Function Raises $10m Seed Round With Galaxy Digital To Launch Bitcoin Yield Platform As FBTC Reaches $1.5bn TVL

Function has raised $10 million in seed funding with Galaxy Digital as a core investor, as the company launches what it describes as institutional infrastructure for Bitcoin yield generation.

The funding round includes Galaxy Digital, Antalpha, and Mantle as investors, with Function's FBTC asset reaching $1.5 billion in Total Value Locked. The platform aims to transform Bitcoin from a passive store of value into what the company calls a productive, composable financial asset.

Function (formerly known as Ignition) positions itself as a gateway for corporate treasuries and institutions seeking to deploy Bitcoin productively whilst maintaining security and sovereignty. The company's FBTC is described as a fully reserved Bitcoin asset with 1:1 backing.

Thomas Chen, CEO, Function

Thomas Chen, CEO of Function, said: "At Function, we're not just wrapping Bitcoin—we're building the infrastructure and routing it into productive capital flows. We're establishing the gateway for institutional Bitcoin yield, starting with FBTC as our standardised omnichain asset. This represents a structural shift in how Bitcoin participates in the global financial system, enabling corporate treasuries to optimise their Bitcoin holdings while preserving the asset's core properties."

The funding comes as Bitcoin adoption by corporate treasuries has increased, with companies including Microstrategy and MetaPlanet adding Bitcoin to their balance sheets. Function references growing attention on strategic crypto reserves, citing the United States and Pakistan as examples.

Galaxy Digital's participation includes supporting institutional-quality liquidity development, contributing to governance and risk framework development, and accelerating FBTC's infrastructure development for Bitcoin integration into global financial markets.

Jason Urban, Global Head of Trading at Galaxy, said: "I believe Function represents the next evolution in Bitcoin's journey toward becoming a productive financial asset. We're excited to contribute to the infrastructure that Function is building to establish Bitcoin as a capital-efficient reserve asset for global markets."

FBTC has integrated with over eight major protocols and more than 25 decentralised applications, including Ethereum, Mantle, Aave, and Babylon. The platform is built on what Function describes as three foundational pillars: institutional trust and security, sustainable yield and liquidity, and omnichain and composable infrastructure.

The company's multi-layer security architecture includes comprehensive risk management and audit standards designed for institutional adoption. FBTC maintains Bitcoin's 1:1 backing alongside transparent yield strategies and liquidity provisioning, with seamless integration across major blockchain ecosystems including Ethereum, Arbitrum, and Mantle.

Function is supported by Galaxy Digital, Mantle, Antalpha Prime, and other institutions as it develops what it describes as the first omnichain Bitcoin yield asset, enabling BTC holders to participate in structured, risk-managed yield strategies.

Galaxy Digital is a global leader in digital assets and data centre infrastructure, delivering solutions for finance and artificial intelligence. The company offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenisation technology, with headquarters in New York City and offices across North America, Europe, the Middle East, and Asia.

Antalpha is a fintech company specialising in financing, technology, and risk management solutions for institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through its Antalpha Prime technology platform.

Mantle describes itself as building the largest sustainable hub for on-chain finance through its core products including Mantle Network, mETH Protocol, and FBTC. The platform is anchored by the Mantle Treasury, described as the largest community-owned treasury in the ecosystem, with over $4.3 billion in assets.