Zeta Network Pursues Bitcoin-Based Funding of $200 Million

Doohyun Hwang

Summary

Zeta Network Group said it would settle a private placement of approximately $231 million with bitcoin or SolvBTC.
It said it plans to incorporate bitcoin yield-generating assets into its financial structure to strengthen financial soundness and liquidity through this fundraising.
The company said the transaction aligns with its goals of long-term financial resilience and building a bitcoin-centered institutional finance ecosystem.

Nasdaq-listed fintech company 'Zeta Network Group (Zeta Network Group)' is conducting a private placement of approximately $231 million. A private placement is a method in which a company sells securities directly to a specific group of investors rather than the general public.

On the 16th (local time), according to Decrypt, the transaction will be settled in bitcoin (BTC) or SolvBTC, a wrapped bitcoin asset issued by the Solv Protocol, rather than cash. Zeta Network said it plans to incorporate bitcoin yield-generating assets into its financial structure through this transaction to strengthen financial soundness and liquidity even amid a volatile crypto asset (cryptocurrency) market.

Zeta Network plans to raise approximately $230.8 million worth of bitcoin or SolvBTC by the close of the transaction, and the transaction is expected to close on Friday. The company said, "This fundraising will be an opportunity to improve a balanced financial structure and enhance long-term financial resilience."

Patrick Ngan (Patrick Ngan), Zeta Network's Chief Investment Officer (CIO), said, "By including financial products that combine bitcoin's scarcity and sustainable profitability in our financial structure, we have strengthened long-term financial stability," adding, "This aligns with the company's goal of building a bitcoin-centered institutional finance ecosystem."

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