- Investments in crypto startups on pace to reach $25 billion.
- This month saw raises for exchanges and infrastructure companies.
- Wall Street titans piling in.
Seventy-seven crypto companies raised over $3.3 billion in September, according to DefiLlama data.
That brings the total funding for crypto companies to over $17 billion so far in 2025, outpacing 2024’s total by over $7 billion.
And analysts say investment in the space is only accelerating.
PitchBook predicts that the industry will raise $18 billion this year.
Investors from Galaxy Ventures and Codebase expect it to go even higher and that investors will plough over $25 billion into the industry in 2025.
Here are the crypto companies that raised the most money in September.
Figure Technology, $787.5 million
Blockchain lender Figure Technology pulled off one of the year’s biggest crypto-linked floats, raising $787.5 million in its Nasdaq debut valuing the company at about $5.3 billion.
Founded in 2018 by former SoFi chief Mike Cagney, Figure builds blockchain infrastructure to power loans and exchanges. It has already funded more than $16 billion in loans and is expanding into crypto-backed lending and digital asset trading.
Superstar investors including legendary trader Stanley Druckenmiller’s Duquesne Family Office have lined up for the offering.
Kraken, $500 million
Kraken recently closed a $500 million fundraising round at a $15 billion valuation, a final step before its planned IPO, Fortune reported.
To be sure, Kraken has not publicly confirmed the raise.
The raise was, according to Fortune, part of Kraken’s plans to go public.
It hinted as far back as 2021 that it planned to debut on the stock market, but those plans were delayed due to market downturns and conflicts with the Securities and Exchange Commission during the Biden administration.
Yet, Kraken co-CEO Arjun Sethi recently told DL News in an exclusive interview that the company doesn’t have any plans to follow rival exchanges Bullish and Gemini and file for an initial public offering.
“If we were a part of what I call the pack of companies that have FOMO to go public, then we would have already filed,” he told DL News.
He also said that Kraken did raise money as part of its drive to acquire NinjaTrade, a retail futures trading platform, for $1.5 billion in March. That raise, Sethi told DL News, put Kraken’s valuation at $15 billion.
Rapyd, $500 million
Rapyd, the global fintech platform for cross-border payments, has closed a $500 million Series F round backed by Wall Street titans including BlackRock, Fidelity, General Catalyst, and Dragoneer.
The raise aims to bring deep liquidity pools, crypto-as-a-service, fiat on- and off-ramps, and custody solutions to Rapyd’s platform.
Rapyd, meanwhile, is preparing new web3 offerings aimed at bridging digital assets and traditional finance across payments, DeFi and embedded finance.
You’re reading the latest instalment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.
