Zeta Network Group raises $231 million in bitcoin-backed private placement

Zeta Network Group (NASDAQ: ZNB) announced it entered into a securities purchase agreement for a private placement totaling $230,837,060.20. The transaction involves the company's Class A ordinary shares and warrants exercisable at $2.55 per share, with a combined offering price of $1.70 per share and warrant.

The gross proceeds will be paid in bitcoin or SolvBTC, a bitcoin-backed token issued by Solv Protocol that maintains a 1:1 ratio with bitcoin. The private placement is expected to close on October 16, 2025, subject to customary closing conditions.

SolvBTC represents a wrapped bitcoin-backed token that is fully collateralized with bitcoin held under regulated custody. Each token is verified through on-chain proof-of-reserves and designed for institutional treasury applications.

"This is a strategic balance-sheet allocation that reinforces Zeta Network Group's long-term financial position," said Patrick Ngan, Chief Investment Officer at Zeta Network Group. "By integrating SolvBTC into our treasury, we're enhancing financial resilience with an instrument that combines bitcoin's scarcity with sustainable yield."

The transaction represents the company's first collaboration with Solv Protocol in what the companies describe as a structured approach to incorporating tokenized bitcoin instruments into regulated capital markets.

Zeta Network Group operates as a digital infrastructure and financial technology company focused on bitcoin-centric institutional finance platforms. The company integrates digital asset treasury management, bitcoin liquidity aggregation, and bitcoin mining operations within its nasdaq-listed framework.

Solv Protocol describes itself as an on-chain bitcoin reserve that bridges traditional finance, centralized finance, and decentralized finance sectors. The protocol is backed by investors including Binance Labs, Blockchain Capital, Laser Digital, and OKX Ventures.

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