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- Radiant Capital has begun an orderly shutdown after failing to recover from its 2024 exploit.
- Strive plans to raise $4.2 billion to significantly increase its Bitcoin holdings.
- Debate around Bitcoin treasury firms is growing despite continued corporate BTC accumulation.
The cryptocurrency industry is witnessing two very different stories unfold. While decentralized lending protocol Radiant Capital begins shutting down after a prolonged recovery effort, Bitcoin treasury firm Strive is preparing a multi-billion-dollar capital raise to expand its BTC holdings.
Together, these developments highlight the contrasting challenges and opportunities currently shaping the digital asset market.
Radiant Capital Begins Final Exit After Long Recovery Attempt
Radiant Capital (RDNT), a cross-chain lending protocol, has officially started a phased wind-down of its operations following nearly 18 months of recovery efforts after a major exploit in October 2024.
Before the incident, Radiant was among the more active lending platforms in decentralized finance. Its total value locked (TVL) surpassed $350 million in early 2024, supported by strong user activity and healthy fee generation. However, the platform struggled to regain momentum after the exploit, and capital steadily left the protocol over the following months.
Today, Radiant retains roughly $1.17 million in TVL spread across Ethereum, Arbitrum, Base, and BNB Chain. Active loans remain near $866,000, suggesting that some users are still managing open positions while the shutdown process continues.
To facilitate an orderly transition, the protocol has reduced borrow limits, ended incentive programs, and advised users to withdraw funds and manage collateral conservatively. Compensation mechanisms through on-chain claims remain available for affected participants.
DeFi Recovery Proves Harder Than Security Fixes
Radiant’s decline underscores a broader reality within decentralized finance. While technical vulnerabilities can often be addressed relatively quickly, restoring user confidence and liquidity is a much longer process.
Even after addressing the exploit, Radiant never recovered anywhere close to its previous scale. Similar outcomes have been seen across the industry, where platforms that suffered major security incidents struggled to regain users and capital despite implementing fixes.
The case reinforces a growing view that community trust, treasury strength, and liquidity retention are often more important to long-term survival than technical recovery alone.
Strive Targets $4.2 Billion for Bitcoin Expansion
While Radiant retreats, Bitcoin treasury company Strive is aggressively expanding.
The firm announced plans to raise approximately $4.2 billion by increasing sales of its common stock (ASST) and preferred shares (SATA). The capital is expected to be used primarily for additional Bitcoin purchases.
At current Bitcoin prices near $70,000, the proposed raise could allow Strive to acquire roughly 60,000 BTC. Such an expansion would dramatically increase its existing holdings of 16,500 BTC and potentially move the company into the ranks of the largest corporate Bitcoin holders globally.
SATA has attracted attention due to its relatively high 13% yield, helping drive investor demand despite its smaller size compared to competing Bitcoin-focused securities.
Despite continued accumulation by treasury firms, skepticism is increasing.
Recent criticism intensified after Strategy sold a portion of its Bitcoin holdings for the first time in several years. Some market observers interpreted the move as a warning sign for the broader treasury-company model, arguing that stock investors, preferred shareholders, and Bitcoin holders may not always benefit simultaneously.
Additional concerns emerged after several companies adjusted or abandoned Bitcoin treasury strategies altogether. Nevertheless, corporate Bitcoin holdings continued to grow over the past month, indicating that institutional interest in the asset remains strong despite ongoing debate.
Also Read: Iran Accepts Bitcoin for Oil Tolls as Global Shift Away From US Dollar Accelerates
Radiant Capital’s shutdown and Strive’s expansion illustrate two defining themes in crypto today: the difficulty of rebuilding trust after a crisis and the growing competition among firms using Bitcoin as a treasury asset. As the market evolves, both liquidity resilience and capital strategy will likely determine which projects and companies thrive in the years ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
