Reading · Deal Flow Digest

Gm!

Welcome to the June Deal Flow Digest, your snapshot of every crypto / web3 funding round we tracked last month, plus some macro context shaping June’s term sheets.

At the bottom, be sure to check out the sheet below with ALL the deals, and the recent hackathon/demo day results (in the links).

Robinhood just crossed the rubicon from stockbroker to crypto super-app, and that matters for every capital-markets professional reading this.

As opposed to writing about what’s dominating the headlines - treasury companies, BTC, or stablecoins again - I’ll double click on a few announcements in the past week.

On 25-June, Republic announced that they’ll be tokenizing private companies and bringing them on chain. Then, during Robinhood’s presentation yesterday at ETHCC, they also mentioned that this was part of their roadmap. Pre-IPO access has been tried before, but this time the rails are different, and the players are serious.

Why does it matter? Because private markets are massive: a $4T+ asset class, traditionally locked up and illiquid. With companies staying private longer, tokenizing these shares opens the door to new forms of liquidity and distribution. A tokenized pre-IPO share can trade, settle, and compose like any other crypto asset.

“Democratizing access to new asset classes” is very exciting for the average person. I believe there is absolutely demand - and eventually it might offer companies a compelling alternative to a traditional IPO.

In addition to the pre-IPO private company access announcement, Robinhood made some very noteworthy crypto-specific announcements.

I hadn’t been paying super close attention to Robinhood, but damn… they’ve been busy. What have they been up to? Here’s a list of the key developments so far in 2025:

Tokenized U.S. equities for Europe: 200-plus U.S. stocks and ETFs now trade 24/5 as on-chain “stock tokens,” with dividends paid automatically and private-company tokens (OpenAI, SpaceX) on the roadmap.
Home-grown blockchain (“Robinhood Chain”): An Arbitrum-based Layer-2 built for real-world-asset (RWA) tokenization, self-custody, and cross-chain bridges.
New derivatives & yield: Perpetual futures (up to 3X leverage) live for EU users; Ethereum and Solana staking available in the U.S. app.
M&A: Closed $200M takeover of Bitstamp (50+ global crypto licenses) and agreed to buy Canada’s WonderFi for $179M.
USDG stablecoin via Global Dollar Network: MiCA-compliant dollar token now settling trades across the EU.
Regulatory tailwind: SEC probe into Robinhood Crypto ended with no enforcement action in February.

Big moves.

First, why is Robinhood focused so much on adding crypto? Because it’s working, their numbers don’t lie. Crypto trading volume hit $71B in Q4 2024 (+400% YoY) driving $358M in transaction revenue which is more than half of their total.

This is a big deal. As of 1Q25, Robinhood has 14.4M MAUs and $193B in AUC, $38B of which is crypto. For context, Coinbase has 8.8M MAUs.

They are…doing all the things. Is Robinhood building the compliant, consumer-friendly crypto super-app we’ve been waiting for?

And it’s not alone. With players like Robinhood and Republic tokenizing private shares and regulators finally offering clearer guidance, 2025 may be the year TradFi pipes finally plug into crypto rails in a more seamless fashion. If users can trade pre-IPO equity, perpetuals, and stablecoins in the same (chain abstracted, clean UX, etc.) wallet with all the benefits of 24/7 markets, composability, and instant settlement - the old “IPO window” starts to feel like legacy tech.

The future of private equity might not just be online. It might be on-chain.

BitMine | Private | Treasury Company | $250M | 2025-06-29
BitMine Immersion Technologies, a Bitcoin mining firm with operations in Texas and Trinidad, raised $250M to launch an ETH treasury. Thomas Lee, known for his bullish crypto takes, joined as Chairman.

Kalshi | Series C | Prediction Market | $185M | 2025-06-25
Kalshi, a federally regulated prediction market where users can bet on real-world events, raised $185M at a $2B valuation. The raise reflects growing interest in event-driven trading platforms.

Digital Asset | Strategic | Infrastructure | $135M | 2025-06-23
Digital Asset, the firm behind the Canton privacy-focused blockchain, raised $135M to expand its enterprise infrastructure stack for modern business applications.

World Liberty Financial | Undisclosed | DeFi | $100M | 2025-06-25
World Liberty Financial, the Trump-branded crypto platform aiming to function as a digital asset bank, raised $100M in backing to support borrowing, lending, and investing services.

Hypernative | Series B | Security | $40M | 2025-06-09
Hypernative, a provider of real-time cyber threat prevention tools for Web3 protocols, raised $40M to continue protecting digital asset managers and applications from zero-day attacks and governance risks.

Yupp | Seed | Infrastructure | $33M | 2025-06-12
Yupp, an AI blockchain platform for comparing and rating model outputs, raised $33M to help users generate post-training datasets and reward feedback on model performance — all on-chain.

Niural | Series A | Payments | $31M | 2025-06-25
Niural, a web3-native payroll and HR platform built on Polygon, raised $31M to scale its compliant crypto payments engine and real-time salary infrastructure for global teams.

Turnkey | Series B | Infrastructure | $30M | 2025-06-08
Turnkey, a private key infrastructure startup founded by Coinbase alums, raised $30M to simplify wallet security and help developers launch crypto apps with less friction.

Noah | Undisclosed | Stablecoin | $22M | 2025-06-09
Noah, a stablecoin payments platform with enterprise-level compliance and real-time settlement, raised $22M to scale its global payment solutions.

IOST | Strategic | DeFi | $21M | 2025-06-05
IOST, a modular blockchain focused on tokenizing real-world assets (RWAs), raised $21M to support its global rollout of compliant infrastructure and high-TPS architecture.

OneBalance | Series A | Infrastructure | $20M | 2025-06-11
OneBalance, a cross-chain infrastructure startup building "Credible Accounts" for on-chain commitments, raised $20M to expand its framework beyond smart accounts and EOA limitations.

VCs are continuing to announce their new raises.

2025-06-26: Galaxy Ventures Fund I closes oversubscribed at over $175 million to back early-stage infrastructure, protocols, stablecoins, payments, and tokenization for the onchain economy.
2025-06-19: Yolo Investments completes €100 million Fund II combining €50 million external capital and €50 million from Yolo Group, investing across iGaming, blockchain, fintech, with 12 companies already backed
2025-06-02: No Limit Holdings closes oversubscribed Fund II focused on early-stage native crypto projects, anticipating the digital asset market to reach $15 trillion by 2030.
2025-06-08: SMBC Nikko invests in Hashed Ventures’ Fund III in a strategic move to bridge Japan’s financial sector with Web3 through Hashed’s global blockchain VC platform.
2025-06-23: Chorus One CIO launches $20 million crypto fund targeting early-stage investments across diverse blockchain ecosystems.