OpenEden’s token EDEN posted a sharp rally after South Korea’s largest crypto exchange, Upbit, listed the asset on Aug. 10. The real move came on Aug. 14, when EDEN surged 92.04% in a single day and briefly reached $0.086. Even so, the token remains far below the $1.4 opening level seen when it debuted on Binance on Sept. 30, 2025, and still sits under one-tenth of that peak. The price action has put renewed attention on a long-running question around OpenEden’s model: why has growth in underlying real-world assets not translated into stronger token value? Founded in 2022 by former Gemini Asia Pacific executives Jeremy Ng and Eugene Ng, OpenEden built a compliant on-chain infrastructure focused on tokenized U.S. Treasuries and other fixed-income products. Its main offerings now include TBILL, USDO and HYBOND, with TBILL alone holding about $253 million in TVL. Revenue data helps explain the disconnect. According to DefiLlama, TBILL generates around $310,000 in annualized revenue, while OpenEden’s total revenue in the second quarter of 2026 came to $431,000. Of that, $292,000 came from underlying asset yield, while management fee revenue was only $39,600. Most of the economic value flows to holders of TBILL and USDO, not to the protocol itself. EDEN, for its part, is used for governance, staking and ecosystem incentives, with no direct claim on protocol revenue.

DV8Thailand has acquired Rakkar Digital, a licensed digital asset custodian in Thailand. Backed by SCBX and Fireblocks, Rakkar reported more than $700 million in assets under custody as of Dec. 24, 2024.

DV8, a publicly listed company on Thailand’s SET exchange, has signed a share purchase agreement to acquire Rakkar Digital, a licensed digital asset custodian in Thailand. The deal marks DV8’s first direct move into regulated digital asset operations and signals a broader transition from its origins as a media company toward becoming a builder of institutional-grade digital asset infrastructure across Asia. Rakkar Digital, which has more than $700 million in assets under custody, was formed as a joint venture between SCBX, the parent company of Siam Commercial Bank, and Fireblocks, a global digital asset infrastructure provider, with early backing from SCB 10X. For DV8, the acquisition offers not just scale, but a ready-made platform with licensing, compliance processes, operational systems, and institutional trust already in place. The article also places this move in the wider context of corporate Bitcoin treasury adoption over the past five years. It highlights Strategy (MSTR) under Michael Saylor as the flagship case, showing how companies have used capital markets, including equity issuance and convertible debt, to fund BTC accumulation and align shareholder value with long-term Bitcoin appreciation. At the time of writing, Bitcoin was trading just below $70,000 after briefly approaching $71,000 earlier in the day.

Listed Thai company DV8 has signed a share purchase agreement to acquire Rakkar Digital, a licensed digital asset custodian in Thailand with over $700 million in assets under custody. The acquisition marks DV8's first direct entry into regulated digital asset operations and a strategic pivot toward building institutional-grade infrastructure across Asia. DV8 also invested in Korean treasury platform Bitplanet in September 2025. Inspired by Strategy (MSTR) and Michael Saylor's bitcoin treasury model, DV8 aims to integrate bitcoin into its corporate balance sheet. Bitcoin is currently trading near $70,000.

DV8 (SET: DV8), a Thai publicly listed company, has signed a share purchase agreement to acquire Rakkar Digital, a licensed digital asset custodian in Thailand, making DV8 the first Bitcoin treasury company in Southeast Asia with a regulated digital asset license. Rakkar Digital, a joint venture between SCBX (parent of Siam Commercial Bank) and Fireblocks, holds over $700 million in assets under custody. The acquisition marks DV8's strategic pivot from a media company to a builder of regulated digital asset infrastructure, following its September 2025 investment in Bitplanet, a Korean digital asset treasury platform. The article also reviews corporate Bitcoin treasury strategies, highlighting MicroStrategy's model of using equity and convertible debt to accumulate BTC, and notes Bitcoin's price hovering near $70,000.