According to incomplete statistics from Odaily Planet Daily, from July 14 to July 20, 2025, a total of 10 financing events were disclosed in the global blockchain field, a 25% increase from the previous week (8 events); but the total financing amount was US$213 million, a decrease from US$280 million in the previous week.
The most watched financing this week was the content subscription platform Substack, which completed a new round of financing of $100 million, with a latest valuation of $1.1 billion. However, Substack has a weak direct connection with the crypto industry. The highlight that is more relevant to the blockchain ecosystem comes from the tokenized money market fund platform Spiko, which announced the completion of a $22 million Series A financing, becoming one of the key financing events in the Web3 field this week.
The overall investment and financing of crypto-native projects has not seen any significant improvement, and the industrys capital activity still comes from listed companies financing the purchase of mainstream cryptocurrencies.
The following are specific financing events (Note: 1. Sort by the amount of money announced; 2. Excludes fund raising and MA events; 3. * indicates a traditional company whose business involves blockchain):
Substack Completes $100 Million in New Funding, Valuing 1.1 Billion Dollars
On July 18, the paid content subscription platform Substack recently completed a $100 million financing, with the latest valuation reaching $1.1 billion. This round of financing was led by BOND and Chernin Group, and participated by Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede.
On July 17, Spiko, a tokenized money market fund platform, announced the completion of a $22 million Series A financing round, led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance and Blockwall. In addition, well-known angel investors include Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, Blackstone co-CIO Lionel Assant and the Pennylane founding team.
Digital asset management company Two Prime completes $20 million equity financing, led by MARA
On July 15, digital asset management company Two Prime completed a $20 million equity financing, led by bitcoin mining company Marathon Digital (MARA) and participated by Susquehanna Crypto. At the same time, MARA announced that it would increase its bitcoin position entrusted to Two Prime from 500 to 2,000, which is worth about $234 million at the current market price. MARAs chief financial officer said that the increase is aimed at transforming Bitcoin from a passive holding asset to an active income-generating tool.
On July 17, Ephemera, the developer of the decentralized messaging protocol XMTP, completed a $20 million Series B financing round led by Union Square Ventures, a16z Crypto and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures and Distributed Global. After this round of financing, Ephemeras equity valuation was $300 million, and the broader network covering the XMTP protocol that will issue tokens was valued at $750 million.
Blockskye Completes $15.8 Million Series C Funding, Led by Blockchange
On July 18, Blockskye, which builds blockchain infrastructure for business travel, completed a $15.8 million Series C financing round, led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, Litquidity Ventures, Longbrook Ventures and TFJ Capital. This round of financing uses a priced equity transaction with token warrants. Blockskye is also preparing to launch a new payment product.
On July 15, Dakota, a stablecoin-driven financial institution co-founded by former Coinbase executives, announced the completion of a $12.5 million Series A financing round led by CoinFund, with participation from 6th Man Ventures, Digital Currency Group and Triton Ventures. Dakota uses stablecoins to transfer funds between itself and its customers. This investment is also the latest bet by venture capital firms on the recent popular stablecoin field of cryptocurrencies.
Function Completes $10 Million Seed Round Leaded by Galaxy Digital
On July 15, crypto infrastructure company Function announced the completion of a $10 million seed round of financing, led by Galaxy Digital, with participation from Antalpha and Mantle. Function (formerly Ignition) is committed to bringing institutional-level returns to Bitcoin. Its flagship product FBTC is a fully-reserve, composable Bitcoin representation with a total locked-in value (TVL) of $1.5 billion.
Web3 smart layer W3.io completes $7 million seed round of financing, led by Blockchange Ventures
On July 18, Web3 smart layer W3.io announced the completion of a $7 million seed round of financing, led by Blockchange Ventures, with participation from Framework Ventures, Arrington Capital and other institutions.
XerpaAI, a blockchain AI-driven growth platform, completes $6 million seed round led by UFLY Capital
On July 15, XerpaAI, a Singapore-based blockchain artificial intelligence-driven growth platform, announced the completion of a $6 million seed round of financing led by Web3 incubation fund UFLY Capital. The platform uses blockchain, AI and other technologies to achieve automated content creation, influencer interaction, event distribution and other functions to help institutional clients acquire users. The new funds are intended to be used for new product development.
On July 17, the stablecoin payment service platform KUN completed its Series A financing, with participation from BAI Capital, GSR Ventures, a Hong Kong-listed company and Eternium Global, and the total cumulative financing amount has exceeded US$50 million.
