Bitcoin Staking Platform Solv Raises $10 Million for Its Bitcoin Reserve Offering

According to ChainCatcher, Bitcoin staking platform Solv has raised $10 million for its Bitcoin Reserve Issuance (BRO), aiming to build a $100 million BTC reserve, according to CoinDesk. Solv will deploy the raised BTC into various yield-generating instruments, such as liquid pledge tokens, and invest in decentralized finance (DeFi), real-world assets (RWA), and institutional financial products.

Solv said in an announcement on Thursday: "This means that the Bitcoin reserves owned by the Solv protocol will be active and productive, rather than leaving BTC idle."

According to reports, BRO combines aspects of traditional convertible bonds with crypto-native functions to promote institutional adoption of BTC finance. Solv is trying to provide a "MicroStrategy on the chain" model, and BRO may attract 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. In addition, they may be looking for a more active form of BTC investment that generates income.