Hedera Hashgraph early investor Jordan Fried to lead latest Bitcoin treasury company, listed in both US and Israel

Pantera Capital, FalconX, Arrington Capital, among others, are backing the latest Bitcoin reserve company. On Tuesday, Tel Aviv-based ZOOZ Power, listed on both the Nasdaq in the U.S. and TASE in Israel, announced it has secured a $180 million private placement to build a BTC treasury.

The move reportedly makes ZOOZ Power the first crypto treasury company to be dual-listed in both countries.

ZOOZ is a leading provider of flywheel-based power boosting and energy management solutions, with reported use cases in the electric vehicle charging market.

The PIPE, which remains subject to shareholders’ approval by Sept. 8, will offer 180 million of the company’s shares and pre-funded warrants at a purchase price of $1.00 per ordinary share. ZOOZ also expects to close a $5 million private placement with unnamed investors to fund additional purchases and corporate expenses.

Hedera Hashgraph early investor Jordan Fried will come on as chief executive officer and director at the end of the month to lead the firm’s new digital asset strategy. He will be joined on the board as new hires by other notable figures, including John Christodoro, who has served on the boards of PayPal, Herbalife, and Lyft, among others, and Todd Thomson, former CFO of Citigroup.

ZOOZ intends to use approximately 95% of the net proceeds to execute its Bitcoin treasury strategy after repaying approximately $3 million in outstanding promissory notes and other expenses. The standing CEO Erez Zimerman will continue to lead ZOOZ’s power business.

Editor's note: Jordan Fried is an early backer of Hedera, not a co-founder.