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.
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WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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