DV8, a prominent player in the cryptocurrency space, has successfully completed its first capital raise since shifting its focus to become Southeast Asia’s premier crypto treasury company. The company managed to secure an impressive THB 241 million (approximately $7.4 million) in funding, which is a significant milestone for the firm.
The funding round saw a remarkable 99.9% warrant exercise rate, indicating strong support from existing shareholders for DV8’s Bitcoin-native model. This vote of confidence is crucial for the company as it continues to navigate the ever-evolving crypto landscape.
As a result of the raise, DV8 issued 301,491,057 new shares through the exercise of DV8-W2 warrants at an exercise price of 0.80 baht per share. With just 345,930 units of warrants remaining unexercised, DV8 reported a 38% increase in its cash treasury and a 13% boost in yield per share post-funding round.
DV8’s board has been vocal about its intention to adopt corporate finance strategies centered around Bitcoin accumulation and digital asset-backed value creation. The company’s treasury model aligns with a larger trend in the region, supported by a consortium of crypto-focused investors including Metaplanet, Sora Ventures, and Kliff Capital.
Metaplanet, a Tokyo-based firm that transformed into one of the world’s largest corporate Bitcoin holders through its treasury conversion, has served as a guiding example for DV8’s transition. The success of Metaplanet, with its stock price soaring over 11,000% during its treasury pivot, has inspired other firms in Asia to explore alternative financial models.
DV8’s transformation has also been fueled by a leadership change, with Thai businessman Chatchaval Jiaravanon taking the helm as chairman. Jiaravanon, known for acquiring Fortune Magazine, has spearheaded a board reshuffle to position DV8 as a leading crypto-financial infrastructure firm targeting Southeast Asian markets.
The recent acquisition of Seoul-based SGA Co. by the consortium underscores their concerted efforts to institutionalize crypto treasury adoption in the region. Plans to expand into countries like the Philippines, Vietnam, Indonesia, and Malaysia through partnerships with local firms are in the pipeline.
The THB 241 million raise marks a significant milestone for DV8 as it accelerates its operational transformation. The capital infusion will be instrumental in executing the company’s long-term digital asset strategy and will serve as a blueprint for future funding rounds tied to treasury expansion.
In conclusion, DV8’s successful capital raise signals a new chapter for the company as it solidifies its position as a key player in the Southeast Asian crypto landscape. With strong investor support and a clear strategic vision, DV8 is poised for continued growth and success in the evolving world of cryptocurrency.