Crypto Venture Weekly: September 8-12, 2025

Introduction

24 projects raised $1.48 billion this week, led by Figure ($788M) and Rapyd ($500M), while Forward Industries and Eightco Holdings allocated a combined $1.94 billion to SOL and WLD as reserve assets. Coinbase acquired Sensible to advance its onchain consumer roadmap, and Brinc acquired OG Club to expand its Web3 footprint. Kyle Samani positioned Solana as the optimal reserve asset for digital treasuries, Tushar Jain proposed redirecting stablecoin yield to strengthen L1 ecosystems, and Imran Khan emphasized the importance of cultivating native creator economies on emerging platforms like Pump. Here’s the breakdown of this week’s top deals and insights.

Key Highlights

• Notable Deals: Figure ($788M), Rapyd ($500M), Gemini ($50M), Inversion ($26.5M), Tetra ($10M), Multipli ($5M), and Runesoul ($4M).
• Digital Asset Treasuries: Forward Industries Inc. ($1.65B for SOL) and Eightco Holdings Inc. ($270M for WLD).
• M&A Activity: Coinbase acquired Sensible, and Brinc acquired OG Club.
• VC CT: Kyle Samani positioned Solana as the superior reserve asset for digital treasuries; Tushar Jain proposed redirecting stablecoin yield to boost ETH and SOL ecosystems; and Imran Khan emphasized the need for native super influencers to drive adoption on new creator platforms like Pump.

Notable Deals

24 projects collectively raised $1.48 billion this week. Here are the seven that stood out:

Figure

• The Pitch: A blockchain-native capital marketplace that connects origination, funding, and secondary market activity
• Round: $788 million IPO at a $5.29 billion valuation
• Investors: N/A

Rapyd

• The Pitch: A fintech platform that provides global payments infrastructure
• Round: $500 million Series F
• Investors: General Catalyst, Spark Capital, Target Global, Altimeter Capital, BlackRock, Dragoneer Investment Group, and more

Gemini

• The Pitch: U.S.-based centralized crypto exchange preparing to IPO
• Round: $50 million Strategic
• Investor: Nasdaq Ventures

Inversion

• The Pitch: Applying a private equity model to crypto by acquiring low-margin traditional businesses and integrating blockchain infra
• Round: $26.5 million Seed
• Investors: Led by Dragonfly with participation from HashKey Capital, ParaFi Capital, Mirana Ventures, MoonRock Capital, Balaji Srinivasan, and more

Tetra

• The Pitch: Canadian-based digital asset custodian developing a regulated stablecoin pegged to the Canadian dollar
• Round: $10 million funding
• Investors: Shopify, Purpose Investments, Urbana Corporation, National Bank Holdings, Wealthsimple, and more

Multipli

• The Pitch: Democratizing access to yield on native, stable, and real-world tokenized assets
• Round: $5 million funding
• Investors: Led by Pantera Capital with participation from Spartan Group, Sequoia Capital, Avalanche Foundation, and more

Runesoul

• The Pitch: 3D card-based action role-playing Web3 game
• Round: $4 million funding
• Investors: Led by Bitgo Capital with participation from AccelByte and IGC Global P2E Guild

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:

Forward Industries Inc.

• The Pitch: Forward Industries Inc. (Nasdaq: FORD) completed a $1.65 billion private placement funded entirely in cash and stablecoins. The deal marks the world’s largest Solana digital asset treasury strategy, with proceeds used to acquire SOL and actively deploy across Solana-native strategies.
• Round: $1.65 billion private placement (PIPE)
• Investors: Galaxy Ventures, Multicoin Capital, Jump Crypto, Kyle Samani, and more

Eightco Holdings Inc.

• The Pitch: Eightco Holdings Inc. (Nasdaq: OCTO, soon to be ORBS) completed a $270 million private placement to launch the industry’s first Worldcoin (WLD) treasury strategy. The company will primarily hold Worldcoin as its reserve asset, with ETH and cash serving as secondary reserves.
• Round: $270 million private placement
• Investors: Pantera Capital, GSR, CoinFund, Kraken Ventures, Brevan Howard, BitMine Immersion, World Foundation, and more

M&A Activity

Coinbase acquired Sensible

Coinbase acquired the team behind Sensible, a consumer-focused crypto startup building DeFi-powered applications designed to help exchange users put idle assets to work. Sensible, founded in 2022, initially explored creator monetization tools before pivoting to products enabling easier trading coordination and yield access. The founders will join Coinbase to advance its onchain consumer roadmap, while Sensible will wind down operations in October.

Brinc acquired OG Club

Brinc, a global venture accelerator, acquired OG Club, a DAO with over 25,000 community members and 10,000 wallet holders across 10 countries, to strengthen its Web3 presence. OG Club, which has hosted over 300 global events and publishes a newsletter network, was rebranded as VentureVerse. VentureVerse aims to combine Brinc’s track record of accelerating more than 1,250 startups with OG Club’s community expertise to deliver digital infrastructure, AI tools, and tokenized incentives that support founders, investors, and innovators throughout the venture lifecycle.

VC CT: What VCs are saying on Crypto Twitter

Kyle Samani (Multicoin Capital)

• Argued that Solana is the optimal reserve asset for a digital asset treasury given its ability to generate real yield from staking and MEV, underscoring his conviction with a personal $25 million investment in Forward Industries’ $1.65 billion PIPE.

Tushar Jain (Dragonfly)

• Agreed with Mert’s call for Solana to redirect stablecoin yield into the ecosystem, citing Hyperliquid’s model as an example, and added that Ethereum could adopt a similar approach to increase revenue and buying pressure on ETH.

Imran Khan (AllianceDAO)

• Suggested that every new social or streaming platform must mint its own native super influencers rather than rely on imported ones, pointing to early examples like PewDiePie on YouTube. Khan predicted that Pump will follow this pattern, with a few native streamers emerging as platform-born celebrities within the next 24 months.

Quick Recap

• Total Deals: 24
• Total Raised: $1.48B
• Digital Asset Treasuries: $1.94B
• 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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