Participated · Equity · Nov 2025

CAEX is a newly formed Vietnam-based cryptocurrency exchange established within the VPBank ecosystem with founding shareholders VPBank Securities and LynkiD. The exchange has raised strategic capital from OKX Ventures and HashKey Capital to bring its capital base to roughly $380 million and qualify for Vietnam’s pilot licensing program under Resolution 05/2025. CAEX will leverage VPBank Securities for financial backing and governance and LynkiD for core technology and digital identity services. As part of the investor partnership, OKX and HashKey will support CAEX on infrastructure, security, compliance, and liquidity. The timing of the fundraise aligns with Vietnam’s new Digital Technology Industry Law and stronger anti‑money‑laundering requirements aimed at bringing crypto activity onshore. CAEX’s positioning targets participation in a limited government pilot expected to grant licenses to a handful of domestic exchanges as regulators seek to curb offshore trading.

Led · Equity · Nov 2025

FUTURE positions itself as Switzerland’s premier Bitcoin Treasury Company, operating a balance-sheet-driven platform that accumulates, custodies and manages Bitcoin for institutional clients. Its integrated model spans four pillars: treasury operations, proprietary research and analytics, secure wallet and treasury infrastructure, and advisory services, including the planned Future Bitcoin Forum 2026. The firm emphasizes Switzerland’s favorable monetary conditions and regulatory clarity as strategic advantages. Leadership includes Chairman Richard Byworth and CEO Sebastien Hess, supported by co-founders Marc Syz, Julian Liniger and Hashcash inventor Adam Back, blending deep Bitcoin and traditional-finance expertise. Although operating metrics such as revenue or assets under management were not disclosed, the company highlights a “strong Bitcoin balance sheet” as the foundation for growth. The freshly secured CHF 28 million provides capital to expand its institutional platform and scale product development.

Led · Equity · Sep 2025

Treasury is a Bitcoin treasury startup founded in 2025 by Khing Oei that aims to become Europe’s largest holder and manager of Bitcoin reserves. It has secured €126 million in funding and already accumulated over 1,000 Bitcoin in reserves. The company plans to list on Euronext Amsterdam via a reverse listing through MKB Nedsense N.V. and to trade under the ticker TRSR upon completion. Treasury is acquiring Amsterdam Decentralized B.V., organiser of the Bitcoin Amsterdam conference, and has formed a strategic partnership with BTC Media LLC to promote Bitcoin adoption and education across Europe. A Strategic Advisory Board includes Cameron and Tyler Winklevoss and David Bailey, and the €126 million round was led by Winklevoss Capital and Nakamoto Holdings Inc., alongside over 50 other investors including UTXO Management, Off The Chain Capital, M1 Capital and Mythos Venture Partners. Founder Khing Oei’s background at Goldman Sachs, Fortress and as Senior Advisor Crypto at a multi-billion-euro hedge fund informs the company’s plan to bridge crypto-native and traditional finance in Europe.