TenX Protocols enters public markets as digital asset treasuries gain traction

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• TenX offers public-market investors exposure to staking and validator operations on high-throughput networks like Solana, Sui, and Sei.
• The company’s CAD$33 million in 2025 financings, including a large in-kind digital-asset component, are earmarked to scale validator infrastructure, expand its crypto treasury, and grow its staking business.
• Led by the Cybula brothers and veteran technologist Geoff Byers, TenX leverages deep custody and infrastructure experience to operate as an active participant in blockchain networks, not just a passive holder of tokens.

TenX Protocols began trading on the TSX Venture Exchange December 10th under the symbol TNX, stepping into public markets at a time when digital asset exposure is being redefined. After raising more than $33 million across two financings in 2025, the company is positioning itself as a next-generation digital asset treasury built around staking, infrastructure, and participation in high-throughput blockchain networks.

“By listing on the TSX-Venture, TenX marks a major milestone and affirms its position as a leading public blockchain infrastructure company,” said Mat Cybula, Chief Executive Officer of TenX Protocols, pointing to the company’s focus on staking, yield generation, and infrastructure deployment..

Research on recent crypto cycles projects a stronger role for institutional rails, tokenization, and regulated products. The defining trend has been a migration away from retail-driven momentum trading toward infrastructure build-out and long-term capital deployment, with value increasingly tied to utility rather than pure price appreciation.

Capital allocation data tells a similar story. Web3 funding reviews show that a dominant share of venture investment is now flowing into infrastructure, data services, validation, and financial plumbing. Outlier Ventures’ analysis reports roughly 70 percent of Web3 capital directed toward infrastructure-linked categories, including investment platforms, marketplaces, financial services, and mining or validation.

Institutional participation further reinforces the shift. The 7th Annual Global Crypto Hedge Fund Report finds that, for the first time, just over half (55%) of traditional hedge funds now have some form of exposure to the asset class, up from 47% in 2024, and that more than 70% plan to increase exposure over the next year.

Taken together, the data supports the view that this cycle is defined less by price momentum and more by who controls infrastructure, deploys capital into networks, and compounds value through participation. It is in that environment that staking, validation, and network-focused platforms like TenX are emerging as a distinct and growing segment of the public market landscape.

A treasury model built for participation

While much of the current wave of digital asset treasury companies centre on a single asset such as Bitcoin or Ethereum, TenX is pursuing a broader strategy. The company is actively staking and supporting multiple high-performance Layer-1 networks, including Solana, Sui, and Sei, with the goal of capturing growth across the next wave of blockchain adoption.

“We’re seeing rapid growth in digital-asset treasury companies, but the majority of them are built around a single asset,” Cybula said. “While that model provides exposure to a single blockchain ecosystem, it leaves investors tied to the fortunes of a single network.”

“At TenX, we believe a superior approach is to operate across multiple high-throughput Proof-of-Stake blockchains,” Cybula said. “By staking and supporting several emerging protocols, our treasury model is designed to capture growth more broadly. Just as importantly, we remain independent.”

That independence allows the company to add new networks as they mature and to adjust capital allocation as technology leadership shifts, a dynamic management sees as permanent in crypto markets.

Capital raised with deployment in mind

The TSX-V debut follows the closing of $29.9 million in go public subscription-receipt financings, and a seed round completed earlier in 2025.

Importantly, a large portion of the financing was completed through in-kind contributions of digital assets, including SOL, SEI, and USDC. That structure aligns directly with TenX’s operating model.

TenX says proceeds will be used to purchase and stake tokens in high throughput blockchains, secure those networks through validator operations and expand its suite of infrastructure solutions.

“This financing and listing broadens participation in our business and fuels our strategy of staking, yield generation, and infrastructure deployment across emerging blockchain ecosystems,” Cybula said.

A team shaped by custody and infrastructure

The company’s management bench is a key part of the investment case. Mat Cybula and his brother Filip Cybula, TenX’s co-founders, have been active in crypto for more than a decade. At Cryptiv, they built an institutional custodial wallet provider that was ultimately acquired in 2019, navigating security, compliance, and infrastructure challenges that remain central to today’s digital asset economy.

Filip specializes in evaluating the economic structures that underpin blockchain networks, while Mat has focused on market architecture and system-level design, combining technical depth with capital markets experience.

Technology leadership comes from Geoff Byers, a veteran blockchain developer with more than ten years of experience building secure crypto systems. Byers previously served as CTO and co-founder of Cryptiv and later as CTO of Tetra Trust, Canada’s first qualified crypto custodian.

Together, the founding team brings what TenX describes as “deep expertise in crypto-economics, blockchain engineering, and secure infrastructure” as the company scales its role as a next-generation digital asset treasury.

Looking ahead

With its public market debut, TenX enters a sector that is becoming more selective and more operationally focused. The company’s success will hinge on how effectively it allocates capital, secures and supports emerging networks, and converts participation into revenue.

For investors watching the evolution of digital asset treasuries, TenX offers a model built less around holding and more around operating inside the blockchain economy itself.

To learn more about TenX Protocols, visit their website here.

For the latest updates, follow TenX Protocols on social media: X and LinkedIn

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