DL Holdings has announced a HK$653.3 million (US$83.2 million) capital raise to accelerate its expansion into crypto and blockchain-related ventures, even as its stock took a hit following the news.
In a filing to the Hong Kong Stock Exchange, the financial services firm revealed plans for a placing and subscription agreement that will see selling shareholders transfer shares to at least six investors at HK$2.95 apiece. Those investors will then subscribe to the same number of new shares at the same price. The move will dilute existing holdings, reducing the public float from 13.6% to just under 12%.
Funds raised will be funneled into a suite of blockchain initiatives. About 30% is allocated to real-world asset tokenization and strategic crypto investments. Bitcoin mining and reserves will receive 15% of the proceeds, while 8% is set aside for building digital assets and stablecoin infrastructure. Another 7% will go toward acquiring crypto trading licenses in Hong Kong—a key step as the city positions itself as a regulated digital asset hub.
Remaining funds will support IT infrastructure upgrades, ETF product development, U.S. real estate investments, and general working capital.
Despite the ambitious roadmap, the market reaction was negative. Shares of DL Holdings dropped 8.4% to HK$3.07 during mid-Thursday trading, per Yahoo Finance data.
The announcement comes as crypto venture funding shows signs of resurgence. Q2 2025 saw $10.03 billion raised globally, the highest since Q1 2022, driven by renewed institutional interest. June alone accounted for $5.14 billion.
Q2 Closes as The Strongest Fundraising Quarter in Years
June marked a record-breaking close to Q2, with $5.14B raised, making it the strongest fundraising quarter in recent years. The quarter’s top raises include:@StriveFunds — $750M#TwentyOneCapital — $585M@Securitize —… pic.twitter.com/j4rMOpAZw6
— Fundraising Digest (@CryptoRank_VCs) July 6, 2025
Major raises included Strive Funds’ $750 million BTC-focused round in May, and TwentyOneCapital’s $585 million in April. Other notable fundraisers included Securitize, Kalshi, Auradine, ZenMEV, and Digital Asset.
Adding to this momentum, Bit Digital Inc. also disclosed a $67.3 million registered direct offering on July 14. That raise involves the sale of 22 million ordinary shares at $3.06 each, with funds earmarked to significantly ramp up the company’s Ethereum-based operations, further signaling rising institutional conviction in the asset.
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