As Bitcoin (BTC) dropped below $90,000 recently, concerns arose regarding the potential end of the bull market. Yet, substantial investments continued to pour into cryptocurrency ventures, reflecting robust institutional demand in the sector.

Republic Technologies has recently acquired $100 million in funding through a zero-interest convertible note, allowing the firm to enhance its Ether (ETH) reserves without incurring debt servicing costs.

“Republic’s financing, while distinct, is unlikely to become the norm for crypto fundraising, but it does indicate a market maturation where innovative financing structures are increasingly being utilized,” said Kadan Stadelmann, CTO of Komodo.

In a related story, Kraken reported securing $800 million at a valuation of $20 billion as it approaches a public offering, with a portion of that funding sourced from Citadel Securities.

This week’s issue of Crypto Biz explores these developments and more in digital assets.

Republic Technologies Secures $100 Million

Republic Technologies has secured $100 million via a unique financing method - a zero-interest convertible note facility. This strategy aims to increase its Ether position while minimizing shareholder dilution.

With such notes not creating interest obligations, Republic avoids any cash outflow for debt service or risk of default from missed payments.

The company distinguishes its method from other Ether-centric firms, like BitMine Immersion, which recently raised $365 million with high warrant coverage.

Michael Saylor’s Strategy Acquires More Bitcoin

Strategy, a company now focused on Bitcoin investments, made headlines by purchasing 8,178 BTC for $835.6 million, averaging $102,171 per coin, marking its largest acquisition since July.

Now holding close to 650,000 BTC, Strategy holds the largest corporate Bitcoin treasury globally. The company is weathering the current Bitcoin dip and might still achieve S&P 500 listing by December, according to Matrixport.

Tether Expands into Commodity Lending

Tether has been diversifying its portfolio, penetrating the commodity lending sector after investing $1.5 billion across cash and its USDT (Tether). Tether CEO Paolo Ardoino indicated plans for substantial expansion into this market, encompassing agricultural and energy commodities. The firm has established itself in this area with its tokenized gold product, gaining traction amid the ongoing bull market.

Kraken Seeks IPO in the US

Cryptocurrency exchange Kraken has officially initiated a public offering process, filing a confidential S-1 draft with the US SEC. This follows Kraken’s announcement of raising $800 million, valuing itself at approximately $20 billion, including $200 million investment from Citadel Securities.

Due to the confidential nature of the submission, specifics about the offering, such as the stock price or exchange details, remain undisclosed.