Led · Equity · Jul 2026

Bybit operates as a cryptocurrency exchange and trading platform offering trading across numerous digital-asset pairs. It expanded into Indonesia after acquiring a controlling stake in PT Enkripsi Teknologi Handal (formerly NOBI) and rebranded the local business as Bybit Indonesia. The Indonesia launch will be phased, initially offering users access to 500 trading pairs and led by former NOBI executives Lawrence Samanta (CEO) and Dionisius Evan (COO). Financially, Bybit announced a $400 million strategic investment from Citadel Securities at a $20 billion valuation. The company intends to use the capital to broaden offerings across asset classes, prioritizing tokenized securities and derivatives and investing in infrastructure and settlement capabilities. The articles do not provide revenue, user, or prior funding-round metrics.

Led · Seed · Jul 2026

Founded in 2016, Crypto.com is a cryptocurrency platform and exchange that describes itself as an industry leader in regulatory compliance, security and privacy and is trusted by millions of users worldwide. The company promotes a vision of broad crypto adoption and offers products and services across trading, payments and related use cases. In its announcement, Crypto.com highlighted plans to expand into tokenized securities, derivatives, prediction markets and tokenized real-world assets. Financially, the company secured a $400 million strategic investment from Citadel Securities at a $20 billion valuation, marking its first institutional funding round. Management framed the funding as enabling faster expansion across asset classes and deeper integration between digital and traditional markets. The company positions itself to capture institutional demand as crypto becomes more embedded in capital markets.

Participated · Series F · Jun 2026

Digital Asset builds and operates the Canton Network, a public, permissionless Layer 1 blockchain that provides protocol-level privacy and confidentiality guarantees and runs applications written in its open-source smart contract language, Daml. Canton is designed to enable tokenized asset workflows across multiple parties while keeping transaction data confidential, and it has attracted marquee institutional participants including Visa, Goldman Sachs, and DTCC. The network has processed or issued more than $6 trillion in tokenized assets according to prior reporting, and Visa became a Canton Super Validator and added Canton to a stablecoin settlement pilot. The Canton ecosystem has also seen activity such as a $540 million raise by Canton Strategic Holdings (formerly Tharimmune) to build a Canton Coin treasury and a project called Zenith completing atomic swaps between Canton and an EVM-compatible environment. On the financing front, Digital Asset raised $135 million in June 2025 and $50 million in December 2025, and is now pursuing a roughly $300 million round led by a16z crypto. The company is backed by trading firms and banks including DRW Holdings and Citadel Securities.

Participated · Series D · Jan 2026

Alpaca operates a brokerage infrastructure API that powers fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders, and crypto-native financial platforms. The company supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries. Alpaca has expanded its regulated footprint through acquisitions, including an IFSCA-regulated broker-dealer and payment service provider in GIFT City and UK/European entities with passporting across the EEA, and has launched global equities access beginning with European equities. It has onboarded major global crypto exchanges and tokenization platforms, reported doubling revenue year-over-year for three consecutive years, and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Alpaca plans to use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure to support tokenized markets and AI-native financial services.

Participated · Equity · Nov 2025

Kraken operates a cryptocurrency exchange and is run by parent company Payward Inc. The company has pursued strategic partnerships with traditional financial infrastructure players, most recently teaming with Deutsche Börse to enhance access for institutional clients across trading, custody, settlement, collateral management, and tokenized assets. In November, Kraken announced an $800 million fundraising that included a $200 million investment from Citadel Securities. Plans for an initial public offering were announced last year but have been deferred amid unfavorable market conditions. The Deutsche Börse investment values Kraken at roughly $13.3 billion and is expected to close pending regulatory approval. Beyond trading, the partnership with Deutsche Börse and other initiatives aim to expand Kraken's institutional product set in Europe.