Solv, a Bitcoin (BTC) staking platform, has secured $10 million for its Bitcoin Reserve Offering (BRO) as it targets the establishment of a $100 million BTC reserve.
The BRO combines elements of traditional convertible bonds with features unique to the crypto space, promoting institutional adoption of BTC finance, as detailed in an announcement sent to CoinDesk on Thursday.
Solv is working to implement an “on-chain MicroStrategy” model, nodding to the software company founded by Michael Saylor, which currently holds nearly 500,000 BTC.
This offering may attract institutions interested in BTC as a store of value, similar to how Strategy (the new name for MicroStrategy) operates, but without the need for them to physically buy and store the assets themselves. Additionally, these institutions might be looking for a more engaged yield-generating investment strategy for BTC.
Solv plans to utilize the BTC raised in a variety of yield-generating initiatives, including liquid staking tokens, and to invest across sectors such as decentralized finance (DeFi), real-world assets (RWAs), and institutional finance products.
“This indicates that Solv’s protocol-owned Bitcoin Reserve will be active and productive instead of having the BTC remain unused,” stated Solv in Thursday’s announcement.
