Ethereum News Today: Marathon Digital Secures $850M in Crypto Sector's Largest Fundraising Week

Marathon Digital Holdings Inc. (NASDAQ: MARA) announced a $850 million private placement of zero-coupon convertible notes maturing in 2032, the largest fundraising event in the crypto sector during the week of July 28 to August 2. The offering, available exclusively to qualified institutional buyers, includes a $150 million upsell option, potentially pushing the total raise near $1 billion. Conversion terms are tied to the performance of MARA’s stock, providing institutional investors with a strategic mechanism to align with the company’s long-term equity trajectory. The proceeds will be primarily allocated toward Bitcoin acquisitions, with a smaller portion used to refinance existing debt and execute equity hedges via capped call transactions, underscoring Marathon’s focus on treasury optimization and capital efficiency [1].

The fundraising momentum extended beyond Marathon. Mill City Ventures completed a $450 million move into Sui-backed tokenization through a private placement of 76.3 million SUI tokens. The company, the first publicly listed firm to implement a Sui Foundation-backed crypto treasury strategy, acquired the tokens at an average price of $3.64, with support from Karatage, a hedge fund, and a matching investment from the Sui Foundation. The tokens are held in a public wrapper, offering liquidity to both retail and institutional investors. Mill City plans to continue accumulating SUI via over-the-counter and open market purchases [2].

On Ethereum’s 10th anniversary, Fundamental Global rebranded as FG Nexus and announced a $200 million private placement to fund ETH purchases as part of a broader treasury strategy involving staking and DeFi yield opportunities. The North Carolina-based firm secured backing from Galaxy Digital, Kraken, and other industry players, positioning itself as a key participant in corporate Ethereum adoption. The prefunded warrants issued at $5 each will be used to purchase 40 million ETH, reinforcing the strategic pivot toward Ethereum-based treasuries [3].

An ETH Strategy campaign simultaneously raised approximately $46.5 million (12,342 ETH) through a combination of pre-sales, public sales, and a puttable warrant offering. Of the total, 11,817 ETH will be allocated to staking and protocol liquidity, with 525 ETH reserved for growth, audits, contributor compensation, and community initiatives. The offering includes a 4-month cliff and a 2-month linear unlock post-token generation, reflecting a structured approach to capital deployment and community governance. Traders have praised the fully on-chain ETH treasury model as a potential catalyst for increased institutional interest in Ethereum exposure [4].

Subzero Labs, an infrastructure startup founded by former Meta and Netflix engineers, emerged from stealth with a $20 million funding round led by Pantera Capital and supported by Coinbase Ventures and Mysten Labs. The company is launching Rialo, a decentralized infrastructure network designed to simplify dApp development with native web connectivity, event-driven transactions, privacy, and scalability. Rialo integrates RISC-V architecture and Solana VM compatibility, enabling seamless deployment of existing programs while empowering new applications in areas like tokenized assets and AI agent orchestration [5].

Other notable fundraisers included Billions Network, which secured $30 million to scale its hybrid human-AI identity verification platform aimed at securing digital interactions in the Web3 ecosystem; Stable, which raised $28 million in seed funding led by Bitfinex and Hack VC; and RD Technologies, which added $40 million in Series A2 funding ahead of Hong Kong’s stablecoin licensing framework. These raises reflect growing institutional confidence in blockchain infrastructure, on-chain treasuries, and Web3 utility, particularly in the wake of regulatory developments in key markets [6].

The fundraising surge highlights a broader shift toward institutional-grade crypto treasury strategies, infrastructure innovation, and compliance-ready solutions. While market conditions remain dynamic, the strategic allocation of capital toward Bitcoin, Ethereum, and utility-driven Layer 1s indicates a maturing ecosystem prioritizing scalability, security, and regulatory alignment.

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[1]https://coinmarketcap.com/community/articles/688f52b8ed604315633ac8f4/