The cryptocurrency market has shed nearly $1 trillion in a month, but significant activity persists beneath the surface. Bitcoin-focused firm Nakamoto is acquiring two companies for $107 million, while venture capital firm Dragonfly Capital has closed a new $650 million fund. Meanwhile, the tokenized real-world asset (RWA) market continues to grow, and a report highlights Bitcoin mining’s potential role in stabilizing power grids.
Bitcoin holding company Nakamoto has agreed to acquire BTC Inc and UTXO Management in a combined deal worth $107 million. Investors in the two companies will receive over 363 million shares of Nakamoto common stock.
The transaction brings Bitcoin Magazine and the annual Bitcoin Conference under Nakamoto’s control. It also adds UTXO Management’s asset management and advisory business to the firm’s portfolio.
Despite a broader shake-up in crypto venture capital, Dragonfly Capital has closed its fourth fund at $650 million. The firm indicated it is increasingly focused on financial products built on blockchain rails.
“This is the biggest meta shift I can feel in my entire time in the industry,” said Dragonfly general partner Tom Schmidt. He described the transition toward onchain finance and tokenized capital markets.
The total value of tokenized real-world assets (RWAs) has climbed about 13.5% over the past 30 days according to RWA.xyz data. Over the same period, the broader crypto market has lost about $1 trillion in value.
Much of this RWA growth is driven by tokenized US Treasurys and private credit. The divergence highlights steady demand for onchain yield products even during market stress.
Venture firm Paradigm argues Bitcoin mining can serve as a flexible power load on the grid. This could help balance electricity demand as AI data centers strain local energy sources.
Paradigm suggested miners can absorb excess generation during low-demand periods and scale back when the grid is strained. The firm’s report posits this flexibility could make mining a useful partner for utilities.
