Solv raises $10 million for Bitcoin reserve issuance to drive adoption of institutional BTC finance

PANews March 13th news, according to CoinDesk, Bitcoin staking platform Solv has raised $10 million for its Bitcoin Reserve Issuance (BRO), aiming to build a $100 million BTC reserve. Solv will deploy the raised BTC into various revenue-generating tools, such as liquid staking tokens, and invest in decentralized finance (DeFi), real-world assets (RWA), and institutional financial products. "This means that the Bitcoin reserves owned by the Solv protocol will be active and productive, rather than leaving BTC idle," Solv said in an announcement on Thursday.

According to reports, BRO combines all aspects of traditional convertible bonds with crypto-native functions to promote institutions to adopt BTC finance. Solv is trying to provide a "on-chain MicroStrategy" model where BROs may appeal to institutions that want to invest in BTC as a store of value in a similar way to MicroStrategy, but without having to buy and hold it in person. Additionally, they may be seeking a more positive form of BTC investment that generates returns.