28 projects raised $799 million this week, led by Tempo ($500M) and Jito ($50M), while SharpLink Gaming allocated $76.5 million to ETH in digital asset treasuries. Figment, Kraken, Ripple, and Binance completed acquisitions, and Maximum Frequency Ventures launched a new $50 million fund. On Crypto Twitter, David Grider cautioned that recent market volatility signals rising systemic stress, Austin Barack positioned Ether.fi as a crypto-native neobank with global potential, and McKenna projected Hyperliquid’s expansion to drive $1.9 billion in annualized revenue by 2026. Here’s the breakdown of this week’s top deals and insights.
VC CT: David Griderwarned that the recent flash crash and liquidity drain reflect mounting market stress; Austin Barackframed Ether.fi as a leading crypto-native neobank with global potential; and McKennaprojected Hyperliquid’s expansion across new market verticals to drive $1.9 billion in annualized revenue by 2026.
Notable Deals
28 projects collectively raised $799 million this week. Here are the eight that stood out:
In recent months, digital asset treasury activity has accelerated, with corporate and structured vehicles increasingly accumulating tokens at scale. Here are notable examples from the past week:
SharpLink Gaming
The Pitch: SharpLink Gaming (Nasdaq: SBET), one of the largest corporate holders of ETH, raised $76.5 million through a registered direct equity offering priced at a 12% premium to market.
Round: $76.5 million registered direct equity offering
Investors: An undisclosed institutional investor
M&A Activity
Figment acquired Rated
FigmentacquiredRated, a provider of staking and validator analytics, to enhance transparency and data integrity across the staking ecosystem. The acquisition integrates Rated’s standardized performance metrics, rewards data, and validator insights into Figment’s institutional staking platform, giving clients deeper visibility into network performance and operator reliability. Rated’s public Explorer and API will continue to operate independently, with ongoing investment and community engagement from Figment.
Kraken acquired Small Exchange
KrakenacquiredSmall Exchange, a CFTC-regulated Designated Contract Market (DCM), from IG Group for $100 million to expand its U.S. derivatives footprint. The acquisition grants Kraken the ability to offer exchange-listed futures and options under direct CFTC oversight, laying the groundwork for a fully U.S.-native derivatives venue. This move integrates Small Exchange’s regulated infrastructure with Kraken’s global derivatives system, connecting spot, futures, and margin products within a single, onshore liquidity framework. The acquisition follows Kraken’s earlier purchases of NinjaTrader and Crypto Facilities, extending its regulated presence across the U.S., U.K., and EU.
Ripple acquired GTreasury
Ripple acquired GTreasury, a global leader in treasury management systems, in a $1 billion deal to expand its footprint into the corporate treasury market. The acquisition integrates GTreasury’s four decades of enterprise liquidity and risk management expertise with Ripple’s digital asset infrastructure, enabling Fortune 500 finance teams to manage stablecoins, tokenized deposits, and cross-border payments in real time. GTreasury’s platform will enhance Ripple’s offerings in liquidity optimization and compliance, while continuing to operate globally under the Ripple brand.
Binance acquired GOPAX
Binancereceived approval from South Korea’s Financial Intelligence Unit to acquire a majority stake in GOPAX, marking its official return to the Korean market after a two-year regulatory hiatus. The clearance allows Binance to assume control of GOPAX, resume local operations, and address outstanding user repayments tied to GOPAX’s GOFi lending product.
Newly Launched Funds
Maximum Frequency Ventures – $50M
Maximum Frequency Ventures (MFV) launched a $50 million fund led by Aptos co-founder Mo Shaikh and former Aptos executives Neil Harounian, Alexandre Tang, and Jerome Ong. Backed by family offices across the U.S. and Asia, the fund invests in and incubates early-stage crypto startups globally, combining capital with hands-on operational support through product development, market validation, and adoption. MFV has already deployed $5 million across six undisclosed startups spanning the U.S., Middle East, and Asia. With its founder residency and company-creation model, MFV aims to bridge the gap between capital allocators and experienced crypto operators, positioning itself as a long-term builder in the next cycle of crypto adoption.
Warned that the recent crypto flash crash and falling bank reserves signal growing market stress, suggesting potential counterparty risk and fund redemptions in the coming months.
Argued that Ether.fi should be viewed as a crypto-native neobank rather than a liquid restaking protocol, comparing its potential scale to Web2 neobanks like Revolut and calling it his highest-conviction investment in the category.
Published a 2026 thesis asserting Hyperliquid will keep taking perpetuals market share and broaden into builder codes, aligned stablecoins, and HIP-3 markets, projecting roughly $1.9 billion in annualized revenue by end-2026.
Quick Recap
Total Deals: 28
Total Raised: $799M
Digital Asset Treasuries: $76.5M
Acquisitions: 4
Newly Launched Funds: Maximum Frequency Ventures ($50M)
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.
