Crypto and blockchain venture capital came roaring back in the second quarter, with startups raising a combined $10 billion during the period.

For venture capital firm Ego Death Capital, however, it’s Bitcoin (BTC) — not broader crypto — that will drive the future of secure decentralized finance. Earlier this week, the firm announced a new $100 million fund dedicated to investing in early-stage Bitcoin companies.

Meanwhile, Robinhood is doubling down on its tokenization push, even as European regulators scrutinize its so-called “private equity” offerings. While Robinhood has long been active in digital assets, its deeper commitment to the space has helped propel its stock to all-time highs.

This week’s Crypto Biz explores Bitcoin-focused venture capital, Robinhood’s tokenization ambitions, CoreWeave’s acquisition of Core Scientific and former Binance CEO Changpeng Zhao’s knack for calling out questionable announcements.

Ego Death Capital targets Bitcoin startups

Venture firm Ego Death Capital has raised $100 million from family offices and other investors to back Bitcoin startups, calling BTC “the only decentralized and secure base […] to build on.”

The firm has already invested in Bitcoin-focused exchanges, payment rails and savings platforms, and is now targeting additional companies generating between $1 million and $3 million in annual revenue.

Launching a Bitcoin-only venture fund comes at an opportune time, as institutional interest in Bitcoin surges thanks to the availability of US spot ETFs and a growing trend of companies adding BTC to their corporate treasuries.

Following Strategy’s lead, dozens of companies have added Bitcoin to their balance sheets this year. However, not everyone is convinced this is a viable long-term business strategy, especially for businesses “without a serious niche,” according to Glassnode’s James Check.

Robinhood stock surges on tokenization push, but regulators have questions

Shares of Robinhood have rallied sharply since the company unveiled its tokenization-focused blockchain, which aims to offer more than 200 US stock and ETF assets to European investors.

However, European regulators are scrutinizing the company’s “private equity tokens,” particularly those linked to OpenAI and SpaceX. The Bank of Lithuania said it is “awaiting clarifications” regarding these offerings after OpenAI said that the product does not actually provide private equity in the company.

Robinhood CEO Vlad Tenev explained that these tokens do not technically represent equity in the underlying companies but give investors indirect exposure. Despite the regulatory questions, Tenev said several private companies have already approached Robinhood about launching similar products.

CoreWeave acquires Core Scientific in all-stock deal

After more than a year since its initial buyout proposal, CoreWeave has finalized a deal to acquire Bitcoin miner Core Scientific in an all-stock transaction valued at $9 billion. The acquisition will expand CoreWeave’s data center capacity as it aims to become a leader in AI and high-performance computing (HPC).

“Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific’s national data center footprint with an incremental 1 GW+ of potential gross power available for expansion,” the company said.

However, acquiring a Bitcoin miner doesn’t necessarily signal CoreWeave’s return to the crypto market. According to the announcement, CoreWeave plans to repurpose Core Scientific’s assets for HPC, which could include divesting its crypto mining operations.

“Is this real?” CZ questions TON’s UAE Golden Visa announcement

Last weekend, The Open Network (TON) announced a new immigration program in the UAE that would grant users a 10-year Golden Visa if they stake $100,000 worth of TON coins and pay a $35,000 processing fee. However, for Changpeng “CZ” Zhao, the announcement immediately raised red flags.

“Is this real?” CZ asked on social media, pointing out that there were no official government statements supporting the claim.

Less than a day later, UAE regulators issued a joint statement denying reports that Golden Visas are available through digital asset activities, confirming CZ’s hunch to “trust but verify.”

The TON Foundation later clarified that the Golden Visa program is “being developed independently” and does not have official government backing.

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