Function Ushers in the Era of Bitcoin Yield With Galaxy Digital as Investor in $10M Seed Round

Rhea-AI Summary

Function has secured a $10M seed round with Galaxy Digital (NASDAQ/TSX: GLXY) joining as a core contributor and investor alongside Antalpha and Mantle. The company's flagship product, FBTC, has achieved $1.5B in Total Value Locked (TVL) and aims to transform Bitcoin from a passive store of value into a productive financial asset.

Function's platform enables institutional Bitcoin yield generation through FBTC, a fully reserved 1:1 Bitcoin-backed asset integrated with over 8 major protocols and 25 leading dApps. The infrastructure focuses on institutional trust, sustainable yield generation, and omnichain compatibility across networks including Ethereum, Arbitrum, and Mantle.

Positive

• Secured $10M seed round with notable investors including Galaxy Digital
• FBTC has achieved $1.5B in Total Value Locked (TVL)
• Integration with over 8 major protocols and 25 leading dApps
• Strategic partnership with Galaxy Digital enhances institutional credibility

Negative

• None.

Backed by Galaxy Digital, Antalpha, and Mantle, FBTC Reaches $1.5B in TVL—Establishing the Gateway for Institutional Bitcoin Productivity.

NEW YORK, July 16, 2025 /PRNewswire/ -- Function (formerly Ignition) today announced that Galaxy Digital (NASDAQ/TSX: GLXY) has joined as a core contributor and investor in its $10M seed round alongside Antalpha and Mantle. With strategic support from Galaxy, Mantle, and Antalpha (NASDAQ: ANTA), Function is transforming Bitcoin from a passive store of value into a productive, composable financial asset that can flow seamlessly across decentralized and traditional markets. 

FBTC—a fully reserved Bitcoin asset with over $1.5B in Total Value Locked—serves as the flagship asset, establishing Function as the definitive gateway for corporate treasuries and institutions seeking to deploy Bitcoin productively while maintaining security and sovereignty.

Activating Bitcoin as a Yield Generating Asset

Bitcoin's financial utility has reached a critical inflection point. With growing attention on strategic crypto reserves with the United States and Pakistan, and regulatory clarity enabling publicly traded companies like Microstrategy and MetaPlanet to adopt the Bitcoin Standard for corporate treasury, the question is no longer whether Bitcoin should evolve beyond a passive store of value, but how to unlock its productive potential at institutional scale. The Bitcoin Growth story needs to have utility in its next phase.

"At Function, we're not just wrapping Bitcoin—we're building the infrastructure and routing it into productive capital flows," said Thomas Chen, CEO of Function. "We're establishing the gateway for institutional Bitcoin yield, starting with FBTC as our standardized omnichain asset. This represents a structural shift in how Bitcoin participates in the global financial system, enabling corporate treasuries to optimize their Bitcoin holdings while preserving the asset's core properties."

Galaxy Strengthens Institutional Foundation

Galaxy joins Mantle and Antalpha as core contributors to FBTC, enhancing the institutional infrastructure through:

• Enhanced Liquidity: Supporting the development of institutional-quality liquidity rails for seamless capital deployment
• Security Council Leadership: Contributing to governance, risk framework development, and security standards
• Strategic Investment: Accelerating the development of FBTC's standard infrastructure for Bitcoin's integration into global financial markets

"Galaxy's partnership validates our vision of Function as the gateway for Bitcoin productivity," said Chen. "Their institutional expertise strengthens our mission to build the standard infrastructure that enables Bitcoin to flow freely across global financial markets."Jason Urban, Global Head of Trading at Galaxy, added: "I believe Function represents the next evolution in Bitcoin's journey toward becoming a productive financial asset. We're excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets."

Building on a Foundation of Trust and Security

FBTC is a fully reserved, 1:1 Bitcoin-backed asset already integrated with over 8 major protocols and over 25 leading dApps, including Ethereum, Mantle, Aave, and Babylon. Purpose-built to meet the needs of institutions, DeFi protocols, and sophisticated participants, the platform is anchored by three foundational pillars:

• Institutional Trust & Security: Multi-layer security architecture, comprehensive risk management, and rigorous audit standards designed for institutional adoption
• Sustainable Yield & Liquidity: Smart contract architecture that maintains Bitcoin's 1:1 backing alongside transparent yield strategies and liquidity provisioning
• Omnichain & Composable Infrastructure: Seamless integration with major blockchain ecosystems—including Ethereum, Arbitrum, Mantle—and emerging institutional DeFi networks

To learn more about Function and FBTC, users can visit https://www.fxn.xyz.

About Function

Function is pioneering a new standard for Bitcoin yield, transforming BTC into a secure, composable, and institutionally trusted asset across decentralized finance. FBTC represents the first omnichain Bitcoin yield asset, enabling BTC holders to participate in structured, risk-managed yield strategies. Function is supported by Galaxy Digital, Mantle, Antalpha Prime, and leading institutions.

For more information, users can visit: Website | X/Twitter | LinkedIn 

About Galaxy 

Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we invest in and operate cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

About Antalpha

Antalpha (NASDAQ: ANTA) is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data.

About Mantle 

Mantle is building the largest sustainable hub for on-chain finance. Through its core products — Mantle Network, mETH Protocol, and FBTC — Mantle is unlocking the future of finance by blending institutional expertise with the transformative power of blockchain. Anchored by the Mantle Treasury, the largest community-owned treasury in the ecosystem, Mantle ensures robust liquidity and financial stability. With over $4.3 billion in assets, it actively funds core product development and fosters the growth of asset partners, such as Agora AUSD, Ethena USDe, Ondo USDY, and EigenLayer restaking, enhancing sustainable yield, deep liquidity, and financial utility on the Mantle Network. 

For more information, users can visit: Website | X/Twitter 

Contact:
Erina Penkovsky
erina@fbtc.com 

Logo: https://mma.prnewswire.com/media/2732264/Function_Logo.jpg

 

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SOURCE Function

FAQ

What is Function's FBTC and how much TVL does it have?

FBTC is a fully reserved 1:1 Bitcoin-backed asset that has achieved $1.5B in Total Value Locked (TVL). It serves as Function's flagship product for institutional Bitcoin yield generation.

Who are the investors in Function's seed round?

Function secured a $10M seed round with investments from Galaxy Digital (NASDAQ/TSX: GLXY), Antalpha, and Mantle.

How many protocols and dApps is FBTC integrated with?

FBTC is integrated with over 8 major protocols and more than 25 leading dApps, including Ethereum, Mantle, Aave, and Babylon.

What are the main features of Function's platform?

Function's platform features institutional trust & security, sustainable yield & liquidity with 1:1 Bitcoin backing, and omnichain & composable infrastructure for seamless blockchain integration.

How does Function aim to transform Bitcoin?

Function aims to transform Bitcoin from a passive store of value into a productive, composable financial asset that can flow across decentralized and traditional markets while maintaining security and sovereignty.