Quick take:
- The vehicle also plans to build applications linked to the blockchain.
- Backers DRW Holdings and Liberty City Ventures will contribute a significant portion of the funds in the form of Canton Coins, Bloomberg reported.
- People familiar with the matter said that between $100 million and $200 million will come from external investors.
DRW Holdings and Liberty City Ventures are leading a $500 million funding round to establish a listed digital asset treasury (DAT) focused on accumulating tokens of the bank-backed blockchain Canton Network.
According to the report by Bloomberg, DRW Holdings and Liberty City Ventures will contribute a significant portion of the funds in the form of Canton Coins. People familiar with the matter told Bloomberg that the DAT is targeting between $100 million and $200 million from external investors, but details of the figures are subject to change.
According to the announcement, the DAT will also aim to contribute to the overall utility of the Canton Network by serving as a super validator. The vehicle also plans to build applications linked to the blockchain.
Canton is a public blockchain focused on empowering user privacy in mainstream financial transactions. The network was founded in 2023 by Digital Asset Holdings, which raised $135 million in June in a round led by DRW Holdings and TradeWeb, with participation from Goldman Sachs Group, Citadel Securities, and Liberty City, among others.
If the $500 million raise is completed, the DAT will become the latest publicly listed vehicle focused on offering crypto to investors through traditional financial markets. The DAT strategy was pioneered by Michael Saylor through the biggest Bitcoin-focused DAT company, MicroStrategy (NASDAQ: MSTR), which currently boasts a market cap of $76 billion.
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