Nine projects raised $396 million this week, led by Erebor ($350M) and Architect ($35M), while Trump Media & Technology Group, iPower, and Bitcoin Treasury Capital announced $71 million in new digital asset treasury allocations. Coinbase acquired The Clearing Company, BLIFE Protocol merged with Portal, and HashKey Capital launched a $250 million fintech-focused multi-strategy fund. On Crypto Twitter, Jay Yu outlined 2026 predictions across crypto credit, AI-driven UX, and stablecoins, Mike Dudas argued venture valuations are converging toward company-like frameworks over token premiums, and Ryan Watkins highlighted renewed enterprise blockchain interest alongside the enduring advantages of leading public chains.
VC CT: Jay Yushared 2026 predictions spanning crypto credit, AI-driven UX, and stablecoins; Mike Dudashighlighted a shift toward company-like valuation frameworks and away from token premiums; and Ryan Watkinsdiscussed renewed enterprise blockchain interest while emphasizing the durable advantages of leading public chains.
Notable Deals
Nine projects collectively raised $396 million this week. Here are the five that stood out:
The Pitch: Trump Media & Technology Group (Nasdaq: DJT) added 451 BTC (~$40.3 million) to its corporate treasury, bringing its total Bitcoin holdings to 11,542 BTC, valued at over $1 billion, as part of its ongoing crypto treasury strategy.
Round: ~$40.3 million BTC purchase
Investors: Public market investors
iPower
The Pitch: iPower Inc. (Nasdaq: IPW) entered into a $30 million convertible note financing facility to launch a DAT. Of the initial $9 million tranche, ~$4.4 million will be allocated to a BTC and ETH treasury, with around 80% of proceeds from future tranches earmarked for additional digital asset purchases.
Round: $30 million convertible note financing facility
The Pitch: Swedish Bitcoin Treasury Capitalraised ~$786,000 through the issuance of 60,400 Preference A shares to expand its Bitcoin treasury. The company plans to increase its holdings from 187 BTC to as much as 271 BTC, while also allocating a portion of proceeds toward general operations.
Round: ~$786,000 equity financing
Investors: Undisclosed
M&A Activity
Coinbase acquired The Clearing Company
Coinbaseentered an agreement to acquire The Clearing Company, a startup focused on building regulated, onchain prediction markets. The Clearing Company brings a team with prior experience designing and operating event-based markets, which Coinbase plans to integrate to scale product development and market infrastructure. The acquisition supports Coinbase’s broader strategy to position itself as an “Everything Exchange,” enabling users to trade prediction markets alongside crypto, derivatives, and equities within a single regulated interface.
BLIFE Protocol merged with Portal
BLIFE Protocolmerged with Portal, bringing BLIFE’s Bitcoin-native Web3 and gaming ecosystem into Portal’s cross-chain interoperability and liquidity infrastructure. The transaction integrates BLIFE’s Bitcoin-focused products, including BLIFE.ID, Odin.fun, and the Beyond Bitcoin L1 bridge, strengthening Portal’s native Bitcoin connectivity and positioning it as an entry point for Bitcoin users into Web3 gaming. Portal will continue to support cross-chain gaming and discovery, with strategic backing from Animoca Brands through new capital and ecosystem support, alongsideG-20 as an ecosystem and strategic partner.
Newly Launched Funds
HashKey Capital Fintech Multi-Strategy Fund IV – $250M
HashKey Capitalannounced a $250 million first close for HashKey Fintech Multi-Strategy Fund IV, targeting a final commitment of $500 million. The fund will deploy a multi-strategy approach across public markets, liquidity-focused crossover opportunities, and selective private investments, with a focus on blockchain infrastructure and mass-adoption use cases. With over $1 billion in AUM and a portfolio spanning more than 400 projects globally, HashKey Capital positions Fund IV as its primary vehicle for institutional exposure to both liquid and venture-stage digital asset opportunities.
Shared 12 predictions for 2026 outlining expected shifts across crypto credit, prediction markets, AI-driven UX, privacy tooling, DeFi consolidation, and stablecoins in global payments.
Argued that crypto venture valuations are converging toward single, company-like value frameworks, with investors increasingly rejecting dual token-equity structures and pricing early-stage rounds based on long-term value capture rather than token premiums.
Noted that enterprise blockchains may see renewed momentum in 2026, but expects public chains like Ethereum and Solana to maintain long-term advantages due to credible neutrality and established network effects.
Quick Recap
Total Deals: 9
Total Raised: $396M
Digital Asset Treasuries: $71M
Acquisitions: 2
Newly Launched Funds: $250M
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
Powered by Messari, our comprehensive fundraising dashboard allows you to navigate 19,900 crypto venture rounds, over 1,200 M&A deals, and access profiles for 17,500 investors.
All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this report is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This report should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this report. Please see our Terms of Service for more information.
No part of this report may be (a) copied, photocopied, duplicated in any form by any means or (b) redistributed without the prior written consent of Messari®.
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
