23 projects raised $1.41 billion this week, led by Kalshi ($1B), Kraken ($200M), and Doppel ($70M), while Strategy, mF International, Metaplanet, and Hoth Therapeutics announced $1.47 billion in new digital asset treasury allocations. Coinbase acquired Vector to deepen its Solana trading stack, and pvp.trade acquired Hyperdash to strengthen its onchain execution infrastructure. On Crypto Twitter, Alana Levin highlighted crypto’s next phase across creation, accumulation, and utilization; Santiago Santos argued valuations remain anchored to cyclical “casino” flows rather than fundamentals; and Ray Dalio warned that today’s wealth-money imbalance heightens the risk of an economic and political unwind. Here’s the breakdown of this week’s top deals and insights.
M&A Activity: Coinbase acquired Vector, and pvp.trade acquired Hyperdash.
VC CT: Alana Levinoutlined crypto’s next phase across creation, accumulation, and utilization; Santiago R Santosargued that valuations remain inflated by cyclical “casino” activity rather than fundamentals; and Ray Daliowarned that today’s wealth-money imbalance heightens the risk of a broader economic and political unwind.
Notable Deals
23 projects collectively raised $1.41 billion this week. Here are the eight that stood out:
The Pitch: Strategy (Nasdaq: MSTR) acquired 8,178 BTC (~$836 million) at an average price of $102,171, increasing total holdings to 649,870 BTC as part of its ongoing bitcoin treasury strategy.
Round: $836 million Bitcoin purchase
Investors: Public market investors
mF International
The Pitch: mF International (Nasdaq: MFI) announced a $500 million private placement to launch its digital asset treasury strategy, with proceeds earmarked primarily for acquiring Bitcoin Cash and building out treasury operations.
Round: $500 million PIPE
Investors: Accredited institutional investors
Metaplanet
The Pitch: Metaplanet (TYO: 3350) approved a $135 million perpetual preferred share offering (“MERCURY” Class B) to fund additional Bitcoin acquisitions, reinforcing its position as Asia’s largest public BTC treasury.
Round: $135 million perpetual preferred equity issuance
Investors: Overseas institutional investors through third-party allotment
Hoth Therapeutics
The Pitch: Hoth Therapeutics (Nasdaq: HOTH), a clinical-stage biopharmaceutical company, authorized up to $1 million in Bitcoin purchases as part of its new treasury reserve strategy.
Round: Up to $1 million Bitcoin treasury allocation
Investors: Public market investors (Board-approved corporate treasury action)
M&A Activity
Coinbase acquired Vector
Coinbase agreed to acquireVector, a Solana-based onchain trading platform, to strengthen its DEX trading integration and expand access to Solana’s high-velocity markets. Vector’s asset-discovery and execution infrastructure will be folded into Coinbase’s consumer trading experience, while its standalone apps will be sunsetted and the Tensor Foundation will remain independent. The acquisition advances Coinbase’s strategy to become an “everything exchange” by increasing asset coverage, liquidity, and real-time access across the Solana ecosystem.
pvp.trade acquired Hyperdash
pvp.tradeacquiredHyperdash, a Hyperliquid onchain analytics platform, integrating its market, trade, and positioning insights directly into pvp.trade’s execution stack. The team rebuilt Hyperdash as V2 to provide institutional-grade performance and real-time intelligence for perps traders, strengthening pvp.trade’s strategy to deliver a unified, high-speed trading environment on Hyperliquid. Hyperdash will support phased onboarding with priority access for active Hyperliquid and pvp.trade users.
Published her 2025 Crypto Trends Report outlining crypto’s growth across three compounding S-curves (creation, accumulation, and utilization), highlighting stablecoin expansion, renewed onchain activity, and growing startup opportunities across exchanges, lending, and emerging tokenized asset categories.
Argued that crypto asset prices remain weak because valuations became disconnected from fundamentals, with blockchains priced on cyclical “casino” activity rather than durable revenue, and suggested future upside will accrue to user-facing applications rather than L1s or L2s.
Warned that financial wealth has far outpaced available money, creating a classic bubble dynamic that, when combined with widening wealth gaps and potential wealth taxes, could trigger a disruptive economic, social, and political bust.
Quick Recap
Total Deals: 23
Total Raised: $1.41B
Digital Asset Treasuries: $1.47B
Acquisitions: 2
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.
