Function, formerly operating under the name Ignition, has secured $10 million in a seed funding round led by Galaxy Digital, with additional backing from Antalpha and Mantle.
The raise supports the company’s mission to redefine Bitcoin’s role in institutional finance by launching FBTC—a fully reserved, 1:1 Bitcoin-backed asset. With over $1.5 billion in Total Value Locked (TVL), FBTC serves as the cornerstone of Function’s effort to unlock Bitcoin’s yield potential.
BIG NEWS at @fxn_xyz: We are excited to announce @galaxyhq has joined our $10M seed round as an investor and core contributor, alongside @Mantle_Official, and @AntalphaGlobal.
With over $1.5B in TVL, $FBTC is the institutional gateway for productive and functional Bitcoin.
The…
— Function | FBTC (@FunctionBTC) July 15, 2025
Building on this foundation, FBTC is integrated across more than 25 decentralized applications and eight major blockchain protocols, including Ethereum, Mantle, and Aave. This broad interoperability enables institutional participants to put their Bitcoin to work across decentralized finance ecosystems without compromising on security, custody, or regulatory standards.
Function’s infrastructure is tailored to the needs of institutional treasuries, allowing them to earn sustainable yield on Bitcoin while ensuring transparency and capital preservation.
“We’re building the infrastructure that routes Bitcoin into productive capital flows,”
said CEO Thomas Chen.
“FBTC is the standardized, omnichain asset for this evolution.”
Galaxy Digital’s entry as both investor and strategic partner significantly strengthens Function’s institutional credibility. The firm will play a key role in shaping FBTC’s governance, liquidity mechanisms, and risk management frameworks. Jason Urban, Galaxy’s Global Head of Trading, noted,
“Function represents the next evolution in Bitcoin’s journey.”
Further enhancing its appeal to regulated institutions, FBTC operates on a multi-chain, composable framework with built-in compliance layers. It aligns with upcoming EU MiCA regulations and global anti-money laundering standards, setting a new bar for Bitcoin-backed products in traditional markets.
This development aligns with the broader trend of Bitcoin adoption by publicly traded companies. On July 14, Metaplanet Inc. announced the purchase of an additional 797 BTC worth approximately $86 million, bringing its total holdings to 16,352 BTC. The move underscores growing corporate appetite for Bitcoin as a reserve asset, a shift that Function is strategically positioned to capitalize on.
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