Vircon Legal advised Best In Slot on its investment round joined by Hyperithm, Sora Ventures and UTXO Management. The round closed on 23 September 2023. The size of the round was not disclosed at the request of the parties.
Best In Slot operates in the Bitcoin-native digital-asset infrastructure category, an area that has moved from speculative experimentation into a defensible category as Ordinals, BRC-20 and broader on-chain Bitcoin primitives have matured. The product sits at the intersection of capital-markets-grade execution requirements and the operational realities of the Bitcoin network — a combination where the product roadmap must be co-designed with the legal and regulatory architecture from the earliest stages, not retrofitted at later rounds.
Investment rounds funding Bitcoin-adjacent on-chain infrastructure carry meaningful structuring complexity. Token-asset treatment differs materially across the investor jurisdictions involved; capital flow and securities-law positioning need to be aligned across multiple regulatory perimeters; treasury, custody and operational continuity arrangements need to be drafted to function across the Bitcoin and stablecoin rails simultaneously. Vircon Legal advised on transaction structuring, subscription documentation, governance and reserved-matter design, investor-rights mechanics, founder commitments, treasury and asset-handling provisions, and the post-closing corporate housekeeping required after the change in shareholder composition.
Hyperithm is a digital-asset investor with cross-border deployment experience across Asia and broader emerging markets, bringing institutional discipline to early-stage Web3 capital tables. Sora Ventures is one of the leading Bitcoin-native investors globally, with a portfolio history that spans Bitcoin infrastructure, Ordinals and the on-chain Bitcoin economy. UTXO Management contributes an investment thesis focused on Bitcoin-native financial primitives and the operational layer above the base protocol — a coherent fit for a project building in this category.
Cross-border Web3 capital rounds at this stage benefit substantially from a coordinated approach across corporate, regulatory, tax and securities workstreams — Vircon Legal’s integrated CASP / Crypto Compliance, Capital Markets, Startup Law and M&A teams handle these workstreams from a single point of accountability.
For more on our crypto, Web3 and capital markets practice, see our CASP / Crypto Compliance and Capital Markets pages.
