Grove, a DeFi protocol within the Sky ecosystem, has made a strategic investment in real-world asset platform Centrifuge. The protocol acquired 37.8 million CFG tokens, securing a significant stake.
The holding represents approximately 5.4% of Centrifuge’s total CFG supply. Based on circulating supply, Grove’s share exceeds 6.5%.
According to Grove’s official announcement, the investment will strengthen the projects’ long-term partnership. Grove has also deployed more than $1.27 billion through Centrifuge’s infrastructure.
The parties did not disclose the purchase price or execution venue. Grove described the 37.8 million CFG holding as an “initial position.”
Grove acquires 37.8 million CFG
CFG traded at approximately $0.136 at the time of writing. This price values Grove’s token position at roughly $5.2 million.
However, this figure does not represent the investment’s actual cost. Grove may have acquired the tokens at different prices or through a private agreement.
Centrifuge’s total supply currently stands at approximately 697 million CFG. Its circulating supply sits near 577.1 million tokens.
Grove therefore controls around 5.4% of the total supply. The protocol also holds approximately 6.55% of the circulating supply.
This position makes Grove one of the significant CFG holders within the Centrifuge ecosystem. The announcement did not provide details about its potential influence on governance.
Grove and Centrifuge partnership reaches $1.27 billion
The relationship between Grove and Centrifuge did not begin with this investment. The projects have worked on tokenized credit products since the MakerDAO era.
Grove uses Centrifuge infrastructure across several institutional products. These products include Apollo’s ACRDX fund.
The JAAA and JTRSY funds managed by Janus Henderson also use Centrifuge infrastructure. Grove directs liquidity from the Sky ecosystem into these products.
Grove serves as the Sky ecosystem’s institutional credit allocation layer. The protocol directs USDS liquidity into onchain and traditional credit strategies.
Grove’s website currently shows $2.76 billion in total value locked. The protocol also manages 18 active capital allocations.
Centrifuge provides infrastructure for tokenizing funds and other real-world assets. Grove brings capital and liquidity to these products.
RWA market surpasses $38 billion
Grove highlighted the growth of the tokenized asset market when explaining its investment. According to the protocol, the sector stood at $12 billion in June 2025.
That figure exceeded $38 billion by August 2026. Centrifuge’s total value locked also increased sharply during the same period.
The platform’s TVL climbed from $450 million to $1.64 billion. This growth placed Centrifuge among the leading institutional RWA infrastructure providers.
Grove Labs CEO Mark Phillips said the two teams had worked together for years. Phillips added that Centrifuge’s infrastructure had supported Grove since its first capital allocation.
Timing of the Centrifuge investment draws attention
The investment arrived while Centrifuge was discussing changes to its token structure. The project submitted the CP172 governance proposal on August 17.
The CP172 proposal would allow eligible CFG holders to acquire company shares. The plan proposes one company share for each CFG token.
The proposal does not represent a final decision. The Centrifuge community is evaluating the plan during a 14-day consultation period.
Implementation would also require foundation board approval and a community vote. Grove has not said whether it plans to convert its CFG tokens into equity.
CFG declined approximately 5% over the past 24 hours. The token’s seven-day loss exceeded 16%.
