Crypto companies and crypto-related businesses announced at least $1.24 billion in 10 disclosed funding deals between October 24 and 30. Kalshi led the list with a $1 billion Series G round, while Ibis separately announced a $250 million institutional lending facility.
Summary
- Ten disclosed funding deals totaled around $1.24 billion, excluding Ibis’s separate lending facility.
- Kalshi raised $1 billion at a $40 billion valuation, with Wellington Management, Sequoia, and other investors participating.
- HIVE’s BUZZ subsidiary secured approximately $129 million in debt financing for Canadian AI infrastructure.
- PhotonPay raised $40 million to expand its stablecoin payments and financial services platform.
- Smaller deals supported compliance software, tokenized credit, cross-chain trading, and brokerage infrastructure.
After Kalshi, HIVE’s AI infrastructure loan and PhotonPay’s stablecoin payments funding were among the largest announced deals. The funding total includes debt financing and secondary share sales by Luxor, along with traditional startup investment rounds.
Crypto Fundraising and CryptoRank provided the initial lists of deals, which were checked against company announcements and reports covering individual transactions.
Kalshi raises $1 billion at a $40 billion valuation
Kalshi announced its $1 billion Series G round on October 29. Wellington Management and Sequoia co-led the investment, with participation from Baillie Gifford, Andreessen Horowitz, Coatue, CapitalG, and Morgan Stanley Investment Management.
The funding values the company at $40 billion after the investment, following earlier fundraising discussions reported in September.
Kalshi plans to use the money to expand institutional sales, distribution, product development, and its international operations, particularly in Latin America and Europe.
Its planned products include market indices, single-stock perpetual futures, and compute markets.
The company reported more than 30 million accounts and annualized trading volume exceeding $1 trillion across its exchange. The new funding is expected to help it expand beyond its existing prediction market business.
HIVE secures $129 million for AI infrastructure
HIVE Digital Technologies announced on October 27 that its BUZZ Alpha Cloud subsidiary had signed a loan agreement worth approximately $129 million with an institutional lender.
The three-year loan carries a fixed annual interest rate of 9%. The funding will be used to purchase Nvidia GPU systems and related infrastructure for a Canadian project connected to a previously announced contract with Cohere.
The loan is secured against the equipment and related assets, with a limited-recourse guarantee from BUZZ HPC.
HIVE said the deal would not require issuing new common shares. The company plans to repay the loan using revenue generated through its contract.
PhotonPay raises $40 million for stablecoin payments
PhotonPay completed a $40 million Series C round led by Blockchain Capital. SBI Group also joined the round alongside existing investors IDG Capital, GL Ventures, and Lightspeed Faction.
The Hong Kong-based company plans to use the funding to expand its multi-asset wallets, global card services, and local payment and clearing infrastructure.
Its platform connects stablecoin liquidity with traditional banking and payment networks, helping businesses manage spending and payments.
PhotonPay reported annualized transaction volume of $65 billion as of August and said it serves more than 200,000 business customers.
Other funding deals above $15 million target AI computing
– Hyperbolic: Raised $30 million in a Series A1 round led by Walden Catalyst on October 27. Dell Technologies Capital, General Catalyst, and Vista Equity Partners also participated. The company plans to expand its Forge software, cloud coordination services, and a marketplace for GPU computing capacity.
– Luxor: Announced a $16 million strategic funding round led by CMT Digital, with Canaan, MicroBT, Halo, and Steelhead participating. The deal includes new investment and secondary share sales. Luxor plans to expand its AI hardware, cloud services, and computing derivatives businesses.
Smaller funding rounds support compliance and trading projects
– Predicate: Raised $8 million in a Series A round led by Blockchain Capital. Paxos joined as a new strategic investor, bringing the company’s total funding to $15 million. Predicate develops compliance tools that can be built directly into digital asset systems.
– Cancore: Secured $7.2 million in seed funding from investors including Paper Ventures, dao5, and ArkStream Capital. The company plans to improve connections between assets on the Canton network and liquidity available on public blockchains.
– Spicenet: Raised $5 million in a Series A round led by dao5, with Babylon and Astrarizon participating. The funding will support its brokerage products, token launch, and network liquidity.
– Mochatrade: Secured $4.87 million in its latest seed financing. This is separate from its previously announced $690,000 pre-seed round, bringing its total funding to $5.56 million. CoinFund led the investment, with Coinbase Ventures also participating.
– Birch Hill: Raised $4 million in seed funding led by Multicoin Capital, with ParaFi, Castle Island Ventures, and Nascent joining. The company is developing infrastructure to bring US credit markets onto public blockchains.
Undisclosed investments and institutional credit deals
– Ibis: Launched with a $250 million credit facility from FalconX and an undisclosed pre-seed round involving FalconX, Anchorage Digital, and Innovating Capital. The company plans to build institutional credit infrastructure for emerging markets.
– Fun: Payments infrastructure provider Fun received an undisclosed investment from IOSG Ventures, according to a report by KuCoin on October 26.
– Trade[XYZ]: Received an undisclosed strategic investment from ICE, which also announced plans to develop regulated perpetual markets in the United States. The plans remain subject to regulatory approval.
– Marketnode: Received an undisclosed strategic investment from the Stellar Development Foundation. The funding will support efforts to expand institutional access to tokenized financial products across the Asia-Pacific region.