Yong Zhou, CEO and Co-CEO of Blockhouse Digital [Photo: LinkedIn]
Asset management firm Blockhouse Digital, with an office in Frisco, has completed a $2 million seed funding round including investments from strategic partners such as its OTC institutional partner BlockFills along with significant contributions from several angel and venture capital investors.
Founded in 2023, Blockhouse specializes in secured lending and yield generation strategies in cryptocurrency markets.
Blockhouse Digital said the funding will boost the launch of its specialized financial products and services, which are designed to serve institutional investors, borrowers and lenders.
“There is a shortage of available credit for crypto infrastructure providers and traders,” said Yong Zhou, CEO and co-CEO of Blockhouse Digital’s IT division. “At the same time, demand for borrowing is increasing, especially among Bitcoin miners as the Bitcoin halving approaches in the second quarter of 2024, and miners are preparing to increase capital expenditures.” [Capital Expenditure] Spend and take advantage of cheap ASIC prices.
Chu has a history of managing money, underwriting loans, trading distressed debt, and running startups. His background includes stints at Salomon Brothers Quantitative Research, Citigroup Special Situations Investment Group, and UBS Private Finance, and in the cryptocurrency industry, he has held positions such as IT Director at Abra, CFO at Hedera, and CFO at AltLending.
The newly secured funds will be used to launch Blockhouse Digital's technology infrastructure, expand its product offerings, and strengthen its market position as a leading crypto asset management company. The company said it is committed to leveraging its experience to deliver innovative solutions that generate sustainable returns for its clients while navigating the complexities of the digital asset landscape.
“OTC and major trading firms are seeking capital credit facilities to fill orders for their clients and provide market making services to improve market liquidity,” said Randy Song, co-founder and chief business development officer at Blockhouse Digital, who is former president of Blockhouse Digital. Head of Global Institutional Sales for Abra. “Due to this supply and demand imbalance in the crypto credit markets, we believe this is the right time to launch a fund focused on crypto lending.”
Nick Hammer, CEO of BlockFills, said the investment is better for both companies.
“The strategic partnership between BlockFills and Blockhouse Digital truly leverages the experience, expertise and core competencies of both companies to enhance product and service offerings for our collective institutional clients,” Hammer said.
“The joint efforts of the two companies will allow us to add significant liquidity and innovative credit products to better serve clients within our ecosystem where we see unprecedented demand for credit,” he said. Blockhouse will also leverage BlockFills' “technology, liquidity and connectivity capabilities for over-the-counter trading to create a best-in-class trading experience for the fund and its network of clients,” Hammer noted.
The company said it hosted a launch event for partners, investors and VIPs at Bel Air in Los Angeles last month.
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