25 projects raised $2.66 billion this week, led by Polymarket ($2B) and Kalshi ($300M), while DDC Enterprise and Amdax announced $159 million in new Bitcoin treasury allocations. Uniswap Labs, Ondo Finance, Plume Network, and Rezolve Ai completed strategic acquisitions, and YZi Labs launched a $1 billion Builder Fund to expand BNB Chain’s developer ecosystem. Lex Sokolin framed ICE’s $2B Polymarket investment as a turning point in the financialization of information, Karthik Senthil identified emerging AI–crypto convergence themes, and Jake Chervinsky warned that Senate Democrats’ RFIA counterproposal amounts to a de facto crypto ban. Here’s the breakdown of this week’s top deals and insights.
VC CT: Lex Sokolinframed ICE’s $2B Polymarket investment as a turning point in the financialization of information; Karthik Senthiloutlined eight frontier themes at the intersection of AI, crypto, and culture; and Jake Chervinskywarned that Senate Democrats’ RFIA counterproposal amounts to a de facto crypto ban.
Notable Deals
25 projects collectively raised $2.66 billion this week. Here are the ten 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:
DDC Enterprise
The Pitch: DDC Enterprise (NYSE: DDC) raised $124 million in equity financing to accelerate its Bitcoin treasury strategy, targeting 10,000 BTC by year-end 2025. Priced at a 16% premium to market, the round signals an ongoing institutional bid for a public market proxy to Bitcoin exposure.
The Pitch: Dutch crypto firm Amdaxclosed a €30 million ($35 million) financing round to launch AMBTS, a Bitcoin treasury company that will begin acquiring BTC for reserve purposes. AMBTS plans to list on a Dutch exchange and provide investors with transparent exposure to Bitcoin as an institutional-grade treasury asset.
Round: €30 million ($35 million) financing
Investors: N/A
M&A Activity
Uniswap Labs acquired Guidestar
Uniswap Labsacquired Guidestar, a stealth team developing advanced AMM and routing technology, to strengthen its market infrastructure and execution research. Guidestar’s team, including founder Alex Nezlobin, will join Uniswap to enhance smart order routing and design tailored AMMs for markets spanning stablecoins, liquid staking tokens, and RWAs. The acquisition builds on Uniswap v4's flexible architecture and supports its mission to deliver faster, more efficient liquidity access and expand the protocol’s reach across global onchain markets.
Ondo Finance acquired Oasis Pro
Ondo Finance completed its acquisition of Oasis Pro, securing SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent licenses to establish regulated tokenized securities markets in the U.S. The acquisition provides Ondo with a full-stack digital asset infrastructure for issuing, trading, and managing RWA tokens across both fiat and stablecoin settlements.
Plume Network acquired Dinero
Plume Network, a blockchain focused on tokenized RWAs, announced its acquisition of Dinero Protocol to integrate institutional-grade yield products for ETH, SOL, and BTC into its ecosystem. Dinero’s flagship ipxETH staking token will anchor Plume’s DeFi yield suite, expanding access to compliant Ethereum staking yields through partners such as Galaxy and Nomura'sLaser Digital. The acquisition will add Dinero’s staking products and team to Plume, strengthening its institutional presence across the U.S., Asia, and the UAE.
Rezolve Ai acquired Subsquid
Rezolve Ai (NASDAQ: RZLV) acquiredSubsquid, a decentralized data infrastructure platform, to unite blockchain data, AI intelligence, and digital asset payment rails into a single AI commerce ecosystem. Subsquid operates one of the world’s largest decentralized data networks, with over 2,500 nodes, 2.1 petabytes of indexed blockchain data, and clients including PancakeSwap, Morpho, and Deutsche Telekom. The acquisition follows Rezolve’s recent purchase of Smartpay and strengthens its vision for agentic commerce, where AI systems autonomously search, negotiate, and transact in real time. Subsquid’s SQD token will be rebranded, and Rezolve plans to acquire SQD tokens equal to at least 1% of its annual revenue as part of its treasury strategy.
Newly Launched Funds
YZi Labs Builder Fund – $1B
YZi Labslaunched a $1 billion Builder Fund to deepen its investment in founders building within the BNB ecosystem, particularly on BNB Chain. The vehicle will back projects focused on DeFi, AI, RWA, DeSci, payments, wallets, and trading infrastructure, leveraging BNB Chain’s low-cost, high-throughput infrastructure and its over 460 million user base. Headed by Ella Zhang, YZi Labs manages over $10 billion in assets and has previously backed more than 300 projects across Web3, AI, and biotech. The Builder Fund marks a broader effort to consolidate developer activity and institutional engagement within BNB’s ecosystem.
Argued that Intercontinental Exchange’s $2 billion investment in Polymarket marks a major inflection point for prediction markets, signaling the financialization of information.
Highlighted eight emerging investment themes spanning AI, crypto, and culture, including AI-driven consumer apps, biotech breakthroughs, and the rise of generative UX and crowdsourced model scaling.
Criticized Senate Democrats’ counterproposal to the Responsible Financial Innovation Act (RFIA), calling it a de facto crypto ban that undermines bipartisan market structure talks.
Quick Recap
Total Deals: 25
Total Raised: $2.66B
Digital Asset Treasuries: $159M
Acquisitions: 4
Newly Launched Funds: YZi Labs Builder Fund ($1B)
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.
