Participated · Equity · May 2026

Capital B pursues a Bitcoin reserve strategy and announced corporate financing and securities adjustments to support that plan. The company completed a €1.1 million raise via subscription of BSA 2026-02 equity warrants by Adam Back. Concurrently it reduced the conversion price on its OCA B-04 convertible bonds and added a two-year equity warrant (BSA OC) to each converted bond. These actions were described as measures to optimize its capital structure and accelerate its Bitcoin reserve build-out. The reported information focuses on the financing structure and securities terms rather than operational metrics or revenues.

Led · Series C · Jan 2026

ZBD has built a vertically-integrated payments infrastructure that lets game developers and publishers embed instant fiat, bitcoin, and gift-card payouts or pay-ins natively within gameplay. Running on the Bitcoin Lightning Network, the platform already processes over 120 million transactions per year and has doubled the number of games using its SDK in the last 12 months through partners such as TapNation, Fumb Games, and PlayEmber. Its regulatory foundation now includes MiCAR and EMI licences in the Netherlands as well as Money Transmitter Licences in the United States, giving the company broad latitude to offer card issuance, bank transfers, virtual IBANs, and currency exchange services. During 2026 the firm plans to launch a complete compliance-ready payments stack for console, PC, and mobile titles, expanding across North America, Europe, LATAM, and APAC. Future product enhancements will add new developer tooling and deeper integrations to strengthen lifetime value and new revenue streams for publishers. Management positions ZBD as the only licensed provider that can deliver instant real-money earnings at scale in games, turning payments from a cost centre into a strategic capability. The company is pursuing global licensing expansion and larger commercial footprints to capitalize on its current product-market fit in mobile payouts.

Led · Series B · Jan 2025

Komainu is a regulated digital asset services provider and custodian offering multi-asset custody, servicing and financing solutions with bank-grade governance and multi-jurisdictional regulatory oversight. Headquartered in St Helier, Jersey, it has offices in London, Dubai and Singapore and is backed by Laser Digital, a Nomura company. Komainu operates regulated entities across jurisdictions, including registration with the Jersey Financial Services Commission, the Dubai Virtual Assets Regulatory Authority, a UK FCA registration, and an OAM registration in Italy. Its core product suite includes Komainu Connect, an off-exchange margining and settlement solution, and institutional custody services targeting Bitcoin and broader digital-asset institutional clients. Following a strategic investment from Blockstream, Komainu plans to integrate Blockstream Corp technologies—Liquid Network, AMP and an enterprise HSM wallet—to shorten settlement times, enable tokenization and automate regulated asset support. The deal will also establish a Bitcoin Treasury to manage Bitcoin funding provided by Blockstream and support Komainu's international strategic growth plans. Komainu provides regulated digital asset custody services as a hybrid custodian created by Nomura, CoinShares and Ledger. Led by President Henson Orser, the firm serves asset managers, financial institutions, corporations and government agencies. Launched in June 2020, Komainu currently holds over $3B in assets under custody. The company’s core product is a custody solution for institutional digital asset investors, with plans to support additional assets and functionality. Komainu also intends to grow geographically and offer complementary services in the digital asset prime brokerage business. The business is based in St. Helier, Jersey.

Participated · Seed · Nov 2014

Blockstream is a Bitcoin and blockchain infrastructure company offering sidechain technology (Liquid Network) for Bitcoin swap settlements and enterprise smart contracts, colocation services for miners, the Core Lightning implementation, and the open-source Blockstream Jade hardware wallet. Led by CEO Dr. Adam Back, the company provides enterprise-class mining facility services and software for Lightning Network deployments. Blockstream announced a USD125M raise via convertible note and secured loan financing. The company intends to use the funds to expand its renewable-energy mining products and continue developing its own bitcoin miner. Management said the fundraise will help accelerate year-over-year revenue growth created with its 2021 Series B. The firm is based in Montreal, Canada. Blockstream builds Bitcoin and blockchain infrastructure products, including the Liquid Network, enterprise mining services, a cryptocurrency data feed with ICE, and the Blockstream Green wallet. Founded in 2014 and headquartered in Victoria, BC, it operates with distributed teams led by CEO Dr. Adam Back. The company raised $210M in a Series B at a $3.2B valuation and will use the capital to develop Bitcoin-focused financial products and to expand the Liquid Network. Blockstream also acquired Spondoolies’ intellectual property and core team to establish an ASIC arm and advance its mining hardware capabilities. It is developing Blockstream Energy to maximize renewable energy returns at power production sites and plans to deploy new mining infrastructure in partnerships worldwide, including a collaboration with Square on an open-source, solar-powered mining facility in the U.S. Since launch, the Liquid Network has amassed more than $1.1 billion in network value. Blockstream Mining operates bitcoin mining facilities and announced a partnership with Square to advance renewable mining. Square will invest $5 million to build an open-source, solar-powered bitcoin mining facility at one of Blockstream's U.S. sites. Blockstream said the facility will be a proof-of-concept for a 100% renewable-energy Bitcoin mine at scale. Square described the collaboration as part of its Bitcoin Clean Energy Initiative in a tweet. The project is framed as an open-source effort, indicating Blockstream intends to make designs accessible. The article does not disclose revenue, users, or other operating metrics. Blockstream develops blockchain infrastructure and sidechain technology under the open-source Elements Project. Its first commercial sidechain product, Liquid, provides an interchange settlement service for Bitcoin exchanges and brokerages. The company plans to use the new funding to bring sidechain-based blockchain innovations to market, expand operations globally, and support industry partners. Blockstream also announced a strategic partnership with PwC to apply its capabilities to established industry sectors. The company was founded by Austin Hill, Dr. Adam Back, Gregory Maxwell and Dr. Pieter Wuille. Blockstream is a San Francisco-based startup co-founded by Austin Hill and Adam Back that focuses on advancing Bitcoin's core technology. The company plans to extend Bitcoin through sidechains and develop new ways to accelerate innovation in cryptocurrencies, open assets and smart contracts. It recently released a “sidechains paper” describing its initial area of focus. Blockstream raised $21m in seed funding to support those efforts. The round and the company’s work are aimed at supporting massive scaling of Bitcoin and blockchain technology to a broad range of asset types. Nearly 40 investors participated in the seed round to back the protocol-level development efforts.