Financing Weekly Report | 10 public financing events, Andre Cronje's new crypto project Flying Tulip completes $200 million seed round financing with a $1 billion token valuation.

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4 hours ago

Highlights

According to incomplete statistics from PANews, there were 10 financing events in the global blockchain sector last week (9.29-10.05), with a total funding scale exceeding $305 million. Additionally, the total financing amount for publicly listed companies' crypto asset reserves exceeded $453 million, as summarized below:

  • DeFi reported 2 financing events, including the platform Lava, which focuses on Bitcoin collateralized lending, announcing it has completed $17.5 million in Series A extension financing;
  • Web3+AI reported 1 financing event, with the decentralized AI agent infrastructure layer Talus Network raising over $10 million;
  • Infrastructure & Tools reported 1 financing event, with the stablecoin payment network Mesta announcing it has completed $5.5 million in seed round financing, led by Village Global;
  • Centralized Finance reported 1 financing event, with xMoney announcing it has secured $21.5 million in strategic financing, led by the Sui Foundation;
  • Other Web3 applications reported 5 financing events, including the Web3 version of TikTok, social media platform X.me, which announced it has completed $30 million in strategic financing, led by Tido Capital;
  • Additionally, 3 publicly listed companies completed financing to establish crypto treasuries, with POAI planning to launch a digital asset treasury centered around ATH, securing two PIPE financings totaling approximately $344 million.

DeFi

Andre Cronje's new crypto project Flying Tulip completes $200 million seed round financing with a $1 billion token valuation

The new crypto project Flying Tulip, founded by DeFi veteran Andre Cronje, has completed $200 million in private seed round financing, aiming to create an on-chain exchange that spans the "entire DeFi landscape"—covering spot trading, derivatives trading, lending, stablecoins, and insurance. This $200 million financing was conducted in the form of a Simple Agreement for Future Tokens (SAFT), valuing the Flying Tulip token at a fully diluted valuation (FDV) of $1 billion. The financing began on August 14 and was completed within a month, without a single leading investor. Participants include Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.

Flying Tulip now plans to raise up to $800 million through a public sale of its FT tokens at the same $1 billion valuation. Cronje stated that the sale will take place on the Flying Tulip's own platform, rather than using existing ICO platforms. A notable feature of this financing is the "on-chain redemption right," allowing investors to destroy FT tokens at any time to redeem the principal portion of their initial investment. Redemptions will be managed by audited smart contracts, with protective measures such as queues and rate limits to ensure solvency. If reserves are temporarily insufficient, requests will enter a transparent queue and be processed once funds are replenished. FT tokens cannot be transferred until the public sale is completed. Team members have no initial allocation, and their compensation will come from planned public market buybacks funded by protocol revenues, directly linking their upside potential to performance.

Bitcoin lending platform Lava completes $17.5 million financing and launches dollar yield product, with participation from former Visa and Block executives

The Bitcoin collateralized lending platform Lava announced it has completed $17.5 million in Series A extension financing and simultaneously launched a new dollar yield product. This round of financing was supported by several angel investors, including Peter Jurdjevic from the Qatar Investment Authority and former executives from Visa and Block (formerly Square). The newly launched dollar yield product allows users to provide dollar funds to offer liquidity for Bitcoin collateralized loans on the platform and earn yields, with the current annual percentage yield (APY) reaching up to 7.5%. Lava stated that all loans are solely backed by Bitcoin as collateral, with a collateralization ratio exceeding 200%. Lava's previous Series A financing was led by Peter Thiel's Founders Fund and Khosla Ventures.

AI

Decentralized AI agent infrastructure layer Talus Network raises over $10 million

Talus Network has raised over $10 million and received a new round of strategic support from the Sui Foundation and Walrus, along with participation from investors like Polychain Capital. Talus Network is the infrastructure layer for decentralized AI agents, and this month its flagship application idol.fun's public testnet officially launched, with Talus also releasing its white paper, which includes the token economics for the Talus network token US. The complete Idol.fun platform is expected to launch in the first quarter of 2026. The Talus team has also developed a decentralized AI agent innovation framework called Nexus, allowing agent workflows to be fully hosted and defined on-chain.

Infrastructure & Tools

Stablecoin payment network Mesta completes $5.5 million seed round financing, led by Village Global

Stablecoin payment network Mesta announced it has completed $5.5 million in seed round financing, led by Village Global, with participation from Circle Ventures, Paxos, WTI - Western Technology Investment, Garuda Ventures, Canonical Crypto, Everywhere Ventures, and Inventum Ventures. The new funds will be used to expand its global payment capabilities, strengthen its international team, and accelerate global growth, further integrating the reliability of fiat payments with the efficiency of stablecoin payments.

Others

Social Media:

Web3 social media platform X.me completes $30 million financing, led by Tido Capital

The Web3 version of TikTok, social media platform X.me, announced it has completed $30 million in strategic financing, led by Tido Capital, with participation from Genesis Capital, Alpha Capital, Rollman Management, Parallel Ventures, WAGMi ventures, and Web 3 vision. The financing will primarily be used for the issuance of platform tokens by the X.me foundation.

Consumer Entertainment:

KGeN completes $13.5 million new round of financing, led by Jump Crypto

KGeN announced it has completed a new round of financing amounting to $13.5 million, led by Jump Crypto, Accel, and Prosus Ventures; the company's total fundraising has increased to $43.5 million. KGeN stated that the funds will be used to advance its real user growth and validate its product VeriFi; its previous round was a $10 million ecosystem fund in November 2024, led by Aptos, with participation from G7 DAO and Polygon.

K Wave Media receives approximately $1 million equity investment from Galaxy Digital

According to GlobeNewswire, Nasdaq-listed company K Wave Media announced it has received approximately $1 million in equity investment from Galaxy Digital to support its launch of an entertainment tokenization platform, including the development of revenue-sharing tokens and automated royalty distribution based on smart contracts.

Crypto Mining:

Bitcoin mining company MiningStore completes $3.4 million strategic loan financing, with participation from Millennium Infrastructure Fund

Bitcoin mining company MiningStore announced it has completed $3.4 million in strategic loan financing, with participation from the Millennium Infrastructure Fund, which focuses on infrastructure investments. The new funds are intended to expand the company's Bitcoin mining facility construction.

DogeHash Technologies receives $2.5 million investment from Thumzup Media Corporation

Thumzup Media Corporation, a social media company with cryptocurrency reserves, announced that it has invested $2.5 million in DogeHash Technologies, with the funds expected to be used to expand DogeHash's Dogecoin mining capacity and accelerate the deployment of its next-generation ASIC miners, potentially supporting an additional 500 ASIC miners.

Centralized Finance

xMoney secures $21.5 million in strategic financing led by Sui Foundation, with token XMN launching in early October

xMoney announced it has secured $21.5 million in strategic financing, led by the Sui Foundation, with participation from MultiversX. xMoney claims to have become a MiCA-compliant Licensed EMI and a PCI DSS Level 1 certified institution, serving over 5,000 merchants (including those in Liechtenstein). The company plans to launch its token XMN for the first time in early October and advance its buyback, liquidity, and value-sharing mechanisms. The official statement indicates that its stablecoin payment infrastructure covers debit cards, subscriptions, and cross-border settlements.

DAT

POAI plans to launch a digital asset treasury centered around ATH, securing two PIPE financings totaling approximately $344 million

Predictive Oncology (NASDAQ: POAI) announced two private placements (PIPE): a cash PIPE intending to issue approximately 66.67 million shares at a price of $0.7751 per share, raising about $51.7 million; and a Crypto PIPE priced with locked and unlocked Aethir (ATH) tokens, issuing pre-paid warrants with a nominal value of approximately $292.7 million. Both transactions are expected to be completed simultaneously on October 2. The company will build a digital asset treasury with ATH and continue to purchase ATH in the secondary market; for each purchase of ATH, the DCI Foundation will grant an additional 20% in tokens. Shareholders have approved a 1-for-15 reverse stock split effective September 30 (this information is based on pre-split figures).

Ethereum treasury company Bit Digital proposes to raise $100 million through convertible bond issuance

Ethereum treasury company Bit Digital announced on Monday that it has proposed to issue $100 million in convertible bonds to purchase more Ethereum. The net proceeds from this bond issuance will primarily be used to buy Ethereum, and the company may also use the funds for general corporate purposes, including potential investments, acquisitions, and other business opportunities related to digital assets. Bit Digital has submitted a preliminary prospectus to the U.S. Securities and Exchange Commission. Barclays, Cantor, and B. Riley Securities are the lead underwriters for this bond issuance. Since July, Bit Digital has not made significant purchases of Ethereum. The company has been accumulating and staking ETH since 2022.

XRP treasury company VivoPower completes $19 million equity financing

NASDAQ-listed XRP treasury company VivoPower announced that it has completed $19 million in equity financing through the issuance of additional common stock at a price of $6.05 per share. The new funds are intended to support the company's strategic transformation towards a digital asset treasury, including the acquisition, management, and long-term holding of XRP.

Venture Capital Funds

Foresight Ventures launches a $50 million stablecoin infrastructure fund

Crypto venture capital firm Foresight Ventures has officially launched a $50 million stablecoin infrastructure fund. It is said to be the first specialized fund in the industry focused on the entire stablecoin value chain. The fund's investment scope will cover the upstream and downstream ecosystems of stablecoins, including stablecoin issuance, trading, compliance deposit and withdrawal channels, payment public chains, as well as innovative applications at the intersection of stablecoins with real-world assets (RWA), artificial intelligence (AI), and on-chain foreign exchange.

CMCC Global to launch a $25 million Sonic ecosystem fund, Resonance Fund

Sonic Labs announced on its official blog that blockchain venture capital firm CMCC Global plans to launch a Sonic ecosystem fund, Resonance Fund, with a scale of up to $25 million. The fund aims to invest in groundbreaking protocols and founders shaping the Sonic ecosystem. It will primarily focus on high-growth opportunities in DeFi and consumer-facing applications, with a core mission to promote fee monetization models as a sustainable revenue model for smart contract developers and accelerate their adoption. Additionally, the fund hopes to enhance the liquidity of the Sonic ecosystem through strategic capital allocation. Its investment strategy aims to capture value throughout the asset lifecycle, targeting early investments in emerging DeFi leaders and strategic investments in high-liquidity assets within the Sonic ecosystem.

Aqua Labs launches a $20 million global growth startup support program, focusing on AI+Web3 and RWA

Aqua Labs announced the launch of the $20 million "Aqua Labs Startup Support Program," aimed at growth-stage projects that have been established for over a year and have a product prototype and initial users. Selected teams will receive initial funding of $500,000 to $1 million, along with support for global market expansion, investment matching, and branding. Key focus areas include deep integration of AI and Web3, RWA and related infrastructure, and new financial paradigms; outstanding projects may receive follow-up investments and referrals to sovereign funds, family offices, and other institutions.

Lisk launches a $15 million venture capital fund, Lisk EMpower Fund

Ethereum Layer 2 network Lisk announced the launch of a $15 million venture capital fund, Lisk EMpower Fund, which will focus on investing in Web3 startups, particularly those addressing real-world issues in payments, remittances, identity, and supply chain in emerging markets.

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