{"id":36951,"date":"2025-07-15T10:46:46","date_gmt":"2025-07-15T10:46:46","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=36951"},"modified":"2025-07-15T10:46:46","modified_gmt":"2025-07-15T10:46:46","slug":"function-raises-10m-to-bring-yield-to-bitcoin-gets-backing-from-galaxy-digital-antalpha-and-mantle","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=36951","title":{"rendered":"Function Raises $10M to Bring Yield to Bitcoin; Gets Backing From Galaxy Digital, Antalpha, and Mantle"},"content":{"rendered":"<div>\n<p>Crypto infrastructure firm Function has closed a $10 million seed round led by Galaxy Digital (GLXY), with participation from Antalpha (ANTA) and Mantle, the company said in a press release on Tuesday.<\/p>\n<p>The round positions Function, formerly known as Ignition, at the forefront of a growing effort to unlock institutional yield opportunities from bitcoin (BTC), which remains the largest yet least-utilized digital asset in <a href=\"https:\/\/www.coindesk.com\/learn\/what-is-defi\">decentralized finance<\/a> (DeFi).<\/p>\n<p>Function&#8217;s flagship product, FBTC, a fully reserved and composable bitcoin representation, has already amassed $1.5 billion in total value locked (TVL), the company said.<\/p>\n<p>Function is positioning FBTC as the gateway for institutions and corporate treasuries to productively deploy bitcoin while maintaining full custodial control and 1:1 asset backing.<\/p>\n<p>The firm is entering the market as momentum builds around the institutional adoption of bitcoin, not just as a store of value, but as a yield-generating instrument. <\/p>\n<p>With Mike Novogratz&#8217;s Galaxy joining as both an investor and core contributor, Function gains a heavyweight partner in scaling FBTC\u2019s institutional reach. Galaxy\u2019s involvement includes liquidity provisioning, governance and risk framework design, and strategic oversight.<\/p>\n<p>\u201cBy 2026, treating bitcoin as a passive treasury asset may no longer be enough. The new standard will be actively earning yield\u201d<em> <\/em>said Thomas Chen, CEO of Function, in emailed comments.<\/p>\n<p>\u201cWe\u2019re evolving from wrapped assets to functional infrastructure that&#8217;s programmable and institutional-grade to transform bitcoin into a productive asset class. Sophisticated allocators will demand their bitcoin work as hard as their cash. Those slow to adapt will underperform; forward-looking firms will win the next era of bitcoin yield.\u201d Chen added.<\/p>\n<p><strong><em>Read more: <a href=\"https:\/\/www.coindesk.com\/business\/2025\/07\/03\/the-open-platform-becomes-first-ton-unicorn-following-285m-raise\">The Open Platform Becomes First TON Unicorn Following $28.5M Raise<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto infrastructure firm Function has closed a $10 million seed round led by Galaxy Digital (GLXY), with participation from Antalpha (ANTA) and Mantle, the company said in a press release on Tuesday. The round positions Function, formerly known as Ignition, at the forefront of a growing effort to unlock institutional yield opportunities from bitcoin (BTC), [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-36951","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/36951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36951"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/36951\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}