CeFi Resurgence

Weekly Recap

Total funding surged to $383 million this week, more than tripling last week’s total. The majority came from three CeFi deals: Blockchain.com, Fnality International (DotW), and BC Technology Group. They all completed funding rounds of approximately $100 million, making up three of the ten largest deals this year. Infrastructure was the most popular category from a deal count perspective, tallying 10 deals, while the remaining deals were relatively evenly distributed across other categories.

Total deal count rose to 27 this week, with early-stage deals remaining the most common with pre-seed and seed rounds totaling seven deals each. Although pre-seed and seed deals were the most common, they only comprised 11% of the total funding amount. This week marked the first Series E deal of the year, with Blockchain.com completing a $110 million round. It will be interesting to watch if late-stage deals see more activity as private market demand rebounds.

A notable M&A transaction occurred this week with Foresight Ventures acquiring a majority stake in crypto news and data provider, The Block, valuing them at $70 million. Most of the capital was used to buy out former CEO Mike McCaffrey’s stake, who resigned in 2022 after taking millions in loans from SBF.