Crypto Venture Weekly: October 6-10, 2025

Introduction

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.

Key Highlights

• Notable Deals: Polymarket ($2B), Kalshi ($300M), Meanwhile ($82M), Bee Maps ($32M), Cypher Games ($30M), Coinflow ($25M), Anthea ($22M), CipherOwl ($15M), TransCrypts ($15M), and Fanable ($11.5M).
• Digital Asset Treasuries: DDC Enterprise ($215M for BTC), and Amdax ($35M for BTC).
• M&A Activity: Uniswap Labs acquired Guidestar, Ondo Finance acquired Oasis Pro, Plume Network acquired Dinero Protocol, and Rezolve Ai acquired Subsquid.
• New Funds: YZi Labs Builder Fund ($1B) launched.
• VC CT: Lex Sokolin framed ICE’s $2B Polymarket investment as a turning point in the financialization of information; Karthik Senthil outlined eight frontier themes at the intersection of AI, crypto, and culture; and Jake Chervinsky warned 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:

Polymarket

• The Pitch: Onchain prediction market enabling trading on real-world events across politics, economics, and sports
• Round: $2 billion Strategic round at a $9 billion valuation
• Investors: Intercontinental Exchange

Kalshi

• The Pitch: CFTC-regulated prediction market offering compliant access to event-based trading
• Round: $300 million Series D at a $5 billion valuation
• Investors: Led by a16z and Sequoia Capital, with participation from Coinbase Ventures, Paradigm, General Catalyst, Spark Capital, and CapitalG

Meanwhile

• The Pitch: Life insurer offering policies and savings products fully denominated in BTC
• Round: $82 million funding
• Investors: Led by Haun Ventures and Bain Capital Crypto, with participation from Pantera Capital, Stillmark, Apollo, and more

Bee Maps

• The Pitch: Provider of map data and fleet intelligence built from Hivemapper Network contributions
• Round: $32 million
• Investors: Pantera Capital, Borderless Capital, LDA Capital, and Ajna Capital

Coinflow

• The Pitch: Global payment infrastructure leveraging stablecoins, AI-driven fraud prevention, and blockchain verification
• Round: $25 million Series A
• Investors: Led by Pantera Capital with participation from Coinbase Ventures, CMT Digital, Jump Capital, Reciprocal Ventures, and The Fintech Fund

Anthea

• The Pitch: Cryptofintech group that offers life insurance products denominated in cryptocurrencies
• Round: $22 million Series A
• Investors: Led by Yunfeng Financial Group with participation from other investors

CipherOwl

• The Pitch: A compliance infrastructure platform for digital assets
• Round: $15 million Seed
• Investors: Led by General Catalyst and Flourish Ventures, with participation from Coinbase Ventures, OKX Ventures, and more

TransCrypts

• The Pitch: Digital document management and verification company
• Round: $15 million Seed
• Investors: Led by Pantera Capital with participation from Techstars, Protocol Labs, Alumni Ventures Group, Faction VC, Mark Cuban, and more

Fanable

• The Pitch: A Web3 marketplace by Etherenal Labs dedicated to Pokémon, comic books, and collectibles
• Round: $11.5 million funding
• Investors: Polygon, Borderless Capital, Morningstar Ventures, Ripple Ventures, Steel Perlot, Michael Rubin, and more

Block Street

• The Pitch: Building an execution and lending layer for tokenized assets
• Round: $11.5 million Strategic
• Investors: Led by Hack VC with participation from DWF Labs, Jane Street Capital, Generative Ventures, Point72 Ventures, and more

Digital Asset Treasuries

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.
• Round: $124 million equity financing
• Investors: Led by PAG Pegasus Fund and Mulana, with participation from OKG Financial Services, Norma Chu, and more

Amdax

• The Pitch: Dutch crypto firm Amdax closed 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 Labs acquired 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's Laser 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) acquired Subsquid, 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 Labs launched 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.

VC CT: What VCs are saying on Crypto Twitter

Lex Sokolin (Generative Ventures)

• Argued that Intercontinental Exchange’s $2 billion investment in Polymarket marks a major inflection point for prediction markets, signaling the financialization of information.

Karthik Senthil (Lattice Capital)

• 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.

Jake Chervinsky (Variant Fund)

• 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!

Powered by Messari, our comprehensive fundraising dashboard allows you to navigate 19,300 crypto venture rounds, over 1,200 M&A deals, and access profiles for 17,100 investors.