Crypto VC Funding: Bullish Dominates With $1.1b Public Sale, Story Protocol Secures $82m

Crypto funding roared back to life this week, with nearly $1.5 billion pouring into 18 projects — and one blockbuster IPO stealing the spotlight.

Bullish, the Peter Thiel–backed exchange, priced its long-awaited NYSE debut at $37 a share and raised $1.1 billion. Finance and infrastructure players also dominated the week’s deals, from Story Protocol’s $220 million token-driven partnership with Heritage Distilling to fresh rounds for cybersecurity firm 1Kosmos and payments gateway Transak.

Here’s the full breakdown of who raised what, and where investors are betting next, according to Crypto Fundraising data.

Bullish

• Bullish priced its IPO at $37 per share, above expectations, giving the crypto exchange a $5.4 billion valuation with backing from JPMorgan, Jefferies, and Citigroup.
• The upsized $1.1 billion raise sold 30 million shares, buoyed by strong demand from investors, including BlackRock and Cathie Wood’s Ark Invest.
• Trading under ticker BLSH on the NYSE, the deal marks a comeback for Bullish after its 2022 SPAC collapse, now backed by Peter Thiel and led by ex-NYSE chief Tom Farley.

Story Protocol (PIP Labs)

• Heritage Distilling (Nasdaq: CASK) became the first U.S.-listed company to adopt Story Protocol’s IP token as a reserve asset, holding about 52.5 million tokens worth $361 million.
• The move includes a $220 million private placement of cash and tokens, with $82 million allocated to purchase IP directly from Story Foundation at $3.40 per token.
• Heritage will also raise $100 million via stock and warrants, with added token contributions from strategic partners and major crypto investors.

1Kosmos

• 1Kosmos raised $57 million in a Series B round
• Investors include Forgepoint Capital, Silvertech Ventures, and Daher Capital
• The project is a cybersecurity platform that offers identity-first authentication solutions

Sui (Mysten Labs)

• Gathered $20 million in an Unknown round
• The investment was backed by Hill City Ventures
• Sui (SUI) has raised $415.45 million so far

Neon Machine (Shrapnel)

• Neon Machine raised $19.5 million in an Unknown round
• Investors include Gala Games, Griffin Gaming Partners, and Polychain Capital
• The project has raised $57 million so far

Transak

• Secured $16 million in a Strategic round
• Transak is a web3 payments infrastructure provider
• The investment was backed by IDG Capital, Tether, and Prism Capital

Projects > $15 million

• USD AI (Permian Labs), $13.4 million in a Series A round
• Mesh (ex Front Finance), $9.5 million
• Hyperbeat, $5.2 million in a Seed round
• Bitlayer, $5 million in a Public sale
• HoneyCoin, $4.9 million
• HackQuest, $4.1 million in a Series A round
• HolmesAI, $3 million in a Seed round
• Riva Money, $3 million in a Pre-seed round
• PublicAI, $2 million in a Public sale with $70 million fully diluted valuation
• XMAQUINA, $315,000 in a Public sale with $45 million fully diluted valuation
• ODX (ex Ordinox), $260,640
• Silo Labs, $122,500