Function Ushers in the Era of Bitcoin Yield With Galaxy Digital as Investor in $10M Seed Round
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.
Function ha ottenuto un finanziamento seed da 10 milioni di dollari, con Galaxy Digital (NASDAQ/TSX: GLXY) che si unisce come investitore principale insieme ad Antalpha e Mantle. Il prodotto di punta dell'azienda, FBTC, ha raggiunto un Valore Totale Bloccato (TVL) di 1,5 miliardi di dollari e punta a trasformare Bitcoin da semplice riserva di valore passiva in un asset finanziario produttivo.
La piattaforma di Function consente la generazione di rendimento istituzionale su Bitcoin tramite FBTC, un asset completamente riservato e garantito 1:1 da Bitcoin, integrato con oltre 8 protocolli principali e 25 dApp leader. L'infrastruttura è focalizzata sulla fiducia istituzionale, sulla generazione sostenibile di rendimento e sulla compatibilità omnichain su reti come Ethereum, Arbitrum e Mantle.
Function ha asegurado una ronda semilla de 10 millones de dólares, con Galaxy Digital (NASDAQ/TSX: GLXY) uniéndose como inversor principal junto a Antalpha y Mantle. El producto estrella de la compañía, FBTC, ha alcanzado un Valor Total Bloqueado (TVL) de 1.5 mil millones de dólares y busca transformar Bitcoin de un almacén pasivo de valor a un activo financiero productivo.
La plataforma de Function permite la generación de rendimiento institucional en Bitcoin a través de FBTC, un activo respaldado 1:1 por Bitcoin completamente reservado, integrado con más de 8 protocolos principales y 25 dApps líderes. La infraestructura se centra en la confianza institucional, la generación sostenible de rendimiento y la compatibilidad omnichain en redes como Ethereum, Arbitrum y Mantle.
Function은 1,000만 달러 시드 라운드를 확보했으며, Galaxy Digital (NASDAQ/TSX: GLXY)가 Antalpha 및 Mantle과 함께 주요 투자자로 참여했습니다. 회사의 주력 제품인 FBTC는 총 잠금 가치(TVL) 15억 달러를 달성했으며, 비트코인을 단순한 가치 저장 수단에서 생산적인 금융 자산으로 전환하는 것을 목표로 합니다.
Function의 플랫폼은 FBTC를 통해 기관용 비트코인 수익 창출을 가능하게 하며, 완전 준비금 1:1 비트코인 담보 자산으로 8개 이상의 주요 프로토콜과 25개의 선도 dApp에 통합되어 있습니다. 이 인프라는 기관 신뢰, 지속 가능한 수익 창출, 그리고 Ethereum, Arbitrum, Mantle 등 여러 네트워크에 걸친 옴니체인 호환성에 중점을 둡니다.
Function a sécurisé une levée de fonds en amorçage de 10 millions de dollars, avec Galaxy Digital (NASDAQ/TSX : GLXY) rejoignant en tant que contributeur principal et investisseur aux côtés d'Antalpha et Mantle. Le produit phare de la société, FBTC, a atteint 1,5 milliard de dollars en valeur totale verrouillée (TVL) et vise à transformer le Bitcoin d'une réserve de valeur passive en un actif financier productif.
La plateforme de Function permet la génération de rendement institutionnel sur Bitcoin via FBTC, un actif entièrement réservé et adossé 1:1 au Bitcoin, intégré à plus de 8 protocoles majeurs et 25 dApps leaders. L'infrastructure se concentre sur la confiance institutionnelle, la génération de rendement durable et la compatibilité omnichain à travers des réseaux tels qu'Ethereum, Arbitrum et Mantle.
Function hat eine Seed-Finanzierung in Höhe von 10 Millionen US-Dollar gesichert, wobei Galaxy Digital (NASDAQ/TSX: GLXY) als Hauptinvestor zusammen mit Antalpha und Mantle eingestiegen ist. Das Flaggschiff-Produkt des Unternehmens, FBTC, hat einen Gesamtwert von 1,5 Milliarden US-Dollar (TVL) erreicht und zielt darauf ab, Bitcoin von einem passiven Wertspeicher in ein produktives Finanzasset zu verwandeln.
Die Plattform von Function ermöglicht institutionelle Bitcoin-Ertragsgenerierung durch FBTC, ein vollständig besichertes 1:1 Bitcoin-gestütztes Asset, das in über 8 wichtige Protokolle und 25 führende dApps integriert ist. Die Infrastruktur legt den Fokus auf institutionelles Vertrauen, nachhaltige Ertragsgenerierung und Omnichain-Kompatibilität über Netzwerke wie Ethereum, Arbitrum und Mantle.
- 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
- None.
Insights
Galaxy Digital's investment in Function elevates its position in Bitcoin yield infrastructure, potentially creating new revenue streams through institutional Bitcoin productization.
Galaxy Digital's strategic investment in Function's $10M seed round represents a calculated move into the emerging Bitcoin yield sector. Function's FBTC product has already captured an impressive
The partnership positions Galaxy to capitalize on a crucial market evolution: the transformation of Bitcoin from a static reserve asset into a productive financial instrument. This aligns perfectly with broader institutional Bitcoin adoption trends, as evidenced by increased corporate treasury allocations and sovereign interest in strategic crypto reserves.
Function's approach addresses a critical market gap by creating infrastructure that enables Bitcoin to participate in yield-generating activities while maintaining its core characteristics. For Galaxy, this represents potential new revenue streams through liquidity provision, trading opportunities, and ecosystem development around productive Bitcoin assets.
The technical architecture is noteworthy - FBTC maintains full 1:1 Bitcoin backing while enabling integration across major DeFi protocols. Galaxy's involvement, particularly through Jason Urban (Global Head of Trading), suggests the firm sees significant institutional demand for Bitcoin productivity solutions.
This partnership demonstrates Galaxy's forward-looking strategy to position itself at the infrastructure layer of Bitcoin's evolution beyond simple custody and trading. By contributing to governance and liquidity development, Galaxy is establishing itself as an architect of Bitcoin's integration into traditional financial markets rather than merely a service provider.
Backed by Galaxy Digital, Antalpha, and Mantle, FBTC Reaches
FBTC—a fully reserved Bitcoin asset with over
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
"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
- 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
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
For more information, users can visit: Website | X/Twitter
Contact:
Erina Penkovsky
erina@fbtc.com
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