Compiled by: Luan Peng, RootData
According to incomplete statistics from RootData, during the period from July 14 to July 20, 2025, there were a total of 13 public financing events in the blockchain and cryptocurrency industry, with a cumulative financing amount of approximately $167 million.
From the distribution of sectors, the projects that received financing were mainly concentrated in the infrastructure and CeFi sectors. Notable projects include the crypto infrastructure company Function, the mini gaming platform PlaysOut, the tokenized money market fund platform Spik, and the UK-listed digital asset operation company Vaultz Capital.
In addition, according to Fortune magazine, Dakota, a stablecoin bank founded by former Coinbase executive Ryan Bozarth, completed a $12.5 million Series A financing round, led by CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Kraken's Triton Ventures.
(List of projects with financing greater than $5 million last week, data source: Rootdata)
I. Infrastructure
According to The Block, decentralized messaging protocol XMTP developer Ephemera has completed a $20 million Series B financing round aimed at building and developing its ecosystem.
This round of financing was co-led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures (founded by Ashton Kutcher and Guy Oseary), and Distributed Global.
Stablecoin payment service platform KUN has completed Series A financing, with participation from BAI Capital, GSR Ventures, a Hong Kong-listed company, and Eternium Global, bringing the total financing amount to over $50 million.
KUN is an innovative technology company focused on stablecoin payment and financial services, based in Hong Kong, with licensing and compliance systems in Singapore and Europe, serving emerging markets such as the Greater Bay Area, Southeast Asia, the Middle East, Africa, and Latin America.
According to Financial Tech Times, mini gaming platform PlaysOut has completed a $7 million seed round financing. OKX Ventures, KBW Ventures, and Pacific Century Group participated in this round. The funding will be used to expand its mini-game ecosystem, ensure strategic partnerships, and expand the market.
PlaysOut is a mini gaming platform that helps developers publish mini-games on platforms like Telegram, Discord, and YouTube by embedding blockchain functionalities and other infrastructures. PlaysOut is set to launch its embedded SDK in May.
According to CoinDesk, crypto infrastructure company Function has announced the completion of a $10 million seed round financing, led by Galaxy Digital, with participation from Antalpha and Mantle.
Function (formerly Ignition) aims to introduce institutional-grade yield for Bitcoin, with its flagship product FBTC being a fully reserved, composable representation of Bitcoin, currently having a total locked value (TVL) of $1.5 billion.
Function stated that FBTC can serve as an efficient entry point for institutions and corporate treasuries to deploy Bitcoin while maintaining full custodial control and 1:1 asset backing. Galaxy will act as an investor and core contributor, providing liquidity, governance, and risk framework design support for FBTC.
Function CEO Thomas Chen stated, "By 2026, merely viewing Bitcoin as a passive asset will no longer be sufficient; the new standard will be actively earning yield."
II. DeFi
According to The Block, tokenized money market fund platform Spiko has announced the completion of a $22 million Series A financing round, led by Index Ventures, with participation from White Star Frst, Rerail, Bpifrance, Blockwall, and angel investors including Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, and Blackstone Group co-CIO Lionel Assant.
Spiko focuses on providing tokenized money market fund services for European enterprises, allowing users to earn daily returns by investing in low-risk assets such as Eurozone and US government bonds. The platform utilizes blockchain technologies like Ethereum and Arbitrum and has processed over $900 million in liquidity. The company plans to collaborate with institutions like Memo Bank, aiming to exceed $1 billion in assets under management by 2025.
III. CeFi
According to Fortune magazine, Dakota, a stablecoin bank founded by former Coinbase executive Ryan Bozarth, has completed a $12.5 million Series A financing round, led by CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Kraken's Triton Ventures.
Dakota facilitates fund transfers through stablecoins, providing banking-like account services for businesses and individuals. Its business model combines traditional banking functions with blockchain technology, primarily serving overseas corporate clients in non-crypto sectors. The platform has processed $1.6 billion in transaction volume and is expected to reach $4 billion by the end of 2025. Although it does not hold a banking license, the company is registered as a money service business in the US and Europe.
Nasdaq-listed Hilbert Group AB receives 300 million Swedish Krona investment in Bitcoin
Nasdaq-listed Hilbert Group AB announced that following last week's announcement of its initial issuance of 200 million Swedish Krona convertible bonds for financing, Deus X Capital will invest 300 million Swedish Krona in Bitcoin, totaling 233 BTC. These Bitcoins have been transferred to Hilbert's balance sheet, bringing Hilbert's capital reserves to approximately 430 BTC, valued at about $5.2 million (500 million Swedish Krona).
IV. Tools
According to Fortune, New York-based digital asset trading infrastructure developer Talos has announced the acquisition of blockchain data provider Coin Metrics.
According to a source familiar with the matter, the transaction amount exceeds $100 million. Talos was founded in 2018 by Wall Street veterans Katz and Ethan Feldman, who serves as the company's CTO. Its software helps institutional investors such as hedge funds and asset management companies trade digital assets like Bitcoin and Ethereum.
V. Others
Public company GameSquare completes $70 million public fundraising to increase ETH holdings
According to PRNewswire, US-listed gaming and entertainment technology company GameSquare Holdings, Inc. (Nasdaq: GAME) announced the completion of a $70 million public fundraising, selling approximately 46.67 million shares of common stock at a price of $1.50 per share.
The company plans to use most of the raised funds to significantly increase its Ethereum (ETH) holdings. GameSquare CEO Justin Kenna stated that this financing is an important milestone for the company, enabling it to rapidly scale and create one of the most ambitious Ethereum treasury strategies in the public market.
Mable Jiang announced the establishment of the on-chain social protocol Trends, while concluding her full-time role at FSL but will continue to serve as an advisor. Trends aims to create a value-anchored social protocol that advances the integration of information and finance.
The project has received early support from well-known founders and investors in the industry, including Solana founder Anatoly Yakovenko, the Jupiter team, LayerZero founder Bryan Pellegrino, and Multicoin partner Tushar Jain.
Trends will initially serve as the on-chain curation layer for X, with plans to expand to more open content platforms in the future. The core concept of the protocol is to combine social behavior with the flow of value, allowing each piece of content to have its own value curve. Accounts that continuously produce high-quality content will accumulate reputation on-chain, thereby establishing a new paradigm of on-chain social capital.
Ondo Finance Acquires Blockchain Development Company Strangelove
According to official news, Ondo Finance announced the acquisition of blockchain development company Strangelove, with the specific acquisition price not disclosed.
This acquisition will expand Ondo's engineering and product capabilities, enabling it to develop infrastructure for bringing RWA on-chain.
UK-listed Company Vaultz Capital Completes £1 Million Fundraising to Increase Bitcoin Holdings
UK-listed digital asset operation company Vaultz Capital announced that it has completed a £1 million fundraising through the issuance of an additional 6,060,607 shares of common stock. This funding will be used to support its operational business and Bitcoin funding strategy.
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