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July 15, 2025 – Function, a pioneering crypto infrastructure firm dedicated to transforming Bitcoin into a productive institutional asset, today announced it has successfully closed a $10 million seed funding round. The round was led by Galaxy Digital (GLXY), with significant participation from Antalpha (ANTA) and Mantle. This strategic investment underscores a growing industry conviction in the need for sophisticated, yield-generating solutions for Bitcoin within the decentralized finance (DeFi) ecosystem.
For too long, Bitcoin, despite being the largest digital asset by market capitalization, has remained largely underutilized in DeFi. Its primary function as a store of value has often meant it sits idly, missing out on the dynamic yield opportunities available to other digital assets. Function (formerly known as Ignition) is addressing this gap with its flagship product, ƒ(BTC) or FBTC, a fully reserved and composable representation of Bitcoin designed for institutional-grade utility.
"By 2026, treating Bitcoin as a passive treasury asset may no longer be enough. The new standard will be actively earning yield," said Thomas Chen, CEO of Function. "We’re evolving from wrapped assets to functional infrastructure that'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."
FBTC is engineered to bring seamless liquidity, composability, and capital efficiency to Bitcoin. It enables secure BTC wrapping and unwrapping through a multi-signature, MPC-based process, ensuring institutional-grade security and transparency. Qualified Users can initiate mint and burn requests, with BTC deposits and withdrawals rigorously validated before transactions are signed. For individuals, FBTC can be acquired through direct acquisition or swapping in select geographies.
Key features and benefits of FBTC include:
- Seamless Liquidity: Direct minting and burning across 8+ major ecosystems, including Ethereum, Mantle, and Arbitrum.
- Institutional Grade Security: Secured by a robust security council comprising Antalpha, Galaxy, and Mantle, offering the robust infrastructure and full transparency institutions demand.
- Multi-Chain Native: Deployable into top protocols across various blockchain networks, extending Bitcoin’s utility beyond simple hodling.
- Diverse DeFi Use Cases: Enabling re-staking into Babylon LSTs, use as collateral on money markets, deployment into DeFi vaults for yield strategies, and cross-chain liquidity to access diverse DeFi ecosystems.
- Strong Distribution: Leveraging unmatched distribution channels through Antalpha, Galaxy, and Mantle’s extensive networks.
- Deep DeFi Integration: Already enabling yield products on platforms like Avalon, Babylon, and Cian.
Function's approach positions FBTC as the gateway for institutions and corporate treasuries to productively deploy Bitcoin while maintaining full custodial control and 1:1 asset backing. The platform has already demonstrated significant traction, with $1.6 billion in Total Value Locked (TVL), over 197,447 holders, and 13,483 BTC deposited across more than 30 protocol and chain integrations.
Galaxy Digital's involvement extends beyond just investment; they will serve as a core contributor, providing crucial support in liquidity provisioning, governance, risk framework design, and strategic oversight. This collaboration is set to significantly scale FBTC’s institutional reach and adoption.
This $10 million seed funding will allow Function to expand its product suite, accelerate its integration with more DeFi protocols, and continue building the foundational infrastructure necessary to make Bitcoin a truly functional, liquid, and productive financial asset in the evolving digital economy.
About Function
Function is a crypto infrastructure firm building ƒ(BTC) (FBTC), a fully reserved and composable representation of Bitcoin designed to transform it into a productive asset within the decentralized finance (DeFi) ecosystem. By enabling secure, institutional-grade wrapping and unwrapping, multi-chain liquidity, and diverse yield opportunities, Function aims to unlock Bitcoin's full potential for institutions and individuals alike. Function is committed to transparency, security, and fostering a robust ecosystem for Bitcoin's integration into the future of finance. Learn more at https://www.fxn.xyz/.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem. Galaxy Digital operates in the following businesses: Trading, Asset Management, Investment Banking, Principal Investments, and Mining. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices across North America, Europe, and Asia.
About Antalpha
Antalpha is a leading digital asset financial services platform, providing institutional-grade services including asset management, lending, and trading solutions. Antalpha is committed to building robust infrastructure and fostering innovation within the blockchain industry.
About Mantle
Mantle is a high-performance Ethereum Layer 2 network built with modular architecture. It combines a modular data availability solution with an optimistic rollup, designed to provide a highly scalable, low-cost, and developer-friendly environment for dApps. Mantle is a key player in the broader blockchain ecosystem, contributing to the growth and adoption of decentralized technologies.
Compiled by CMO Intern team
