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Crypto Wallet Provider Utila Raises $18M as Institutional Demand for Digital Asset Management Soars

Utila, a digital asset operations platform, has raised $18 million in a Series A round to expand its multi-party computation (MPC) wallet solutions as institutional demand to manage digital assets is soaring, the company told CoinDesk.
Nyca Partners led the round, with participation from Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners. The latest round brings the startup’s total venture capital funding to around $30 million, since emerging from stealth last year.
Utila has experienced a fresh wave of demand for digital asset infrastructure, as payment providers, fintech firms and neobanks increasingly use digital assets, including stablecoins and tokenized assets in their operations, Bentzi Rabi, co-founder and CEO of Utila, said in an interview.
With lingering security concerns in managing digital assets, once again pulled into spotlight by crypto exchange Bybit’s $1.5 billion exploit, «Organizations don’t have many options today,» said Rabi.
“They’re either using outdated institutional wallets that lack key features or simple wallets that aren’t enterprise-ready,» Rabi added.
Its platform leverages multiparty computation (MPC) technology, which splits a private key across multiple parties, reducing the risk of a single point of failure. It also features insurance coverage against security threats and asset losses, business continuity offering to mirror features that already have a service in place.
The company’s platform has handled $8 billion in monthly digital asset transactions, Rabi said, a sizable bump from the $3 billion in three months in early 2024.
The funding will help Utila expand globally and enhance its product offerings, including advanced gas management, API integrations, and smart contract support.
Business
Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury

BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said Monday it now controls more than 2% of ether’s supply and raised $365 million to expand its holdings.
The company announced this morning that its treasury, valued at $11.4 billion as of Sept. 21, consists of 2,416,054 ETH at $4,497 per token, 192 bitcoin (BTC), $345 million in cash and a $175 million equity stake in Eightco Holdings.
BitMine described itself as the world’s largest public holder of ether and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy Inc. (MSTR).
BitMine is chaired by Tom Lee, who is also head of research at Fundstrat and chief investment officer at Fundstrat Capital.
Lee said the company is pursuing what he calls the “alchemy of 5%,” aiming to accumulate 5% of the total ETH supply. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” Lee said.
Raising funds to grow the treasury
A few hours later, BitMine announced a securities purchase agreement with an institutional investor covering 5.2 million shares of common stock at $70 per share — about 14% above its Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50.
The offering is expected to raise $365 million in gross proceeds, with the warrants potentially adding another $913 million, bringing total potential proceeds to about $1.28 billion.
Lee said the primary use of funds would be to expand BitMine’s ether holdings, calling the premium pricing “materially accretive” to existing shareholders.
BitMine added that institutional demand reflected growing interest in ethereum as Wall Street integrates blockchain into financial infrastructure.
As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.
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Clock’s ticking: Get hands-on experience volunteering at TechCrunch Disrupt 2025
September 30 is the final deadline to apply to volunteer at TechCrunch Disrupt 2025 — and we’re officially in countdown mode. Whether you dream of launching your own startup, building community, or producing global-scale events, volunteering gives you an unmatched, behind-the-scenes look at how a world-class tech conference comes to life in San Francisco.
Business
PayPal Ventures Invests in Stable to Expand PYUSD Reach

PayPal Ventures has invested in Stable to bring PayPal USD (PYUSD) to Stablechain, aiming to expand its distribution and make global payments faster and cheaper, according to a blog post Monday.
Stable’s blockchain, built for stablecoin transactions with sub-second finality and low fees, is designed to fix the infrastructure issues that have slowed adoption, the company said.
The size of the investment was not disclosed.
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.
Tether’s USDT is the world’s largest stablecoin, followed by Circle’s (CRCL) USDC.
Both companies said the move will unlock new commerce use cases, particularly in emerging markets where dollar-based payments have the biggest impact.
With PYUSD now live on Stablechain, the partnership marks a step toward taking stablecoins beyond crypto-native use and into everyday payments and financial products, Stable said.
Read more: U.S. Stablecoin Battle Could Be Zero-Sum Game: JPMorgan
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