Bitcoin Staking Platform Acre Raises $4 Million at Token Valuation of $90 Million
Acre, a Bitcoin staking platform that allows users to earn rewards in BTC, has raised $4 million in a strategic funding round, valuing the token at $90 million.
According to Acre, the round included participation from Draper Dragon, Big Brain Holdings, and Orange DAO, as well as undisclosed angel investors from major companies such as Lido, EigenLayer, Wormhole, Thesis, and Quantstamp.
The funding was structured as a Simple Agreement for Future Equity (SAFE) with token purchase rights. The $90 million valuation reflects the fully diluted value of the ACRE token, which has yet to launch, co-founder and CEO Laura Wallendal told The Block.
What is Acre?
Acre is a subsidiary of Thesis, a Bitcoin-focused venture capital studio behind projects like tBTC, Fold, and Mezo Network. Wallendal previously served as a leader at Thesis and still advises the studio.
Acre allows users to deposit Bitcoin to earn more BTC through methods like staking and providing liquidity to decentralized networks. Acre’s first vault partner is Mezo, a Bitcoin scaling solution.
“Acre helps provide Bitcoin liquidity to decentralized networks, driving their growth while supporting lending solutions and DeFi integrations without requiring users to manage multiple tokens or give up control of their assets,” Wallendal said.
To ensure the safety of users’ assets, Acre uses tBTC, a decentralized custody solution where BTC is held in a 51/100 multi-signature system run by nodes.
“We prioritize security over instant transactions,” Wallendal explained. “Deposits take about three hours to complete, but ensure complete decentralization throughout.”
Since its mainnet launch last July, Acre has attracted more than 1,028 BTC in user deposits, equivalent to more than $100 million. With the platform now widely available, Acre expects deposits to continue to grow.
Currently, the Acre team consists of eight core members, and the company plans to expand its operations, engineering, and marketing teams to develop more partnerships with DeFi wallets and protocols.
Wallendal declined to provide a specific timeline for the ACRE token launch, but confirmed that Acre will transition to a DAO (decentralized autonomous organization) model later this year.
