Crypto Investment Firm Reaches 3.​4 Million ETH Holdings, Approaching 3% of Total Supply

**Donut Labs** has successfully raised **$22 million** in funding over the past six months, completing both pre-seed and seed investment rounds. The funding milestone represents significant investor confidence in the company's vision and execution. Previous reporting indicated the company had raised $21 million as of July 2024, with participation from notable investors including **Makers Fund** and **Hashed**. This rapid fundraising pace - securing substantial capital across multiple rounds in just six months - positions Donut Labs for accelerated growth and development of their platform.

A broker analysis reveals that a company's **comprehensive bitcoin strategy is reaching maturity**, driven by strategic preferred equity investments that are generating positive returns. Key developments include: - **New S&P credit rating** opening doors to a broader institutional investor base - **Preferred equity driving accretion**, indicating successful capital allocation - **Full-cap bitcoin approach** showing signs of strategic maturation The timing aligns with the company's strong Q2 performance, which included **$10 billion in net income** and an expanding bitcoin treasury. The S&P rating represents a significant milestone, as it allows institutional investors with credit rating requirements to consider the investment. This development suggests the company is successfully **bridging traditional finance with bitcoin strategy**, creating multiple pathways for growth through both direct bitcoin exposure and traditional equity mechanisms.

A small biotech company is making a dramatic pivot into digital assets, securing $540 million in funding to establish a canton coin-based treasury. **Key Details:** - DRW and Liberty City Ventures are backing the raise - The firm is transitioning from biotechnology to digital asset management - This follows a trend of major treasury builds in crypto **Market Context:** Earlier this year, crypto giants Galaxy, Multicoin and Jump sought $1 billion for a Solana treasury with Cantor Fitzgerald as lead banker. The biotech-to-crypto pivot represents an unusual corporate transformation in the digital asset space.

A firm has completed fresh acquisitions, **primarily financing the purchases through common stock sales**. This funding strategy mirrors the company's approach from earlier in the year, when it similarly used common stock sales as the main financing method for acquisitions. - **Primary funding source**: Common stock sales - **Secondary funding**: Minimal use of preferred shares (based on previous pattern) - **Strategy consistency**: Maintains similar financing approach from mid-2025 The repeated use of equity financing suggests the firm prefers diluting existing shareholders rather than taking on debt for growth initiatives.