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DL Holdings has announced a HK$653.3 million ($83.2 million) capital raise to fund a broad expansion into blockchain and cryptocurrency ventures, a move that caused its shares to drop more than 8% on Thursday.
Key Takeaways:
- DL Holdings is raising $83.2 million to fund blockchain and crypto ventures through a share placement deal.
- The transaction dilutes 13.6% of existing shares, triggering an 8.4% stock drop.
- Funds will support tokenization, Bitcoin mining, stablecoins, and the acquisition of crypto licenses in Hong Kong.
The Hong Kong-listed financial services firm disclosed a placing and subscription agreement in a filing with the stock exchange.
Under the terms of the deal, selling shareholders will offload shares to at least six investors at HK$2.95 per share via placing agents, and then immediately subscribe to an equivalent number of newly issued shares at the same price.
DL Holdings Dilutes 13.6% of Shares in Blockchain-Focused Deal
The transaction covers roughly 13.6% of DL Holdings’ issued share capital, which will shrink to just under 12% post-issuance.
Proceeds will be allocated across several blockchain initiatives. Approximately 30% is earmarked for the tokenization of real-world assets and other strategic investments.
Another 15% will support Bitcoin mining operations and reserves, while 8% will go toward developing digital asset and stablecoin businesses.
The firm also plans to invest 7% in acquiring cryptocurrency trading licenses in Hong Kong.
Remaining funds are set to bolster IT infrastructure, support ETF development, invest in U.S. real estate, and cover working capital needs.
Despite the bullish bet on blockchain, investors reacted cautiously.
DL Holdings shares slid 8.4% to HK$3.07 by mid-Thursday trading, according to Yahoo Finance data.
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Venture capital investment in the cryptocurrency sector rebounded strongly in Q2 2025, with companies raising a total of $10.03 billion, marking the highest quarterly figure since Q1 2022.
Q2 Closes as The Strongest Fundraising Quarter in Years
June marked a record-breaking close to Q2, with $5.14B raised, making it the strongest fundraising quarter in recent years. The quarter’s top raises include:@StriveFunds — $750M#TwentyOneCapital — $585M@Securitize — … pic.twitter.com/j4rMOpAZw6— Fundraising Digest (@CryptoRank_VCs) July 6, 2025
June was the standout month, pulling in $5.14 billion, signaling renewed investor appetite after months of stagnation.
Top fundraises included Strive Funds’ $750 million raise in May, focused on Bitcoin-related strategies, and TwentyOneCapital’s $585 million in April.
Other notable companies securing capital were Securitize, Kalshi, Auradine, ZenMEV, and Digital Asset, highlighting growing interest across diverse cryptocurrency projects.
Pure Crypto’s First Fund Soars Nearly 1,000%
As previously reported, Pure Crypto, a relatively quiet player in the digital asset space based outside Chicago, has drawn attention after revealing its flagship fund has surged nearly 1,000% since its inception in 2018.
What began as a cryptocurrency experiment within a traditional wealth management firm is now a $60 million fund, backed by a sharp strategy and family office capital.
Founded by Jeremy Boynton, who also runs Laureate Wealth Management, and managed alongside partner Zachary Lindquist, Pure Crypto has grown into a $100 million cryptocurrency-focused fund of funds.
The duo is now preparing to raise capital for their fourth fund, which they say will capitalize on what they view as the final wave of venture-style returns in cryptocurrency.
“We think this is maybe the last hurrah in the venture capital-esque nature of crypto returns,” Boynton said.
As regulation solidifies, such as the recent stablecoin bill signed into law by former President Donald Trump, and major corporations explore integrating digital currencies, they see the wild west days of outsized gains coming to a close.
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