Institutional Bitcoin Investment Products Evolve with Yield-Focused Strategies and Treasury Expansion

Nomura Subsidiary Launches Yield-Generating Bitcoin Fund

Laser Digital, the digital asset division of Nomura, has unveiled a new Bitcoin investment product designed to generate returns beyond simple price exposure for institutional clients. The Bitcoin Diversified Yield Fund (BDYF) represents a strategic shift toward yield-focused offerings in response to growing market demand for tokenized yield-driven funds over traditional long-only products ^[1].

Unlike conventional Bitcoin funds that rely solely on price appreciation, the new product employs diversified strategies intended to produce income while maintaining Bitcoin exposure ^[1]. The fund will be available exclusively to institutional and eligible accredited investors, with Kaio serving as the tokenization provider and Komainu as the primary custodian ^[1].

Jez Mohideen, co-founder and CEO of Laser Digital, emphasized the strategic rationale behind the launch. "Recent market volatility has shown that yield-bearing, market-neutral funds built on calculated DeFi strategies are the natural evolution of crypto asset management," Mohideen stated ^[1].

The offering builds upon Laser Digital's Bitcoin Adoption Fund launched in 2023, which provided directional exposure without additional yield generation ^[1]. A company spokesperson indicated that the new fund aims to combine Bitcoin exposure with income from market-neutral strategies while targeting lower volatility and limited correlation with broader crypto market movements ^[1].

Strive Announces Major Capital Raise for Bitcoin Purchases

Strive, an asset manager co-founded by former US presidential candidate Vivek Ramaswamy in 2022, has announced plans to raise up to $150 million through a preferred stock offering, with proceeds designated for debt repayment and Bitcoin acquisitions ^[2].

The company intends to sell shares of its Variable Rate Series A Perpetual Preferred Stock under the ticker SATA ^[2]. Capital raised will be used to pay down liabilities at its wholly owned subsidiary, Semler Scientific, including repurchasing a portion of Semler's 4.25% convertible senior notes due in 2030 and outstanding borrowings under a master loan agreement with Coinbase Credit ^[2].

Strive characterized the initiative as an effort to simplify its balance sheet and return to a "perpetual-preferred only amplification model," with any remaining funds potentially allocated toward acquiring Bitcoin and Bitcoin-related products ^[2].

The SATA preferred stock carries a starting annual dividend rate of 12.25%, paid monthly in cash, with the rate adjusting based on market conditions and short-term interest rates ^[2]. The preferred shares are perpetual but can be redeemed at Strive's option, generally at $110 per share plus any unpaid dividends ^[2]. Barclays and Cantor Fitzgerald are serving as joint book-running managers for the offering, with Clear Street as co-manager ^[2].

Strategic Expansion Through Acquisition

Earlier in January, Strive announced an all-stock acquisition of Semler Scientific, securing shareholder approval for a transaction that would add Semler Scientific's 5,048.1 Bitcoin to Strive's existing treasury ^[2]. Following the acquisition, Strive's total Bitcoin holdings will increase to 12,797.9 BTC ^[2].

The company previously announced a $750 million raise in May 2025 to establish "alpha-generating" strategies through Bitcoin-related purchases, followed by another $500 million stock sales program in December to fund additional BTC acquisitions ^[2].

Industry Challenges on the Horizon

As institutional Bitcoin products proliferate, industry executives are warning of potential challenges ahead for digital asset treasury companies. MoreMarkets CEO Altan Tutar predicted that 2026 could witness widespread shutdowns as falling crypto prices and declining share valuations pressure business models that rely primarily on holding digital assets ^[2].

Tutar expects altcoin-focused treasury firms to fail first, followed by large-cap strategies tied to assets such as Ethereum, Solana, and XRP, citing an overcrowded sector unable to sustain valuations above net asset value without creating additional return sources ^[2].