14 projects raised $82 million this week, led by Figure ($24M), SpaceComputer ($10M), and AI One ($7M), while Enlivex Therapeutics, BitMine, and DDC Enterprise announced $267 million in new digital asset treasury allocations. Paxos acquired Fordefi to expand its regulated digital asset infrastructure stack, Robinhood acquired LedgerX to launch a joint futures and derivatives exchange and clearinghouse, Naver acquired Dunamu to create a broad-based fintech platform, Bridgepoint acquired ht.digital to scale its proprietary onchain reconciliation and reporting tools, and Exodus acquired Baanx and Monavate to expand its U.S., UK, and EU footprint. On Crypto Twitter, Coinbase Ventures highlighted four themes it is prepared to back in 2026; Nic Carter published the second installment of his three-part series on Bitcoin’s quantum risk; and Haseeb Qureshi called for renewed conviction in crypto’s exponential adoption trajectory.
The Pitch: Investment in YLDS, a yield-bearing stablecoin issued by Figure Certificate Company, to serve as part of the collateral backing for Ondo’s Short-Term U.S. Treasuries Fund
The Pitch: Enlivex Therapeutics Ltd. (Nasdaq: ENLV) raised $212 million through a PIPE to launch the first public-company RAIN token treasury strategy. RAIN is a decentralized predictions and options protocol built on Arbitrum.
Round: $212 million PIPE
Investors: Undisclosed
BitMine Immersion Technologies
The Pitch: BitMine Immersion Technologies (NYSEAMERICAN: BMNR), the leading corporate Ethereum treasury firm backed by Tom Lee, acquired 14,618 ETH (~$44 million) as part of its ongoing accumulation strategy amid renewed institutional interest and rising spot Ethereum ETF inflows.
Round: $44 million ETH purchase
Investors: Public market investors
DDC Enterprise Limited
The Pitch: DDC Enterprise Limited (NYSEAMERICAN: DDC) acquired 100 BTC as part of its disciplined corporate Bitcoin treasury strategy, increasing total holdings to 1,183 BTC during a period of market pullback.
Round: 100 BTC purchase
Investors: Public market investors
M&A Activity
Paxos acquired Fordefi
PaxosacquiredFordefi, an institutional MPC wallet and custody-technology provider used by nearly 300 organizations, to expand its regulated digital asset infrastructure stack. The deal brings Fordefi’s MPC architecture, policy engine, and deep DeFi connectivity into Paxos’ qualified custody platform, enabling enterprises to issue stablecoins, tokenize assets, and build complex payment flows on a unified, regulated foundation. Fordefi will continue operating its product independently while Paxos gradually integrates its technology to offer more modular and secure custody options.
Robinhood acquired LedgerX
Robinhood and Susquehanna International Group agreed to acquire a 90% stake in LedgerX, the CFTC-regulated derivatives exchange previously owned by FTX and later purchased by Miami International Holdings out of bankruptcy in 2023. The firms plan to launch a joint futures and derivatives exchange and clearinghouse. MIAX will retain a 10% stake and gain ongoing exposure to the sector’s growth. The deal is expected to close in Q1 2026, with the exchange slated to begin operations later that year.
Naver acquired Dunamu
Naver agreed to acquireDunamu, the operator of South Korea’s largest crypto exchange Upbit, in a stock-swap deal valuing the company at 15.1 trillion won ($10.3 billion). The transaction, expected to close in June 2026, will fold Dunamu into Naver Financial, creating a broad-based fintech platform spanning payments, insurance, securities, and digital asset trading. Naver Pay brings more than 34 million users and over 80 trillion won in annual transaction volume, while Dunamu adds Upbit’s dominant crypto market share and its stock-trading businesses.
Bridgepoint acquired ht.digital
Bridgepointacquired a majority stake in ht.digital, a London-based audit and assurance firm specializing in digital asset accounting, onchain verification, and proof-of-reserves attestations. Ht.digital, which has grown revenues organically by about 100% over the past two years and serves more than 700 global clients, will use the investment to scale its proprietary onchain reconciliation and reporting tools. Bridgepoint is backing the company through its Development Capital V fund, and the £200 million transaction is expected to be completed in the first half of 2026.
Exodus acquired Baanx and Monavate
ExodusacquiredW3C Corp, the parent company of crypto card and payments providers Baanx and Monavate, for $175 million. The deal brings Exodus’s fully in-house card-issuing infrastructure across networks such as Visa, Mastercard, and Discover, positioning it as one of the few self-custodial wallets able to unify wallet, swapping, and payment card functionality under a single platform. By integrating Baanx and Monavate’s issuer-processor stack, Exodus aims to expand its U.S., UK, and EU footprint, strengthen enterprise payments capabilities tied to its XO Swap product, and accelerate its move into stablecoin-powered everyday payments.
Newly Launched Funds
Entrée Capital Fund – $300M
Entrée Capitallaunched $300 million in new early-stage funds, bringing its assets under management to $1.5 billion. The vehicles will invest across pre-seed, seed, and Series A rounds in Israel, the U.K., Europe, and the United States, with a mandate spanning AI-native applications and infrastructure, deep-tech and quantum computing, software and B2B productivity, and crypto infrastructure and security. The strategy reflects Entrée’s focus on technical and contrarian founders building frontier systems in areas such as compute, defense-aligned dual-use technologies, decentralized physical infrastructure, and programmable finance.
DWF Labs DeFi Fund – $75M
DWF Labslaunched a $75 million DeFi-focused fund targeting teams building perpetuals DEXs, decentralized money markets, and yield-bearing credit and fixed-income protocols across networks such as Ethereum, BNB Chain, Solana, and Base. The fund aims to accelerate infrastructure that can support deeper onchain liquidity, more efficient settlement, and sustainable yield generation as DeFi enters an institutional phase. The vehicle will focus on founders with functional MVPs and differentiated technical approaches, supplemented by hands-on support across liquidity provisioning, go-to-market, exchange access, and ecosystem partnerships.
Highlighted four themes it is prepared to back in 2026: the expansion of synthetic perpetual markets, the rise of specialized exchange and trading interfaces, increasingly composable and capital-efficient DeFi systems, and crypto-enabled coordination layers for AI and robotics.
Published the second installment of his three-part series on Bitcoin’s quantum risk, arguing that recent advances in quantum hardware and error correction materially shorten timelines for a cryptographically relevant quantum computer and warrant proactive planning for post-quantum migration.
Argued that growing cynicism toward new L1 launches reflects a broader market loss of faith in the long-term value of general-purpose blockchains, and called for renewed conviction in crypto’s exponential adoption trajectory rather than valuing networks through near-term linear financial metrics.
Quick Recap
Total Deals: 14
Total Raised: $82M
Digital Asset Treasuries: $267M
Acquisitions: 7
Newly Launched Funds: $375M
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.
