Function has successfully raised $10 million in a seed round with contributions from Galaxy Digital, Mantle, and Antalpha. This funding aims to revolutionize Bitcoin, transitioning it from a passive store of value to a dynamic financial asset that can seamlessly integrate into both decentralized and traditional markets. Function’s flagship asset, FBTC, is a fully reserved Bitcoin-backed asset with over $1.5 billion in total value locked, designed to serve as a gateway for corporate treasuries and institutions looking to optimize their Bitcoin holdings.
The initiative comes at a pivotal moment as Bitcoin’s financial utility gains momentum, with increased interest in strategic crypto reserves in countries like the United States and Pakistan. Regulatory clarity is also encouraging companies such as Microstrategy to adopt Bitcoin standards for corporate treasury, shifting the focus from whether Bitcoin should evolve to how it can be effectively utilized at an institutional level.
Function, led by CEO Thomas Chen, is not merely wrapping Bitcoin but is developing the infrastructure to integrate it into productive capital flows. The collaboration with Galaxy, Mantle, and Antalpha enhances this effort by improving liquidity, governance, and security standards for institutional adoption.
FBTC is already integrated with major protocols and decentralized applications, ensuring institutional trust and security, sustainable yield, and seamless integration with major blockchain ecosystems. This positions Function to establish Bitcoin as a capital-efficient reserve asset for global markets.
