Investors Love Sustainable Mining
This week twenty-seven crypto companies raised capital totaling $1.46 billion, more than half of which went to two miners, Crusoe Energy Systems and Bit Digital. Web3 came in second, bringing in over $226 million, followed by CeFi ($137 million), NFTs ($129 million), Infrastructure ($92 million), and DeFi ($20 million).
Additionally, four funds launched this week after raising a combined $610 million. Framework Ventures’ newest fund was the standout, raising $400 million for web3 gaming and DeFi investments.
Deal of The Week
Crusoe Energy Systems, a flared natural gas mining platform, raised a $350 million Series C round in addition to a $155 million credit facility. The Series C offering was led by G2 Venture Partners, a climate-focused venture capital firm with additional participation from Valor Equity Partners, Polychain Capital, Bain Capital Ventures, Winklevoss Capital, and Castle Island Ventures.
Why it’s important: Crusoe’s platform allows oil drilling operations to easily convert natural gas that’s normally “flared” or wasted into electricity to power crypto mining. The use of otherwise wasted energy for mining should go a long way to change the perception that Bitcoin and crypto broadly are net negatives for the environment. The company plan...Reports you may have missed
WEEKLY RECAP As expected, funding totals during the holidays were comparatively low. Both total funding and deal count fell by approximately 70%. There were 11 deals this week totaling $45 million in funding. All disclosed funding amounts fell into the Infrastructure and DeFi categories, while Web3 tallied two deals for undisclosed amounts. Infrastructure-led deal counts among categories (7), and there were no CeFi or Gaming deals to end the year....
WEEKLY RECAP Crypto funding saw a large jump week-over-week, increasing 83% from $231 million to $424 million, and total deal count rose by 21% from 28 to 34. The large funding total was helped by a $250 million token sale completed by Avalanche ahead of its Avalanche9000 upgrade. Infrastructure dominated amongst categories, totaling $354 million across 21 deals, making up 84% of funding and 62% of total deal count. The...
WEEKLY RECAP Crypto funding rose 60% week-over-week from $145 million to $232 million, while total deal count decreased 7% from 29 to 27. CeFi was the leading funding category, totaling $145 million across three deals and comprising 63% of all funding. The total was bolstered by Public’s $130 Series D round, representing only the second Series D round in 2024. Although CeFi has been a laggard category all year, three...
WEEKLY RECAP Despite liquid crypto prices rising, private market funding remains lackluster thus far in Q4. Aggregate funding fell 29% week-over-week, decreasing from $155 million to $109 million, while deal count fell by over 31% from 22 to 15. Infrastructure was the leading category from both a financing and deal count perspective and included our Deal of the Week, Noble. The largest deal was Monkey Tilt, which raised $30 million...
