to refinance existing debt and execute sophisticated equity hedges through capped call transactions.

Mill City Ventures

• Mill City Ventures has become the first publicly listed company to launch a crypto treasury strategy backed by the Sui Foundation, acquiring 76.3 million SUI tokens in a $450 million private placement.

• Partnering with hedge fund Karatage and receiving a matching investment from the Sui Foundation, Mill City now holds over $277 million in SUI at an average price of $3.64.

• The tokens are held in a public wrapper, giving retail and institutional investors daily liquidity and direct exposure to the Sui network through a listed vehicle. The firm plans to continue accumulating SUI via OTC and open market purchases.

FG Nexus

• On Ethereum’s 10th anniversary, Fundamental Global rebranded as FG Nexus and announced a major strategic shift to adopt Ether (ETH) as its primary treasury reserve asset.

• The North Carolina-based firm launched a $200 million private placement by issuing 40 million prefunded warrants at $5 each to fund ETH purchases and support a broader treasury strategy involving staking and DeFi yield opportunities.

• Backed by investors and partners including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group, and Kenetic, the move positions Fundamental Global at the forefront of corporate Ethereum adoption.

ETH Strategy

• An ETH Strategy campaign generated approximately $46.5 million (12,342 ETH) through a combination of private pre-sales, public sales, and a puttable warrant offering.

• Most of the funds—11,817 ETH—will be allocated to staking and protocol liquidity, with the remaining 525 ETH reserved for growth, audits, contributor compensation, and community initiatives. The raise includes a 4-month cliff and a 2-month linear unlock post-token generation.

• Traders on X have praised the protocol’s fully on-chain ETH treasury model, viewing it as a potential catalyst for increased institutional interest in Ethereum exposure.

RD Technologies

• RD Technologies raised $40 million in Series A2 funding, just ahead of Hong Kong’s new stablecoin licensing regime, bringing total Series A funding to nearly $48 million; the capital will support digital currency infrastructure and stablecoin-focused asset tokenization.

• The firm partnered with ZA Bank to develop compliant stablecoin solutions, including custody and distribution, reinforcing their shared vision for fast, secure, and regulated digital financial services.

• The raise and partnership coincide with Hong Kong’s regulatory shift, as the city implements a stablecoin licensing framework on Aug. 1, drawing interest from major firms like Ant International and JD.com; RD aims to lead in this evolving landscape with products like the HKDR stablecoin and a cross-border mobile wallet.

Billions Network

• Billions Network clinched $30 million from investors including Polychain Capital, Coinbase Ventures, and Polygon to scale its hybrid human-AI identity verification platform aimed at securing digital interactions and combating fraud in the Web3 ecosystem.

• The platform combines AI-driven pattern recognition with human review to tackle challenges like bot detection, identity fraud, and Sybil attacks—key issues facing decentralized apps, DAOs, and NFTs—while preserving user privacy and operational efficiency.

• Funds will be used to enhance AI capabilities, grow its human verification network, and expand integrations, positioning Billions Network to become a foundational player in the digital identity infrastructure of the growing internet of value.

Stable

• Stable collected $28 million in seed funding led by Bitfinex and Hack VC, with backing from major players like Franklin Templeton, Castle Island Ventures, and KuCoin Ventures; Bitfinex also helped incubate the project.

• The Layer 1 “stablechain” is built around USDT and aims to enable seamless, instant financial transactions using stablecoins, targeting both institutional and retail adoption.

• The raise follows the U.S. passage of the GENIUS Act, which provides regulatory clarity for stablecoin payments—positioning Stable to accelerate USDT distribution and digital payment infrastructure globally.

Subzero Labs

• Subzero Labs emerged from stealth with $20 million in funding led by Pantera Capital, backed by investors like Coinbase Ventures and Mysten Labs, and founded by ex-Meta and Netflix engineers Ade Adepoju and Lu Zhang.

• The company is launching Rialo, a decentralized infrastructure network designed to simplify dApp development with native web connectivity, event-driven transactions, privacy, and scalability—aiming to match Web2 speed and usability.

• Rialo combines RISC-V architecture and Solana VM compatibility, enabling seamless deployment of existing programs while empowering new applications in areas like tokenized assets, prediction markets, and AI agent orchestration.

Zodia Custody

• Zodia Markets’ Series A funding round brought in $18.25 million. Pharsalus Capital and Tokenbay Capital led the effort. Circle Ventures also backed the startup.

• The platform bridges TradFi and DeFi with a non-custodial model, offering secure, scalable trading and cross-border payments using stablecoins like USDC, targeting regions with clear regulatory frameworks.

• Standard Chartered’s affiliation and investor support signal confidence in Zodia’s vision to lead institutional crypto adoption, despite undisclosed valuation or revenue projections.