As an innovative fund inspired by the capital model of the encrypted DAT company Strategy, RoboStrategy recently debuted on Nasdaq and secured up to $2 billion in equity financing commitments, quickly drawing market attention.

Author: Nancy, PANews

Andrew Kang, a former prominent investor in the crypto market, is shifting his focus to the AI and robotics sectors. On May 20, Andrew Kang announced his official appointment as CEO of RoboStrategy, where he will oversee the company’s strategic direction and portfolio management.

As an innovative fund inspired by the capital model of the encrypted DAT company Strategy, RoboStrategy recently debuted on Nasdaq and secured up to $2 billion in equity financing commitments, quickly drawing market attention.

Transitioned from crypto to robotics, with investments in leading companies such as Figure.

RoboStrategy is a publicly traded closed-end fund focused on robotics and embodied AI, co-founded in 2025 by Andrew Kang and Marc Weinstein, with the goal of making early-stage robotics investment opportunities—once accessible only to a select few institutions—available to a broader base of retail investors.

Andrew Kang and Marc Weinstein are also co-founders of the crypto investment firm Mechanism Capital. Since its establishment in 2020, Mechanism Capital has invested in over a hundred crypto projects, including well-known protocols and platforms such as Arbitrum, Pendle, Near, Deribit, and 1inch. However, according to publicly available information, Mechanism Capital has rarely disclosed new crypto investments since October 2025. Andrew Kang recently admitted that he has not been closely following the crypto market over the past several months.

In contrast, he devoted more effort to the robotics field. According to Andrew Kang, he began researching the robotics industry as early as two years ago, but at the time, most VCs advised against entering this sector. Under the market conditions then, robotics companies generally struggled to raise funding, the industry lacked mature, large-scale success stories, and there was widespread skepticism regarding its commercialization pathways, technological implementation capabilities, and potential market size.

But in his view, the accelerating development of embodied AI will completely transform the entire industry. Humanoid robots are among the few directions with the potential to grow into markets worth hundreds of billions of dollars, with their current stage resembling Bitcoin in 2013, yet offering a much larger long-term market opportunity. Especially as manufacturing, logistics, and services continue to face labor shortages, embodied AI and robotics technologies are rapidly entering real-world industrial applications.

In February 2024, Andrew Kang made his first major investment in robotics, investing $190 million in Figure AI. Today, Figure AI is among the world’s most highly valued humanoid robotics companies, with a recent valuation of $39 billion—up from a pre-money valuation of approximately $2 billion in February 2024.

However, Andrew Kang also recognizes that the future development of the robotics industry will heavily rely on substantial long-term capital, which is difficult for individuals or traditional funds to support alone. At the same time, robotics startups need a long-term capital platform that truly understands industry demands to help them secure continuous funding, industrial resources, and market recognition. More importantly, current robotics innovation is primarily concentrated in the private market, making it difficult for most retail investors to participate.

Based on this, Andrew Kang co-founded RoboStrategy. To date, RoboStrategy has invested in robotics companies such as Figure AI, Apptronik, Dyna Robotics, Dexmate, Standard Bots, and Path Robotics, covering areas including hardware, infrastructure, and software, with an average investment size of approximately $7 million per round.

According to Andrew Kang, RoboStrategy possesses several differentiated advantages compared to traditional VCs. First, as a closed-end fund, its capital is permanent and not subject to the typical time constraints of traditional VC funds, enabling it to adopt an extremely long-term perspective when investing in the robotics and physical AI industries. Second, the team includes numerous seasoned professionals from the robotics sector, including industry experts who have long served as founders or operators, making RoboStrategy regarded by many startups as one of the most professional and robotics-savvy investment firms. Additionally, leveraging the team’s strengths in digital marketing and social media, RoboStrategy not only has superior fund distribution capabilities but also excels at expanding market influence and industry awareness, helping its portfolio companies attract greater attention, talent, and resources.

List on Nasdaq, aiming to replicate the Strategy Capital flywheel.

As the first closed-end fund specifically designed for public market investors, RoboStrategy began trading on Nasdaq on May 11 under the ticker symbol "BOT." As of now, the BOT share price is approximately $28.20, representing a decline of about 21.58% since its listing.

Public records show that Jason Zhao, a member of RoboStrategy’s board, purchased 400,000 shares of the company at $10 per share in October last year; subsequently, Andrew Kang also purchased 246,000 shares at the same price. Meanwhile, investment advisory firm FP Strategies LLC continued to increase its stake by 290,000 shares at $10 per share in April this year, bringing its total holdings to approximately 390,000 shares.

From a capital operations perspective, RoboStrategy is inspired by Strategy’s Bitcoin treasury model, which continuously acquires Bitcoin using low-cost capital raised through ongoing equity and convertible bond issuances in public capital markets, creating a capital flywheel through stock price premiums—a model now widely imitated by numerous companies.

RoboStrategy, on the other hand, seeks to replicate this logic in the robotics sector. The fund’s core strategy is to continuously raise capital through three primary financing instruments—CEF, PIPE, and ATM—when the fund’s share price trades at a premium to its net asset value (NAV), and then deploy these funds into high-growth private companies in robotics and physical AI, thereby building a R.I.S.E. capital compounding flywheel.

R.I.S.E. stands for four respective stages:

· Raise: Issue shares at a premium when the market price is above the NAV to obtain additional cash;

· Invest: Allocate capital to high-conviction robotics projects through thorough due diligence;

· Scale: Invested companies leverage additional capital to accelerate growth, driving an increase in the fund's NAV;

· Expand: As NAV increases and industry interest grows, further attract investors and new capital to expand the fund’s size and influence.

This model fundamentally leverages the dual pricing mechanism of closed-end fund market prices and net asset value, aiming to achieve compounded growth in NAV per share over the long term, while replacing traditional multi-layered private fund fee structures with a single public fund structure.

This month, RoboStrategy signed a committed equity financing agreement (CEF) of up to $2 billion with Roth Principal Investments, a subsidiary of Roth Capital Partners, to support its strategic growth plan.

However, just as the treasury stories of most crypto DAT companies are difficult to sustain, RoboStrategy also faces significant risks.

As of March 31, 2026, RoboStrategy’s NAV was approximately $7.31 per share, with total net assets of about $145.5 million. Based on the current stock price, the market valuation premium has approached three times the NAV. However, a high premium does not eliminate the risk of a discount. Additionally, since the fund’s investments are primarily in private robotics companies, the valuation of these assets is inherently subjective and lacks liquidity, with exit pathways heavily dependent on IPOs or merger and acquisition markets. Should the capital environment cool, these assets may face downward valuation pressure.

In addition, the closed-end fund structure means investors cannot redeem shares at any time, as with open-end funds, but must trade them on the secondary market, which often amplifies price fluctuations.

Whether RoboStrategy can sustain its high premium and market enthusiasm in the long term remains to be validated by the market.