{"id":89202,"date":"2025-09-23T18:06:54","date_gmt":"2025-09-23T15:06:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89202"},"modified":"2025-09-23T18:10:20","modified_gmt":"2025-09-23T15:10:20","slug":"bloomberg-princeton-mafia-raises-15-4-billion-for-digital-treasury-firms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-princeton-mafia-raises-15-4-billion-for-digital-treasury-firms\/","title":{"rendered":"Bloomberg: ‘Princeton Mafia’ Raises $15.4 Billion for Digital Treasury Firms"},"content":{"rendered":"

A group of influential veterans from the cryptocurrency industry, including Mike Novogratz of Galaxy Digital, Dan Morehead of Pantera Capital, and Ethereum co-founder Joseph Lubin, is spearheading a new trend: the boom of digital asset treasuries (DAT). This is reported by Bloomberg<\/a>.<\/p>\n

The DAT strategy is straightforward: public companies raise capital from investors to purchase and accumulate cryptocurrencies. Since the beginning of the year, around 85 such firms have raised a record $15.4 billion. The same individuals are often involved in many of these deals.<\/p>\n

\"Screenshot
Source: Bloomberg, PitchBook.<\/figcaption><\/figure>\n

Novogratz, Morehead, and Lubin have known each other since their days at Princeton University in the 1980s. Their close ties have led to the informal term “Princeton Mafia,” as used by Fortune<\/a> magazine.<\/p>\n

These crypto veterans’ companies often collaborate. In May, Lubin participated in the launch of the Ethereum treasury SharpLink Gaming<\/a>, with Pantera and Galaxy as investors. The firms also invested in BitMine Immersion<\/a>, which holds Ether on its balance sheet.<\/p>\n

However, these players not only collaborate but also compete. In September, Pantera backed the DAT project Helius based on Solana<\/a>. Just days earlier, Galaxy helped<\/a> launch a competing firm, Forward Industries. According to Morehead and Novogratz, this was coincidental and not coordinated.<\/p>\n

\n

“With a good story and good storytellers, you can attract more capital into Solana or Ethereum, and do it faster than ever,” said Novogratz.<\/em><\/p>\n<\/blockquote>\n

The trend towards DAT intensified after the SEC<\/span> indicated that it would not consider<\/a> most tokens as securities. This paved the way for a strategy popularized by Michael Saylor<\/a>: raise capital, buy cryptocurrency, and repeat.<\/p>\n

Despite successes, this market carries high risks. In June, SharpLink’s shares plummeted by 72% in one day following a stock sale filing. BitMine’s shares fell by 40% after a similar move.<\/p>\n

\n

“SharpLink is here for the long haul. Our strategy is to continue raising money on favorable terms, buy, and hold Ethereum,” commented Lubin.<\/em><\/p>\n<\/blockquote>\n

Morehead believes that DAT companies open up the blockchain market to a new type of investor. Novogratz added that not all such projects will succeed, but they are a “net positive for the crypto industry.”<\/p>\n

Back in August, the trend of creating digital treasuries sparked<\/a> debates among market participants.<\/p>\n","protected":false},"excerpt":{"rendered":"

A group of cryptocurrency industry veterans is spearheading a new trend: the boom of digital treasuries, reports Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":89203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Crypto veterans lead a digital treasury boom, raising $15.4 billion, reports Bloomberg.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,1548,1303,1296],"class_list":["post-89202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-joseph-lubin","tag-mike-novogratz","tag-pantera-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"213","promo_type":"1","layout_type":"1","short_excerpt":"Crypto veterans lead a digital treasury boom, raising $15.4 billion, reports Bloomberg.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=89202"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89202\/revisions"}],"predecessor-version":[{"id":89204,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89202\/revisions\/89204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/89203"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=89202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=89202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=89202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}