Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Q1 2024: Crypto Fundraising Hits $2.4 Billion

The cryptocurrency market is on a hot streak, with a staggering $2.4B in fundraising pouring in during the first quarter
May 19, 2024

The cryptocurrency market has experienced a phenomenal surge in fundraising, reaching a staggering $2.4 billion in the first quarter of 2024. This unprecedented influx of capital is fueled by a shift in market sentiment and fresh inflows from institutional investors. The numbers are backed by a recent analysis by PitchBook, a leading data provider for private and public market investors.

The catalyst for this bull market was the Securities and Exchange Commission's (SEC) approval of spot Bitcoin exchange-traded funds (ETFs). This move has enticed institutional investors to pour money into the market, driving cryptocurrency values to levels not seen in months.

Venture capital funds have been actively participating in this bullish run, with a total of 518 deals amounting to $2.3 billion closed in the first quarter of the year. This represents a remarkable 40.3% increase in investments compared to the previous quarter, and a 44.7% rise in deal volume.

Some notable examples of successful fundraising within the cryptocurrency market include Zama, which secured $73 million in funding, and EigenLayer, which received $100 million in Series B funding. The most significant deal of the quarter was Together AI, which raised $106 million, propelling its valuation to an impressive $1.1 billion.

The trend is expected to continue, with experts at PitchBook anticipating continued growth in investment activity throughout the remainder of the year. As more institutions venture into the cryptocurrency sector, a multitude of deals are driving increased valuations for various companies.

For the second consecutive month, crypto venture capital funding has exceeded the $1 billion mark, highlighting continued investor interest in the industry. In April, funding reached $1.02 billion across 161 investment rounds, slightly down from March's $1.09 billion across 186 rounds.

Meanwhile, digital asset custodian Balance has achieved $2 billion in assets under custody (AUC) amid the recent recovery in crypto markets. Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has also seen remarkable growth in crypto assets under its custody, with a value expansion of nearly 248% in the second half of 2023.

The crypto market is undoubtedly on a roll, with no signs of slowing down. As institutional investors continue to pour money into the market, it's clear that this bull run is here to stay.

More about:  | |

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram