28 projects raised $588 million this week, led by Kalshi ($185M) and Digital Asset ($135M), while Chainalysis acquired Nash to boost its AI capabilities. Galaxy Ventures closed a $175 million fund, Frachtis debuted with a $20 million seed-stage vehicle, and Novora launched as a new crypto-native proprietary investment firm. David Grider positioned Wall Street’s embrace of crypto as an inflection point, Kyle Samani spotlighted the emergence of user-driven token issuance, and Jake Chervinsky examined how shifting regulation enables a clearer split between token and equity value capture. Here’s the breakdown of this week’s top deals and insights.
VC CT: David Grider sees Wall Street’s crypto adoption as a historic shift echoing the internet boom; Kyle Samanihighlights the rise of user-driven token issuance through frictionless platforms; and Jake Chervinskyargues that regulatory clarity creates an opportunity to realign token and equity value capture.
Notable Deals
28 projects collectively raised $588 million last week. Here are the twelve that stood out:
ChainalysisacquiredNash, an AI-powered discovery platform built by the team behind the Once Upon block explorer, to strengthen its intelligence and search capabilities. Nash’s founders will lead a new AI platform team, integrating natural-language tools that unify onchain, filesystem, and application data. The acquisition enhances Chainalysis’ existing AI efforts, including Alterya and Rapid, by improving data accessibility for investigations and compliance workflows.
Funds
Galaxy Venture Fund – $175M
Galaxy Venturesclosed its oversubscribed $175 million Fund I, backed by global institutional and strategic investors. The fund targets early-stage startups developing infrastructure and applications for the onchain economy, with a focus on stablecoins, payments, tokenization, and supporting software. Led by Will Nuelle and Mike Giampapa, the team blends deep crypto market expertise with hands-on support via Galaxy’s platform and business lines. To date, Galaxy Ventures Fund I has invested in companies such as 1Money, Arch Lending,Ethena, Monad, and Yellow Card.
Frachtis Fund I – $20M
Frachtisclosed its inaugural $20 million Fund I. LPs include Chorus One, Rockaway X, Theta Invest, and cyber.Fund. The vehicle will deploy pre-seed and seed capital to technical founders building decentralized infrastructure, crypto-AI middleware, and consumer-facing apps. Led by former Chorus One CIO Xavier Meegan, the investment committee combines validator-grade technical expertise with hands-on support in go-to-market, investor access, and early customer acquisition. So far, the fund has invested in eight projects: Turtle Club, Hyve, Oya Chat, LYS Labs, Infinity G AI, Aizel Network, Enclave, and Blockless, and it plans to back roughly 24 additional startups over the next two years.
Novora
Novora was launched as a crypto-native proprietary investment firm founded by Connor King, with backing from several industry veterans. It invests across public and private markets, combining capital with operational involvement. Novora applies a principal-driven, activist approach, focusing on teams building in open capital markets and infrastructure. Connor brings nearly a decade of experience from roles at MoonPay, Arca, Social Capital, and Irys.
Frames Wall Street’s growing embrace of digital assets, through IPOs, ETFs, and public crypto-financing vehicles, as a turning point that mirrors the early internet boom.
Highlighted how new platforms and trading interfaces are lowering barriers for asset issuance and participation, driving a wave of user-generated tokens outside traditional financial systems.
Outlined that tokens should capture onchain value while equity should capture offchain value, and argued that evolving regulation creates an opportunity for founders to realign these models.
Quick Recap
Total Deals: 28
Total Raised: $588M
Acquisitions: 2
Newly Launched Funds: Galaxy Venture Fund – $175M, Frachtis Fund I – $20M, and Novora
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
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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.
