Function Secures $10 Million to Boost Bitcoin Productivity with FBTC

Function, formerly known as Ignition, has announced a significant milestone in its journey to transform Bitcoin into a productive financial asset. The company has secured a $10 million seed round, with Galaxy Digital, Antalpha, and Mantle joining as core contributors and investors. This investment is set to enhance the infrastructure and liquidity of FBTC, a fully reserved Bitcoin asset with over $1.5 billion in Total Value Locked (TVL).

FBTC serves as the flagship asset for Function, positioning the company as a gateway for institutional Bitcoin productivity. The asset is designed to enable corporate treasuries and institutions to deploy Bitcoin productively while maintaining security and sovereignty. This development comes at a time when there is growing attention on strategic crypto reserves and regulatory clarity enabling publicly traded companies to adopt Bitcoin for corporate treasury.

Thomas Chen, CEO of Function, emphasized the company's mission to build the infrastructure that routes Bitcoin into productive capital flows. "At Function, we’re not just wrapping Bitcoin—we’re building the infrastructure and routing it into productive capital flows," said Chen. "We're establishing the gateway for institutional Bitcoin yield, starting with FBTC as our standardized omnichain asset. This represents a structural shift in how Bitcoin participates in the global financial system, enabling corporate treasuries to optimize their Bitcoin holdings while preserving the asset's core properties."

Galaxy Digital's involvement is expected to strengthen the institutional foundation of FBTC through enhanced liquidity, security council leadership, and strategic investment. Jason Urban, Global Head of Trading at Galaxy, expressed excitement about the partnership, stating, "I believe Function represents the next evolution in Bitcoin's journey toward becoming a productive financial asset. We're excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets."

FBTC is already integrated with over 8 major protocols and over 25 leading decentralized applications (dApps), including Ethereum, Mantle, Aave, and Babylon. The platform is built on three foundational pillars: institutional trust and security, sustainable yield and liquidity, and omnichain and composable infrastructure. These pillars ensure that FBTC meets the needs of institutions, DeFi protocols, and sophisticated participants, providing a secure and efficient way to generate yield from Bitcoin holdings.

Function's vision is to pioneer a new standard for Bitcoin yield, transforming BTC into a secure, composable, and institutionally trusted asset across decentralized finance. With the support of Galaxy Digital, Mantle, Antalpha Prime, and leading institutions, Function aims to enable BTC holders to participate in structured, risk-managed yield strategies. The company's website provides more information about Function and FBTC, inviting users to explore the innovative solutions offered by the platform.