Crypto markets have erased nearly $1 trillion in value over the past month, yet parts of the industry tied to infrastructure and tokenized real-world assets (RWAs) are telling a different story. Tokenized Treasurys are expanding, venture firms are still raising capital and Bitcoin-focused companies are consolidating their footprints.

This week’s Crypto Biz looks at the widening gap between spot markets and capital formation — from Nakamoto’s $107 million acquisition spree to Dragonfly’s new $650 million fund, the continued rise of tokenized RWAs and why Paradigm says Bitcoin miners may have a growing role in stabilizing the power grid.

Nakamato to acquire two Bitcoin companies for $107 million

Bitcoin holding company Nakamoto has…