Southeast Asia’s presence in the U.S. capital markets is gaining momentum as several companies listed on Nasdaq and NYSE deliver strong results, exceed growth expectations, and demonstrate resilience in a challenging macro environment. These successes reflect not just company-specific wins, but also a broader shift: global investors are increasingly viewing Southeast Asia as a sustainable growth engine and an attractive diversification play amidst global uncertainty.

A critical factor driving this momentum is the region’s commitment to regulatory reforms and enhanced transparency. Countries within the ASEAN bloc, including Malaysia, Indonesia, Thailand, and Singapore, are actively working to elevate corporate governance and disclosure standards. These efforts are vital in raising the investability of regional equities, making them more appealing to foreign investors who prioritize transparency and accountability in their investment decisions.

Furthermore, there is a notable trend towards greater regional capital integration. Initiatives such as the ASEAN Trading Link and pan-ASEAN Exchanges are fostering increased liquidity and facilitating cross-border investments among member exchanges. This coordinated approach not only enhances market accessibility but also allows investors to tap into a broader array of opportunities within the region, thereby boosting overall market confidence.

The structural growth potential of Southeast Asia is further strengthened by proactive policy reforms. Regulatory bodies, including Indonesia’s OJK, the Philippines’ SEC, and Malaysia’s Securities Commission, are undertaking significant reforms aimed at streamlining capital markets and attracting external capital. These regulatory enhancements are designed to create a more conducive environment for investment, thereby reinforcing Southeast Asia’s position as a key player in the global capital markets.

Additionally, the region is witnessing rapid growth in private credit and sustainable finance. The private credit market in Southeast Asia has surged to approximately $65 billion by mid-2022, reflecting a growing appetite for alternative financing solutions. Concurrently, initiatives such as green bond frameworks in Singapore are attracting considerable ESG (Environmental, Social, and Governance) capital, aligning with the global shift towards sustainability and responsible investing.

Together, these factors create a robust foundation for investor confidence and promote a global allocation towards Southeast Asia. As the region continues to evolve into a high-growth, digitally enabled market with improving regulatory frameworks, it stands poised to attract significant attention from global investors seeking not only returns but also sustainable investment opportunities.

Notable Performers

Grab Holdings Ltd. (NASDAQ: GRAB)

Grab, headquartered in Singapore, reported a remarkable turnaround in the first half of 2025. Its improved profitability, especially in its delivery and mobility arms, has proven the scalability of its “super app” model. Investors were particularly optimistic about Grab’s accelerated expansion into digital financial services, offering lending, insurance, and payments, which shows promise in underserved Southeast Asian markets. As a result, its shares have climbed over 20% this year, signalling renewed investor confidence in its long-term growth potential.

Sea Limited (NYSE: SE)

After a tough 2024 marked by layoffs and restructuring, Sea Limited rebounded sharply in 2025. Shopee, its e-commerce platform, implemented monetization strategies that helped increase take rates and reduce logistics costs. Meanwhile, Garena’s mobile game portfolio has seen a resurgence with new titles and revitalized user engagement. These developments, combined with disciplined cost control, have led to Sea’s stock price rising over 30% year-to-date, reinforcing its reputation as a leading digital conglomerate in the region.

MoneyHero Group (NASDAQ: MNY)

Headquartered in Singapore and listed via a SPAC in 2024, MoneyHero operates comparison platforms for financial products across Hong Kong, Singapore, and the Philippines. In 2025, it added AI-powered tools for financial education and personalized product recommendations. Strong user engagement and rising digital ad revenue have made it one of the most exciting fintech plays from Southeast Asia.

What This Means for the Capital Market

The recent successes of these companies are reshaping how global investors view Southeast Asia, not just as a developing region, but as a high-potential, digitally enabled market with long-term relevance. These companies are proving they can compete at a global level, drive innovation, and sustain profitability while addressing large addressable markets.

U.S. investors, in particular, are showing a renewed appetite for Southeast Asian assets as they seek diversification beyond developed markets. These listings provide a channel for American capital to access high-growth sectors such as fintech, e-commerce, and proptech in a relatively de-risked manner. This increased participation also contributes to improved liquidity, valuation transparency, and better governance for listed companies.

Moreover, the continued success of these firms affirms that the U.S. stock exchanges remain attractive for Southeast Asian companies seeking scale, visibility, and credibility. Despite past concerns about foreign listings, U.S. markets continue to offer strong capital access and broader investor reach compared to regional exchanges.

Emerging Trends

1. SPAC 2.0 Resurgence
   While the SPAC (Special Purpose Acquisition Company) boom cooled after 2022, a new wave of “SPAC 2.0” listings is on the rise in 2025, supported by stronger regulatory standards and increased transparency. Several Southeast Asian startups, especially those in fintech and AI, are now exploring this route as a faster alternative to traditional IPOs. These vehicles offer flexible deal structures and strategic advisory from experienced sponsors, making them appealing to younger tech firms that want to list without enduring the prolonged IPO process.
2. Sustainability and ESG-Driven Listings
   Institutional investors in the U.S. are placing greater emphasis on Environmental, Social, and Governance (ESG) metrics. Southeast Asian companies are responding by embedding ESG narratives into their growth stories, whether it’s offering green loans, building sustainable infrastructure, or improving corporate governance. Companies with a clear ESG value proposition are enjoying premium valuations and increased institutional backing, setting a positive precedent for future listings.
3. Dual Listings and Regional Pride
   After debuting in the U.S., more Southeast Asian firms are planning or executing secondary listings in their home markets, such as on the Singapore Exchange (SGX) or Indonesia Stock Exchange (IDX). This dual-listing strategy enhances liquidity, brings the brand closer to regional investors, and serves as a hedge against currency and geopolitical risks. It also signals a long-term commitment to both global and domestic stakeholders.

What This Means for Southeast Asian Firms Eyeing U.S. Listings

For Southeast Asian startups and mid-sized firms contemplating U.S. listings, recent developments in the capital markets serve as encouraging signals. The success stories of companies like Grab and Sea provide a valuable blueprint for aspiring firms. These companies have demonstrated that strong unit economics, scalable technology infrastructure, and regional leadership are essential criteria for gaining investor trust in the competitive U.S. market.

Listing on a U.S. exchange not only enhances a company’s visibility but also opens doors to new partnerships and diversifies its investor base. Access to larger capital pools is a significant advantage, allowing firms to fund their growth ambitions more effectively. Additionally, companies listed on U.S. exchanges gain the credibility that comes with adhering to stringent U.S. regulatory compliance standards. This credibility often translates into increased confidence from customers and employees alike, fostering a stronger brand image in both local and international markets.

However, the path to a successful U.S. listing demands that firms be prepared to meet high standards of governance, financial disclosure, and investor relations. For many companies, this transition acts as a catalyst for strengthening internal processes and professionalizing operations. It underscores the notion that going public is not merely about raising capital; it’s about evolving into a mature global enterprise that can effectively compete on the world stage.

The performance of Southeast Asian firms listed in the U.S. reflects both micro-level execution and macro-level investor interest. This trend highlights the growing integration of Southeast Asian economies into the global capital market ecosystem. As more success stories emerge, a positive feedback loop is likely to develop—where strong performance fuels additional listings, which in turn attracts further attention and investment into the region.

For investors, analysts, and policymakers, the message is clear: Southeast Asia is not on the periphery of the global economy; it is moving towards the center. The region’s dynamic growth and increasing presence in U.S. markets signify its potential as a significant player in the global economic landscape.

In this context, the Alarar Capital Group emerges as a pivotal partner for Southeast Asian companies seeking to go public in U.S. markets. With its extensive experience and expertise, Alarar Capital Group excels in multiple areas that are critical for successful listings.

Cross-Border Listing Strategy

Alarar Capital Group offers a comprehensive cross-border listing strategy, leveraging deep bi-continental experience to align Asian issuers with Western capital markets. The firm specializes in managing IPOs, dual listings, and SPAC (Special Purpose Acquisition Company) or RTO (Reverse Takeover) processes, ensuring that companies navigate the complexities of different jurisdictions smoothly. This expertise not only simplifies the listing process but also enhances the likelihood of successful outcomes.

SPAC Advisory & Execution

Alarar Capital Group is recognized as a global leader in SPAC advisory and execution. The firm has advised on billions of dollars in transactions, showcasing its ability to craft innovative solutions tailored to the unique needs of each client. By launching new SPAC vehicles in collaboration with prominent partners like D. Boral Capital, starting in 2025, Alarar Capital Group positions itself at the forefront of this evolving market. Their deep understanding of SPAC structures and processes equips clients with the insights needed to leverage this financing avenue effectively.

Capital Markets and M&A Capability

ARC’s full-spectrum capital markets services extend beyond traditional listings. The firm offers a robust suite of services, including private placements, structured financings, and M&A advisory. This capability empowers firms to scale their funding strategies and optimize their capital structures, ensuring they are well-equipped to seize growth opportunities in a competitive landscape. By integrating M&A advisory into their offerings, Alarar Capital Group also helps clients identify strategic acquisition targets, further enhancing their market positioning.

Reputation and Client-Centric Approach

Alarar Capital Group’s reputation in the industry is built on a foundation of trust, integrity, and a client-centric approach. The firm prioritizes building long-term relationships with its clients, understanding their unique challenges, and providing tailored solutions that align with their strategic goals. This dedication to client success has earned ARC a stellar reputation among investors and issuers alike, making it a sought-after partner for companies looking to expand into U.S. markets.

By partnering with Alarar Capital Group, Southeast Asian firms can navigate the complexities of U.S. listings and capitalize on the burgeoning opportunities in the global capital markets. With ARC’s support, companies not only raise capital but also mature into influential players on the international stage, solidifying their positions within the global economy.

References

1. 1. Grab stock rallies as financial services growth boosts earnings. Bloomberg. 2025. https://www.bloomberg.com/news/articles/2025-07-15/grab-stock-rallies-as-financial-services-growth-boosts-earnings
   2. Sea’s e-commerce arm sees strong Q2 performance. Reuters. 2025. https://www.reuters.com/technology/seas-ecommerce-arm-sees-strong-q2-performance-2025-07-22/
   3. SPAC market rebounds on stronger disclosures and new rules. TechCrunch. 2025. https://techcrunch.com/2025/06/12/spac-market-rebounds-on-stronger-disclosures-and-new-rules/
   4. Southeast Asia firms eye U.S. IPOs as growth outlook brightens. Wall Street Journal. 2025. https://www.wsj.com/finance/investing/southeast-asia-firms-eye-us-ipos-as-growth-outlook-brightens-2025-06-29
   5. MoneyHero raises guidance, expands in Southeast Asia. Forbes. 2025. https://www.forbes.com/sites/digital-assets/2025/07/05/moneyhero-raises-guidance-expands-in-southeast-asia/
   6. Grab Holdings Limited current share price $4.97 USD as of August 5, 2025.
      https://www.investing.com/equities/grab-holdings-historical-data
   7. Sea Limited stock price $151.44 USD as of August 5, 2025.
      https://www.investing.com/equities/sea-limited
   8. MoneyHero Group (NASDAQ: MNY) Current stock price $1.86 USD as of August 6, 2025.
      https://stockanalysis.com/stocks/mny/
   9. Southeast Asia Equities: Unlocking Growth in a Dynamic Region. 2025.
      https://aquis-capital.com/news/southeast-asia-equities-unlocking-growth-in-a-dynamic-region
   10. OECD Asia Capital Markets Report 2025.
       https://www.oecd.org/en/publications/asia-capital-markets-report-2025_02172cdc-en/full-report/equity-markets_21fa56c1.html
   11. Financial Services Authority (Indonesia). 2025.
       https://en.wikipedia.org/wiki/Financial_Services_Authority_%28Indonesia%29
   12. Southeast Asia’s Untapped Potential for Private Credit. 2024.
       https://www.admcapital.com/southeast-asias-untapped-potential-for-private-credit/
   13. PWC Unlocking the potential of sustainable finance in Southeast Asia. 2024.
       https://www.pwc.com/gx/en/issues/esg/southeast-asia-sustainable-finance-potential.html
   14. Time News The Rise of Green Wall Street. 2025.
       https://time.com/7307275/green-wall-street-london-sustainable-finance/
   15. ARC Services. 2025.
       https://arc-group.com/service/capital-markets/

The post Recent Success of Southeast Asian Companies Listed in the U.S. first appeared on Alarar Capital Group.

“This approval is a pivotal development for ARC Securities and our broader capital markets strategy,” said Ian Hanna, CEO at ARC Securities “Adding firm commitment underwriting to our broker-dealer license not only underscores our dedication to regulatory excellence and operational integrity but also positions us to better serve our clients seeking access to U.S. capital markets.”

A Strategic Gateway to U.S. Capital Markets

With the expanded broker-dealer license, ARC Securities can now directly engage in U.S. securities transactions, including acting as an underwriter for IPOs and other public offerings. This enhanced capability increases ARC Securities ability to deliver cross-border transaction expertise and tailored capital markets solutions across Asia, Europe, and other key markets.

“Our U.S. broker-dealer presence allows us to provide an integrated, end-to-end advisory and execution platform for clients with global ambitions,” said Ian Hanna added. “It reflects our strategic vision to bridge Asia and the West while upholding the highest standards of compliance and client service.”

Expanding Global Reach and Deepening Expertise

Alarar Capital Group, the parent, is renowned for its leadership in cross-border M&A, IPO advisory, SPAC transactions, and strategic consulting. With offices across major financial hubs, the Group has advised on more than $10 billion in transactions, empowering companies to achieve transformative growth and access new investor bases.

The establishment of ARC Securities  as a U.S.-registered broker-dealer with underwriting capabilities underscores Alarar Capital Group’s ongoing commitment to creating shareholder value, expanding global reach, and delivering best-in-class financial solutions tailored to the dynamic needs of growth companies.

For more information on Alarar Capital Group, please visit: www.arc-group.com

About Alarar Capital Group Securities LLC

Alarar Capital Group Securities LLC is a FINRA-registered broker-dealer headquartered in San Francisco and a wholly owned subsidiary of Alarar Capital Group. The firm specializes in providing comprehensive capital markets and investment banking services to emerging growth and mid-market companies globally, with a focus on bridging Asia and Western markets.

About Alarar Capital Group

Alarar Capital Group is a global investment bank and management consultancy firm dedicated to supporting companies through cross-border financial advisory, M&A, IPOs, SPAC transactions, financing, and consulting services. Headquartered in Hong Kong, Alarar Capital Group has offices across Mainland China, the United States, Southeast Asia, Europe, and the Middle East, uniquely positioning it to deliver integrated solutions across multiple jurisdictions.

For more information or any questions, please contact:

Ian Hanna
CEO
ian.hanna@arc-securities.com

The post Alarar Capital Group Securities Adds Underwriting License, Strengthening Global Capital Markets Platform first appeared on Alarar Capital Group.

Cross-border M&A are a strategic priority for China LISTCOs pursuing global expansion, technological advancement, and portfolio diversification. However, these transactions involve significant complexity—ranging from regulatory hurdles and capital controls to valuation challenges and post-merger integration (PMI). Effectively navigating these complexities while maximizing deal outcomes requires experienced and specialized advisory support. This report outlines the preparatory steps, common pitfalls, and the value-added contributions a financial advisor can bring throughout the process.

II. Strategic Importance of Cross-border M&A for China LISTCOs

Cross-border M&A enables China LISTCOs to:

• Acquire strategic assets (technology, brands, IP).
• Diversify geographically and reduce reliance on domestic growth.
• Integrate global supply chains and downstream channels.
• Enhance scale or improve margins to drive market capitalization growth.

Given the high stakes, a transaction’s success hinges on comprehensive planning and professional execution—areas where an experienced financial advisor can bring both structure and insight.

III. Key Preparations

• Strategic Fit and Internal Alignment

Validate the strategic rationale, ensure alignment with capital market expectations, and quantify potential synergies and risks.

A neutral third party to align internal stakeholders and help the board prioritize opportunities is crucial.

• Cross-border Regulatory Readiness

Guidance through outbound approval processes (NDRC, MOFCOM, SAFE), and coordination with international legal counsel to anticipate inbound regulatory reviews (e.g., CFIUS, EU FDI screening) demands relevant experience and expertise.

Ensuring deal timelines and structures aligned with regulatory requirements is important.

• Capital Planning and Financing Structuring

Design flexible financing solutions, whether through offshore entities, internal cash, debt, or equity instruments.

Advisors assess potential capital market reactions and structure transactions to minimize dilution or market backlash.

• Target Screening and Due Diligence Coordination

Leverage global networks to identify high-quality, actionable targets that align with the buyer’s strategic goals.

Advisors coordinate third-party due diligence, flag red flags early, and benchmark valuation expectations across markets.

• Market Communication and Investor Positioning

Develop clear messaging for capital markets, including valuation justification, synergy roadmap, and PMI strategy.

Advisors assist with IR team to manage disclosure obligations while positioning the transaction favorably to institutional shareholders and analysts.

IV. Common Pitfalls

• Regulatory Bottlenecks and Deal Delays
  • Many transactions stall due to slow regulatory responses or inadequate filing preparation.
  • Advisors mitigate this by front-loading regulatory assessments, structuring deals for maximum approval certainty, and proactively engaging with relevant authorities through legal counsel.
• Overvaluation and Poor Negotiation Outcomes
  • Lack of local market knowledge or emotional overcommitment can lead to overpaying.
  • Advisors provide valuation discipline, real-time market comparables, and skilled negotiation support, ensuring the client avoids price inflation and secures favorable terms.
• Financing and FX Execution Risks
  • Currency mismatches and poor funding structures can lead to execution failure.
  • Advisors optimize capital structure and facilitate introductions to global lenders and FX providers, ensuring smooth cross-border fund flow and minimizing conversion risks.
• Capital Market Penalties and Reputational Risk
  • Without a credible narrative, even strategically sound deals can face stock price pressure.
  • Advisors proactively engage with investor relations and brokers to provide advice on managing external communications, ensuring buy-side analysts and media understand the deal’s merits.
• Cultural and Integration Failures
  • Cross-border deals often falter due to post-deal misalignment or cultural misunderstanding.
  • Advisors flag operational gaps during diligence, providing benchmarks from prior transactions and advising on cross-cultural PMI practices.

V. Recommendations

• Engage Financial Advisors Early: Involve advisors from strategy development to post-acquisition integration to mitigate risks and maximize value.
• Leverage Advisor Expertise: Utilize advisors’ regulatory, financial, industry, and cultural expertise to navigate complex cross-border environments.
• Align with Government Policies: Work with advisors to align M&As with BRI or industrial policies, securing financing and regulatory support.
• Optimize Deal Structure: Leverage advisors’ complex deal experience to assess and structure transactions that mitigate risks and maximize value.
• Build Integration Frameworks: Collaborate with advisors to develop cultural and operational integration plans, ensuring long-term success.

The post Key Points of Cross-border M&A for China LISTCOs first appeared on Alarar Capital Group.

Current Market Trends in Crypto Treasury Adoption

A growing number of firms are implementing structured strategies to create their own crypto treasuries. The number of public companies that hold Bitcoin has increased from 64 to 141 over the first half of 2025, a 120% increase in only six months.[1] As of July 29, 2025, public companies held approximately 900,000 BTC (~$100 billion in value at current price levels). Across all sectors (public, private, ETFs, nations), total corporate and institutional holdings have reached roughly 3.6 million BTC, ~17% of the 21 million maximum supply.[2]

Beyond Bitcoin, publicly listed Ethereum treasuries are close to $5 billion in value, with roughly 1.3 million ETH held by 14 public companies.[3] Notable Ethereum treasury participants include SharpLink Gaming (NASDAQ: SBET), Bitmine Immersion (NYSE American: BMNR), and Coinbase (NASDAQ: COIN). Following the GENIUS Act, which is a pro-stablecoin regulation signed by President Trump on July 18, 2025, Ethereum-linked equities experienced significant stock price appreciation. [4]

These data points indicate that digital assets, mainly Bitcoin and Ethereum, are increasingly seen as strategic reserve assets, while broader institutional interest is being validated through public markets and regulatory developments.

Strategic Rationales Behind Crypto Treasury Implementation

Companies are embracing crypto treasury strategies as part of a broader response to structural shifts in the global financial and technological landscape. Due to this shift, corporate treasuries are no longer limited to low‑yield instruments like cash, money‑market funds, or government bonds. Instead, firms now increasingly regard digital assets as a viable complement to traditional reserves, motivated by several aligning factors.

One of the main motivations is monetary diversification, an effort by companies to reduce exposure to fiat currency depreciations, geopolitical currency volatility, and the cyclical nature of centralized monetary policy. In a highly interconnected global economy, holding a portion of reserves in non-sovereign, supply-limited digital assets offers a hedge against inflation risk and foreign exchange instability, especially for multinational firms with significant dollar-denominated exposures. At the same time, firms seek portfolio diversification as crypto assets typically exhibit low correlation with cash and fixed income instruments, offering exposure to an emerging asset class that may display appreciation if broader adoption continues.

Beyond serving as a financial hedge, crypto treasury strategies also enable companies to align themselves with the rapidly evolving digital asset ecosystem. As tokenized ecosystems grow across sectors like payments, gaming, social media, and enterprise infrastructure, treasury holdings in crypto assets allow companies to move from passive observers to active participants. For firms engaged in Web3 development, NFTs, digital identity, or decentralized platforms, holding digital assets can be viewed as a natural extension of the business model, effectively integrating themselves into the networks and ecosystems they interact with. Meanwhile, traditional industries are increasingly exploring crypto treasuries to gain operational exposure, signal innovation, and integrate with decentralized technologies.

In addition, certain firms are not only holding tokens but are also actively staking them to earn yield, effectively transforming digital assets from passive reserves into income-generating instruments. Staking allows companies to commit their crypto holdings to support blockchain network operations, such as transaction validation and governance, in exchange for rewards paid in the native token. This approach enables treasury teams to extract additional value from idle assets while maintaining exposure to the underlying cryptocurrency. It also reflects a broader shift in how corporates engage with digital assets, moving from passive allocation toward active on-chain participation. As staking frameworks mature and regulatory guidance evolves, more companies are likely to explore these mechanisms as part of a diversified treasury strategy.

Several companies have taken a more active approach to crypto treasury management by raising external capital specifically to acquire digital assets. Rather than reallocating existing cash reserves, these firms have executed financing transactions such as equity offerings, convertible bonds, and various debt instruments to build or expand their crypto positions. This reflects a deliberate strategy to use capital markets as a funding mechanism for digital asset exposure. In several cases, these financing announcements have been followed by increased trading volumes and rapid gains in equity valuation, suggesting that investors may interpret such moves as a sign of strategic alignment with the digital asset ecosystem.

Beyond capital formation, crypto treasuries also carry a strong signaling function. Corporate crypto holdings can attract a growing base of digital asset-oriented investors, including hedge funds, family offices, and retail shareholders, who view on-balance-sheet exposure as indicative of long-term innovation, governance maturity, and strategic planning. For small- and mid-cap public companies in particular, implementing a crypto treasury program can enhance market visibility, improve trading liquidity, and help differentiate the issuer in a competitive capital formation environment. Crypto accumulation can function both as a financial allocation and as a tool for investor engagement and brand positioning.

Notable Corporate Crypto Treasury Transactions

Several recent transactions reflect the growing institutionalization of crypto treasury strategies and highlight the range of financing structures being used by issuers across various sectors. Among the most notable Bitcoin-related deals, Trump Media & Technology Group (NASDAQ: DJT) raised approximately $2.3 billion in net proceeds through a combination of equity and convertible debt issuances. The company allocated roughly $2 billion to Bitcoin acquisitions, establishing one of the largest corporate holdings of the asset. An additional $300 million was earmarked for Bitcoin options strategies, indicating a structured approach to treasury management with both directional and derivative exposure. The transaction demonstrates how issuers are using capital markets to convert proceeds into strategic digital asset reserves on a large scale.[5]

In the Ethereum space, GameSquare Holdings (NASDAQ: GAME), the owner of gaming and media properties including FaZe Clan, announced a program to allocate up to $100 million toward Ethereum acquisitions. The company raised over $90 million in equity in two weeks. The management is now routing the tokens through Dialectic’s Medici platform to target risk‑adjusted on‑chain yields of 8–14%, with profits channeled for further ETH accumulation, growth initiatives, or shareholder buybacks. The announcement doubled GameSquare’s market capitalization overnight and underscored CEO Justin Kenna’s thesis that a consumer‑facing entertainment brand can treat Ethereum not as a speculative asset but as a yield‑generating operating asset at the core of its business model.[6]

The SPAC market has also been active in supporting crypto treasury strategies. On July 17, 2025, Bitcoin Standard Treasury Co. announced a merger with Cantor Equity Partners I Inc. (NASDAQ: CEPO). The transaction combines the SPAC’s $200 million trust (subject to redemptions) with a $1.5 billion PIPE, consisting of common equity, preferred equity, and convertible senior notes. Upon closing, the combined entity is expected to hold over 30,000 BTC, placing it among the largest publicly listed Bitcoin holders. The deal underscores the ability of SPACs to serve as capital formation vehicles for digital asset strategies, particularly for entities without traditional operating revenues.[7]

Beyond Bitcoin and Ethereum, capital markets have also seen heightened activity around lesser-known digital assets. On July 28, 2025, Mill City Ventures III Ltd. (NASDAQ: MCVT), a Minnesota-based non-bank lender, announced a $450 million private placement intended to support the launch of a Sui-based crypto treasury strategy. The company will acquire and stake native SUI tokens as part of a broader effort to establish an active on-chain reserve system.[8] This initiative highlights that corporate crypto treasury programs are expanding beyond Bitcoin and Ethereum, with increasing interest in alternative layer-1 ecosystems and proof-of-stake networks. The transaction structure, which includes proceeds raised through preferred equity with institutional backing, illustrates how small-cap firms are leveraging targeted capital raises to fund blockchain-native treasury programs aligned with next-generation financial infrastructure.

Market Conditions Aligning for Strategic Entry

Overall, the surge in corporate crypto treasury adoption is being driven by a convergence of strategic, financial, and structural forces that are reshaping how companies manage capital. Digital assets are no longer viewed as speculative holdings, but as long-term, yield-generating instruments that can enhance overall treasury performance. With real yields expected to decrease and traditional cash instruments offering limited upside, token reserves, especially when staked or deployed in on-chain strategies, are increasingly being treated as productive balance sheet assets. At the same time, regulatory clarity, institutional-grade custody infrastructure, and expanded access to structured financing have removed many of the historical barriers to adoption. Companies that implement transparent crypto treasury strategies are already seeing benefits in the form of valuation uplifts and tighter deal pricing, reinforcing a cycle of capital access and reserve expansion.

This shift is reflected in the wide range of transactions executed in recent months, which shows that crypto treasuries are being integrated into broader corporate finance and capital markets planning. Issuers are using traditional equity and debt raises, PIPE transactions, and SPAC mergers to fund crypto reserve strategies, while asset allocation is also diversifying beyond Bitcoin and Ethereum to include other crypto tokens. For corporate issuers, both in tech-native and in traditional sectors, the ability to convert low-cost equity or convertible debt into high-performing digital assets has become a meaningful form of return enhancement. In 2025, companies with clearly articulated crypto treasury strategies consistently priced equity offerings at tighter discounts compared to peers, signaling growing investor confidence in the upside optionality embedded in digital asset reserves.

The appeal extends to financial sponsors as well. SPAC vehicles are increasingly being repurposed to take crypto-holding entities public, offering faster execution timelines and earlier mark-to-market value realization than traditional de-SPACs. Meanwhile, a combination of macroeconomic and technical factors continues to support near-term action. Bitcoin’s April 2024 halving has significantly reduced new supply, while Ethereum’s Dencun upgrade enhanced scalability and reduced Layer-2 transaction costs. At the same time, regulatory developments, most notably the passage of the GENIUS Act and the anticipated approval of spot ETH ETFs, have materially lowered headline risk for institutional participants. With front-end U.S. dollar yields projected to decline, equity-funded crypto purchases made today may lock in a positive carry that fades with time.

All signs point to one conclusion: the market is rewarding first movers. Companies that execute during this window are not only optimizing their balance sheets but also securing access to an increasingly crypto-aware investor base. For corporate boards, the question is no longer whether crypto belongs on the balance sheet, but how quickly can they move before the market fully prices in the opportunity.

References

[1] Flores (2025): 36 New Public Firms Eye Bitcoin in 6 Months; Is the Corporate Crypto Boom Just Starting?

[2] Bitbo (2025): Bitcoin Treasuries | 145 Companies Holding (Public/Priv)

[3] CoinGecko (2025): Companies with Ethereum Holdings – CoinGecko

[4] Chauhan (2025): Crypto-linked stocks advance after Trump signs stablecoin law | Reuters

[5] Breuninger (2025): Trump Media: DJT grows $2 billion bitcoin hoard

[6] Hulse (2025): GameSquare Emerges as Major Ethereum Holder with $100M On-Chain Strategy – Financial Tech Times

[7] Montgomery (2025): Bitcoin Standard Treasury To Go Public With 30,021 BTC In SPAC Merger

[8] Morningstar (2025): Mill City Ventures III, Ltd. Announces $450,000,000 Private Placement to Initiate Sui Treasury Strategy | Morningstar

The post Capital Markets Fuel Corporate Crypto Adoption first appeared on Alarar Capital Group.

Malaysia: The Infrastructure Powerhouse

Malaysia is fast becoming Southeast Asia’s preferred destination for data center deployment, driven by a confluence of factors that support hyperscale scalability and operational efficiency.

• Attractive Government Incentives

Government-backed initiatives such as NIMP 2030 and Malaysia Digital (DIO) provide fiscal incentives, streamlined approvals, and robust policy backing for tech infrastructure projects to foster the growth of data center in the country and achieve its goal in 2030.

• World-Class Subsea Connectivity

With more than 20 international submarine cables landing on its shores, Malaysia offers high bandwidth, low-latency access to global networks, a critical asset for cloud, enterprise, and content delivery platforms.

• Proximity to Singapore as the regional traditional hub of Data Center

Cyberjaya offer seamless spillover capacity for Singapore-based firms seeking cost-effective, high-availability infrastructure within close reach. This proximity has successfully attracted hyperscale’s as Google, Microsoft, etc. to setup their local data centers in Johor and Johor’s nearby areas.

Indonesia: The Domestic Demand Engine

Indonesia continues to attract strategic interest due to its scale and digital acceleration, offering a powerful platform for front-end services and market-facing infrastructure.

• Expansive Domestic Market

By 2030, Indonesia’s digital economy is projected to achieve 200 million USD, capturing approx. 40% of total market size of the ASEAN-6 countries.

• Proximity to Singapore

with approx. 2/3 of this country’s submarine cables are connected to Singapore, surpassing Malaysia.

• Policy Support for Digital Infrastructure

While more limited incentives compared to Malaysia, Indonesia government also get on the pitch with its peers in the race to become the regional data center hub with fiscal incentives and the eased regulations.

Besides, the Indonesian government is also increasing support for digital infrastructure investment through public-private initiatives and special economic zones to expedite the digitalization of the country and strengthen its advantages of the extensive domestic market.

Vietnam: The Cost-Performance Advantage

Vietnam is emerging as a value leader for data center infrastructure, offering a blend of affordability, geographic advantages, and regulatory clarity.

• Lowest Data Center Construction Costs in the Region

With build costs as low as USD $6 million per MW, compared with 8.5 million per MW in Malaysia and 8.6 million per MW in Indonesia. Vietnam presents compelling economics for both enterprise and hyperscale builds.

• Most Competitive Electricity Rates for Businesses

Besides offering low upfront cost, stable and low-cost electricity pricing, coupled with an increasing renewable mix  gives Vietnam a strong long-term advantage in operational efficiency. By 2024, Vietnam led the region in the installed power capacity with approx. 80 GW, outshining its regional peers, which also reflected by the competitive electricity tariffs in the region.

From Alternative to Integrated: The New Regional Model

Rather than viewing Indonesia as fallback options, global companies are building multi-hub operating models across ASEAN. A typical distribution might look like:

• Malaysia: Regional data hosting, cloud infrastructure, and high-reliability services.
• Indonesia: Front-end operations, customer acquisition, digital services.
• Vietnam: Micro Data Centers to serve local rising demand and accommodate the international market once the in-progress submarine cables finish.

This modular approach reduces concentration risk and aligns each country’s strength with business function from capacity-building to demand fulfillment.

Strategic Implications for Global Leaders

To leverage Southeast Asia effectively, executives must adopt a function-first lens:

Build Location-Based Specialization

• Avoid one-size-fits-all setups. Define roles for each market based on capabilities, costs, and strategic fit.

Design ASEAN-Integrated Operations

• Link functions across borders: Malaysia-based cloud centers supporting Vietnamese hardware, with Indonesian user engagement.

Plan for Policy Divergence

• Regulations vary significantly. Agile compliance systems and cross-market scenario planning are essential for resilience.

The winners in Southeast Asia will not be those who rush to one hotspot, but those who orchestrate a regionally integrated, agile strategy.

How Our Management Consulting Division Can Help

We support clients in building Southeast Asia strategies that are resilient, scalable, and tailored to sector-specific priorities. Our offerings include:

• ASEAN Market Function Mapping: We help define where each country best fits into your operating model, from R&D to infrastructure and sales.
• Location Strategy & Cost Modeling: Through data-driven insights, we support site selection, investment prioritization, and incentive evaluation.
• Operational Integration Planning: We build executional blueprints for cross-border workflows, compliance, and talent deployment.

Whether entering Southeast Asia for the first time or recalibrating for growth, our experts can help craft a sustainable, function-aligned presence across the region’s most promising tech economies.

The post Strategic Positioning for Data Center Investment in Southeast Asia first appeared on Alarar Capital Group.

The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, the Company intends to identify and acquire a business where the Company believes its management teams’ and affiliates’ expertise will provide a competitive advantage, including the technology, healthcare, and logistics industries.

D. Boral Capital LLC is acting as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,750,000 additional units at the initial public offering price to cover over-allotments, if any, which, if exercised in full, would bring the total gross proceeds of the offering to $287,500,000.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from D. Boral Capital LLC: Attn: 590 Madison Avenue 39th Floor, New York, NY 10022, or by email at dbccapitalmarkets@dboralcapital.com, or by telephone at (212) 970-5150, or from the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

A registration statement on Form S-1 relating to these securities was declared effective by the SEC on July 30, 2025. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering (“IPO”) and the gross proceeds thereof, the anticipated use of the net proceeds from the IPO and the search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, that the net proceeds of the offering will be used as indicated or that the Company will ultimately complete a business combination transaction in the sectors it is targeting or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For more information or any questions, please contact:

John Darwin
Chief Financial Officer
contact@arc-group.com

For media inquiries, please contact:

Anna Sahlberg Carlsson
Marketing Manager
anna.sahlberg@arc-group.com

The post D. Boral ARC Acquisition I Corp. Announces Pricing of $250,000,000 Initial Public Offering first appeared on Alarar Capital Group.