DV8 has completed its first capital raise since undergoing a strategic shift toward becoming Southeast Asia’s first crypto treasury company, securing approximately THB 241 million (roughly $7.4 million), according to a filing released July 16.
The funding round closed with a 99.9% warrant exercise rate, marking a critical vote of confidence from existing shareholders in the firm’s long-term Bitcoin-native model.
The raise resulted in 301,491,057 new shares issued from the exercise of DV8-W2 warrants, at an exercise price of 0.80 baht per share. The remaining unexercised warrant total stood at just 345,930 units. DV8 reported a 38% growth in its cash treasury and a 13% increase in yield per share following the round.
Who is DV8?
DV8’s board has previously signaled its intention to replicate Strategy-style corporate finance strategies centered around Bitcoin accumulation and digital asset-backed value creation. The firm’s treasury model is aligned with the broader pivot led by a regional consortium of crypto-focused investors, including Metaplanet, Sora Ventures, Kliff Capital, and others, which recently acquired the Thai-listed electronics and retail company through a voluntary tender offer.
Metaplanet, the Tokyo-based public firm that emerged as one of the world’s largest corporate Bitcoin holders following its own treasury conversion, has become a guiding reference point for DV8’s transition. The Japanese company’s stock rose by over 11,000% across its treasury pivot, reinforcing the appeal of this strategy among firms exploring alternative financial models in Asia.
DV8’s transformation is also driven by a leadership overhaul led by Thai businessman Chatchaval Jiaravanon, known internationally for acquiring Fortune Magazine. His appointment as chairman was part of a broader board reshuffle aimed at repositioning DV8 as a crypto-financial infrastructure firm targeting Southeast Asian markets.
Recent moves by the consortium, such as the acquisition of Seoul-based SGA Co. to support new digital asset ventures, signal coordinated efforts to institutionalize crypto treasury adoption across the region. The investors have highlighted their interest in expanding into the Philippines, Vietnam, Indonesia, and Malaysia by partnering with execution-ready local firms.
The THB 241 million raise represents the first major liquidity infusion into DV8 since its crypto pivot and will be used to accelerate its operational transformation. According to the company, the capital sets the foundation for executing its long-term digital asset strategy and serves as a template for future funding rounds tied to treasury expansion.