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BitDAO Raises $230M for Decentralized Crypto Investment Fund
It plans to use the funds to support blockchain projects through token swaps.
Updated May 9, 2023, 3:20 a.m. Published Jun 16, 2021, 4:39 p.m.
BitDAO raised $230 million to invest in crypto projects through a private token sale. The fundraising round was led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital, the company said in a statement. Other participants included Alan Howard, Jump Capital and Spartan Group.
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Bybit, the Asian cryptocurrency exchange, pledged a share of futures contracts trading volume that could amount to more than $1 billion a year at the January-May 2021 run rate.
BitDAO token holders get to vote on which projects to invest in. Investment will take place through token swaps, with BitDAO dispersing ether and USDT in exchange for tokens issued by the project. The company plans to allocate significant financial and talent resources to drive the growth of decentralized finance (DeFi).
“We believe BitDAO is going to be one of the most exciting projects in DeFi,” Dragonfly Managing Partner Haseeb Qureshi said in an email to CoinDesk.
The company said the BitDAO treasury is on track to become one of the largest pools of assets controlled by a DAO.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
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