Bitcoin Reserve Offering by Solv

Bitcoin (BTC) staking platform Solv has raised $10 million for its Bitcoin Reserve Offering (BRO), aiming to build a $100 million BTC reserve.

BRO merges aspects of traditional convertible bonds with crypto-native features to drive institutional adoption of BTC finance, according to an emailed announcement shared with CoinDesk on Thursday.

Solv is attempting to offer an “on-chain MicroStrategy” model, referencing the Michael Saylor-founded software company that owns nearly 500,000 BTC.

BRO may appeal to institutions wanting to invest in BTC as a store of value without purchasing it directly. Additionally, they may seek a more active yield-generating form of BTC investment.

Solv will use the raised BTC for various yield-generating vehicles, including liquid staking tokens, and will invest in decentralized finance (DeFi), real-world assets (RWAs), and institutional finance products.

Solv stated, “What this means is that Solv’s protocol-owned Bitcoin Reserve will be active and productive, rather than having the BTC sitting idle,” in Thursday’s announcement.