38 projects raised $177 million last week, led by Boba Network ($70M), Distinct Possibility Studios ($30.5M), and The Open Platform ($28.5M), while Coinbase, Thesis*, Ondo Finance, and Swyftx acquired companies to expand their product and market reach. Colosseum unveiled its third accelerator cohort, selecting ten teams from over 1,470 submissions. Rob Hadick critiqued tokenized equities' liquidity shortfalls, Tim Draper predicted bitcoin's displacement of the dollar, and Bridget Harris examined the regulatory friction around stablecoin banks. Here’s the breakdown of last week’s top deals and insights.
VC CT: Rob Hadickcritiqued tokenized equities for lacking tradability and risk tooling; Tim Draperpredicted Bitcoin will outcompete fiat as corporate treasury strategy; and Bridget Harrisexplored how a T-bill-backed stablecoin bank could disrupt U.S. financial regulation.
Notable Deals
38 projects collectively raised $177 million last week. Here are the ten that stood out:
CoinbaseacquiredLiquiFi, a token management platform focused on cap table, vesting, and compliance automation, to strengthen its token operations infrastructure. Liquifi’s team will join Coinbase and integrate their technology into Coinbase Prime, streamlining token launch and management for global clients. The acquisition expands Coinbase’s offerings for startups and projects seeking efficient and compliant token distribution.
Thesis* acquired Lolli
Thesis*, a Bitcoin-focused venture studio, acquiredLolli, a Bitcoin rewards platform. The acquisition aims to integrate Lolli's user-friendly platform into Thesis*'s broader ecosystem, facilitating a seamless loop where users can earn and spend Bitcoin in everyday life. Additionally, Lolli's enterprise rewards platform, Mirado, will spin out to operate independently, focusing on providing white-labeled rewards infrastructure across various fintech and crypto platforms.
Ondo Finance acquired Oasis Pro
Ondo Finance, a real-world asset tokenization platform, acquiredOasis Pro, an SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent, to introduce regulated tokenized securities for US investors. The deal equips Ondo with critical licenses to expand its tokenization platform, which already manages over $1.4 billion in assets. Oasis Pro, a FINRA member since 2020, was among the first ATSs authorized to settle digital securities in fiat and stablecoins.
Swyftx acquired Caleb & Brown
Swyftx, an Australian crypto exchange, acquiredCaleb & Brown, a boutique digital asset brokerage, for over $65.8 million, marking the largest crypto acquisition in Australia and New Zealand to date. The acquisition aims to expand Swyftx's presence in the U.S. market by leveraging Caleb & Brown's established client base of high-net-worth investors.
Accelerators
Colosseum Accelerator Cohort 3
Colosseumannounced its third accelerator cohort, selecting 10 startups from over 1,470 Solana Breakout hackathon and Eternal challenge submissions, reflecting a 0.68% acceptance rate. Each winner, CargoBill, Crypto Fantasy League, Decal, LocalPay, MetEngine, Slant, TAPEDRIVE, Tempo, Trepa, and TypeX, received $250,000 in funding to scale their Solana-based products. The 8-week program combines remote mentorship with in-person sessions in San Francisco, guiding teams from devnet to mainnet. It will culminate in a private investor demo day, with a public recording to follow.
Outlined the structural and liquidity limitations of current tokenized equities, arguing they remain ill-suited for professional trading and risk management despite their long-term potential.
Forecasted that bitcoin will hit $250,000 by the end of 2025 and fully replace the U.S. dollar within a decade, urging corporate treasuries to hold bitcoin reserves to hedge against fiat bank runs.
Explained how a stablecoin bank backed 1:1 with T-bills could offer consumers safety and yield, but warned it poses a systemic threat to the U.S. banking model, making regulatory approval unlikely.
Quick Recap
Total Deals: 38
Total Raised: $177M
Acquisitions: 4
Accelerators: Colosseum Accelerator Cohort 3
Newly Launched Funds: 0
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.
