Bitcoin (BTC) staking platform Solv has raised $10 million for its Bitcoin Reserve Providing (BRO) because it goals to construct a $100 million BTC reserve.

BRO merges points of conventional convertible bonds with crypto-native options to drive institutional adoption of BTC finance, in accordance with an emailed announcement shared with CoinDesk on Thursday.

Solv is making an attempt to supply an “on-chain MicroStrategy” mannequin, referencing the Michael Saylor-founded software program firm that now owns almost 500,000 BTC.

BRO might enchantment to establishments who want to spend money on BTC as a retailer of worth in the same method to Technique (as MicroStrategy is now referred to as) however with out bodily buying and holding it themselves. Moreover, they could be searching for a extra energetic yield-generating type of BTC funding.

Solv will deploy the BTC raised to varied yield-generating automobiles, corresponding to liquid staking tokens, and invested throughout decentralized finance (DeFi), real-world property (RWAs) and institutional finance merchandise.

“What this implies is that Solv’s protocol-owned Bitcoin Reserve can be energetic and productive, reasonably than having the BTC sitting idle,” Solv stated in Thursday’s announcement.