It seems likely that history will be 2025, especially thanks to the adoption of digital assets in the United States. Re-engaged with its innovative roots, the US has launched a bid to become “.Cryptocurrency capital“Around the world, and as a result, we see institutions becoming more and more interested in cryptocurrencies.
Just as some US introduced Bitcoin reserves and tokenized real world assets (RWA) markets It reached $26 billioncompanies continue, and one of the biggest trends shows that US companies are allocating some of their assets towards creating the Cryptocurrency Department.
According to Data published by DWF Labsat least 26 publicly available US companies have allocated some of their capital to encryption, and is now worth more than $85 billion in chain retention.
This is an earthquake change in the portfolio strategy of publicly available companies. But, as modern as this movement, it was made possible by a very old tool: Private Investment in Public Equity (PIPE).
A stifling old trading term for traditional finance (TRADFI), Pipe offers a streamlined, minimal regulatory pathway for companies to secure capital directly from institutional investors who share their long-term vision and fund their asset acquisition strategies. For crypto, it is a way to ensure reliable, sticky funding, and its increasing use is a clear indicator of industry maturity as it leverages established financial frameworks to integrate digital assets into core operations.
Pipe Crypto Connection
To establish Crypto Treasury, companies must retain significant capital to invest in such strategies, and Pipe has emerged as a way to enable them to achieve this goal in this new financial sector.
Here’s a recent example Ethena Labs’ $360 Million Pipe Transaction For the project Stablecoinx. Supported by major institutional investors like Dragonfly and Pantera Capital, revenue from the pipe is expected to lock in a “multi-year financial strategy” that will help build up a reserve for native ENA tokens.
This implies significant changes within the crypto ecosystem moving beyond traditional Fiat-based former capital investment routes. Instead, it is a clear signal that long-term crypto-focused strategies are attracting serious interest from top financial players.
Another deal highlighting this trend is from the SUI Foundation. Recent participation Ltd.’s $450 million pipe as an investor in Mill City Ventures III. In this case, the proceeds were used to launch the first publicly published SUI Ministry of Finance. This investment allowed the SUI Foundation to establish official, publicly traded vehicles for tokens. This transaction illustrates a new layer of refinement. Not only are crypto companies using pipes to build the Treasury Department, but crypto foundations are leveraging this mechanism to create institutional grade access to native tokens for market investors.
Crypto companies aren’t just stepping into their pipe fever dreams. According to DWF Labother big names to assign the growth portion of the Ministry of Finance include, of course, Strategy, Trump Media, Tesla, GameStop and China-based NanoLab.
Strategic Financing Tools in a Convergent Environment
Pipe trading is in the spotlight, but it is part of a wide range of financial products being investigated by both crypto and traditional companies to manage finances and access capital markets.
Alongside the pipes, two other important tools appeared. Convertible Notes and Special Purpose Acquisition Company (SPACS). This combination of financial engineering provides immediate capital while providing investors with flexibility and upward exposure.
Pipe trading provides a streamlined route for direct stock investments to connect companies with institutional investors. Meanwhile, convertible notes, which act as zero or low coupon bonds, act as zero or low coupon bonds that can be converted into stocks, giving investors both negative side protection and potential rise. SPACS allows companies to be made public through reverse mergers, often combined with pipe finance to provide immediate post-capital funding.
The appeal of these mechanisms lies in their flexibility and efficiency. By enabling companies to easily protect capital, align with strategic investors and maintain operational momentum, pipe transactions will continue to gain wider adoption to build the Department of Cryptocurrency. It also reflects the growing relationship between digital assets and TRADFI.
While the framework continues to develop around usage, what is apparent is that these strategies empower crypto and traditional companies to access more confident and sophisticated facility-grade capital.
From dreams of pipes to reality of pipes
Companies that hold crypto on their balance sheets were once considered a very prominent dream. However, this quickly became mainstream. This is thanks to pipe funding.
Previously the realm of native crypto companies or the largest early adopters, Crypto Treasuries is created with precision using the very tools that have built traditional financial systems. In this sense, pipes are not merely fundraising mechanisms, they are a bridge between ambition and implementation.
By transforming crypto from a speculative frontier to a capital-efficient long-term asset class, pipe transactions offer the potential to raise capital for companies, working with investors who understand both spatial vision and volatility. For public companies, it is the path to chain participation without the constraints of traditional capital markets. Projects from code-borne origins unleash new levels of institutional engagement without the community-driven spirit being at its core.
Recent deals such as Ethena’s $360 million PiePlays highlight that this is not a trend that will pass. It’s a mature blueprint. These moves not only bring capital into the code, but also validate the capital class as a capital destination.
In that perspective, “dream dreams” are not about wild speculations or blind beliefs. It’s about designing for persistence, scalability and legitimacy. And as more companies adopt these tools, the Cryptocurrency will move from edge case strategies to standard balance sheet assets.
