In the period from September 20 to 27, 2025, Incrypted’s editorial staff recorded 27 fundraising deals. Of these, 21 disclosed details, raising a total of $1.26 billion.. These were both traditional venture capital investments, corporate deals, and tokensales.

Classic venture deals

The following projects received funding from investment companies during this period:

• $500 million – Kraken. Centralized Crypto Exchange (CEX) closed the round at a valuation of $15 billion. The structure was not disclosed. It is known that the funds were provided by Tribe Capital and Arjun Sethi, among others. The company said that this is the last step to prepare for an initial public offering (IPO).

• $136 million – Fnality. The fintech company, which develops tokenized versions of leading currencies backed by funds in central bank accounts, raised funds in a Series C round co-led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb. The capital will be used to expand its product basket and add new currencies.

• $104 million – Zerohash. The startup received this funding in a Series D round led by Interactive Brokers and with participation from big names like Morgan Stanley and SoFi. The company is an infrastructure provider, enabling banks and fintech firms to offer blockchain-based products in three main areas: trading, stablecoins, and tokenization.

• $47 million – RedotPay. The company announced the completion of a round with participation from Coinbase Ventures, Galaxy Ventures and Vertex Ventures, as well as a certain business angel. By the end of the round, the firm achieved unicorn status, meaning its valuation exceeded $1 billion. The project is a platform that combines several financial products.

• $14.7 million – Digital Entertainment Asset. The social game development studio raised 2.2 billion yen in a Series A round with participation from Japan Investment Advisor Co., Ltd. (JIA), ASICS Ventures, SBI Group, Daiwa House Group, IOLE Co., Ltd. and Hongo Holdings. The funds will be used to expand its business in Japan and increase the value of the DEP token. The company also plans to go public on the Tokyo Stock Exchange in 2028.

• $14.6 million – Bastion. The project announced the closing of a round led by Coinbase Ventures, with participation from Sony Innovation Fund, Samsung Next, a16z crypto, and Hashed. The company is actually in the business of delivering infrastructure solutions for the issuance of stablecoins at the institutional level.

• $13.5 million – Raiku. The project received this funding in a round led by Pantera Capital and with participation from Jump Crypto, Lightspeed, Big Brain, and others. It is an infrastructure protocol that functions as a coordination layer on the Solana blockchain, designed to provide predictable and reliable transaction execution under high load conditions.

• $8 million – BULK. Decentralized exchange (DEX) of open-ended futures contracts closed a round led by Robot Ventures and 6MV. Counterparties Chapter One, Wintermute Ventures, Mirana Ventures, Big Brain Holdings and a number of business angels have already participated. The goal of the funding is to expand the project’s market reach, as well as build a competitive position relative to other DEXs.

• $7 million – Cloudburst Technology. The company, which specializes in cryptocurrency threat monitoring and analysis, closed a Series A round led by Borderless Capital. InQTel, Strategic Cyber Ventures, CoinFund, Coinbase Ventures and Bloccelerate VC also participated. The purpose of the funds was not disclosed.

• $6.6 million – Divine. The studio closed a seed round led by Paradigm and with participation from business angels and early-stage investors. The funds will be used to develop and scale the firm’s flagship product called Credit. It is a microloan service available on the World app. Its feature is a dynamic credit history evaluation mechanism that relies on the borrower’s actions.

• $6 million – Belfort. The company received this funding in a seed round led by Vsquared Ventures. The firm works on homomorphic encryption, creating hardware and algorithmic solutions so that data can be processed without disclosure.

• $5 million – Shield. The round was led by Giant Ventures with participation from a16z crypto CSX, Factor Capital, and business angels from Bank of America, Coinbase, AMEX, and Menlo Ventures. The company is an expert-focused neobank. Its goal is to provide them with the infrastructure to settle mutual payments in stablecoins.

• $4.5 million – Coop Records. The platform received these funds in two rounds. The headliners were 1kx and Nascent, backed by 1confirmation and CB Ventures via Base Ecosystem Fund. The project is a launchepad for musicians, songwriters and similar content.

• $4 million – USD.AI. The project received funding from the Bullish exchange. This is the first venture capital injection of the latter after the initial public offering (IPO). The developers of USD.AI are creating a platform for lending against the collateral of physical equipment in the field of AI.

• $3.6M – Stablecorp. The fintech firm raised CAD $5 million in a round led by FTP Ventures. The funding will be used for further development. The firm is building bank-grade blockchain infrastructure.

• $3.5 million – Melee Markets. The startup has raised funding from Variant, DBA and a group of business angels. The funds will be used to launch so-called viral prediction markets without the involvement of intermediaries. The project is based on a mechanism that rewards traders for early and correct actions, the team said.

• $2.8 million – RockSolid Network. The liquid staking project closed a pre-seed round led by Castle Island Ventures, with participation from Blockchain Builders Fund, GSR, Kindred Ventures, Rocket Pool and Stanford Blockchain Accelerator.

Several other projects have raised funding but did not disclose details.

In particular, PayPal has invested in the Stable project. Under the agreement, the firm’s stablecoin, PYUSD, is expected to be backed by the Stablechain network via the LayerZero protocol. The funding amount and structure of the round were not disclosed.

Decentralized exchange on the Solana network SegaSwap announced the completion of a round led by Sonic SVM and 10K Ventures, bringing its valuation to $10 million. Terms of the funding were not disclosed.

UK analyst firm Elliptic announced that HSBC Bank has become its strategic investor. Richard May, head of HSBC’s corporate and institutional banking financial crime team, has since joined Elliptic’s board of directors.

The Crossmint project will receive a strategic injection from Circle Ventures for an unspecified amount. Terms of the funding were not disclosed. The service is an infrastructure platform that makes it easy for businesses to integrate various Web3 products into their operational processes.

Token sales

On September 23, 2025, Hana Network’s token sale on Kaito Launchpad closed. The project is a blockchain platform focused on simplifying user interaction with cryptocurrencies. The team originally planned to raise $1 million, but the valuation was raised due to high demand. The token sale was allocated a 7.5% stake in the offering.

Also on September 23, the token sale of the Falcon Finance project on the Buidlpad platform ended. The goal was $4 million. However, the volume of oversubscriptions reached more than $112 million.

On September 24, the LAB team announced the completion of the tokensale, during which they managed to raise $1.5 million. The developers are creating an AI-native operating system, which is designed to simplify the work of teams creating solutions in the field of deep technology.

To learn more about current and upcoming token sales, keep an eye on our website for updates to the relevant section. We also maintain a specialized Telegram channel.

Note that the section has undergone some changes after a recent update. Now you can also find more detailed information on each project, including previous token sales.

Corporate placements and deals

The following institutions announced this week that they raised capital by issuing securities and/or other financial products:

• $350 million – ETHZilla. The company announced that it is expanding its earlier convertible bond agreement by raising another $350 million. The name of the buyer was not disclosed. The funds will likely be used to expand the counterparty’s Ethereum treasury.

Mergers and acquisitions

on September 24, 2025, it was reported that Naver Financial, a subsidiary of the South Korean giant Naver, will conduct a share swap with Dunamu, the operator of the Upbit exchange. As a result, the latter will merge into Naver’s structure. Such an agreement differs from a normal takeover in that Dunamu will remain legally intact.

Also, during this week, Honeycomb Protocol announced the acquisition of GameShift, a comprehensive blockchain integration solution. The deal aims to create the first Solana-based Web3 gaming hub.

Accelerators, grants and DAO funding

There were no incubation programs or infusions from decentralized autonomous organizations this week.

Most active investors

Counterparties such as Coinbase Ventures, Nascent, Jump Crypto, Variant and CoinFund were the most frequent investors this week, according to CryptoRank.

What was in the focus this week?

Projects from blockchain services, blockchain infrastructure, CeFi, DeFi, GameFi and other sectors received funding between September 20 and September 27, 2025.

As a reminder, last week the amount of funds raised in the sector amounted to more than $1 billion. Follow Incrypted to stay up to date with changes in investor sentiment and major players in the market.