Crypto VC funding for the week of October 24 to 30 was dominated by prediction-market operator Kalshi, which raised $1 billion in a Series G round at a $40 billion post-money valuation, according to Crypto News and Analytics Insight. Kalshi announced the round on October 29.
Crypto and crypto-linked companies disclosed at least $1.24 billion across 10 financing deals during the week, according to Analytics Insight and Crypto News. TOKENPOST counted eight disclosed financings totaling about $1.23 billion, and said the tally includes debt and secondary share sales rather than venture investment alone.
Kalshi's $1 Billion Series G
Wellington, Sequoia and other investors backed Kalshi's $1 billion raise, which valued the company at $40 billion, Crypto News reported. The raise follows Kalshi's $1 billion Series F in May at a $22 billion valuation, according to TOKENPOST, and the valuation follows earlier fundraising discussions reported in September.
According to Crypto News, Kalshi plans to put the capital toward institutional sales, distribution, product development and overseas growth, particularly in Latin America and Europe. Kalshi said its account base has passed 30 million, with annualized volume on its exchange running above $1 trillion, according to Analytics Insight.
Sports brought millions of people to Kalshi and helped establish deep liquidity, the company said. Roughly 500 entities traded on the exchange in September, and those other than market makers accounted for about 25% of total volume.
HIVE's $129 Million AI Infrastructure Loan
HIVE Digital Technologies followed Kalshi among the week's largest transactions, with its BUZZ subsidiary arranging approximately $129 million in debt for Canadian AI infrastructure, Crypto News reported. HIVE announced the loan agreement on October 27 through its BUZZ Alpha Cloud subsidiary, according to Analytics Insight and TOKENPOST.
The borrowing runs for three years at a fixed 9% annual rate, with GPUs and related assets pledged as security, according to Analytics Insight, Crypto News and TOKENPOST. The funds are earmarked for Nvidia GPU hardware and supporting infrastructure at a Canadian site tied to a previously announced Cohere contract, and HIVE plans to buy NVIDIA GB200 systems, TOKENPOST reported.
According to HIVE, the loan will not involve issuing common shares, and the company intends to repay it using contract revenue. "We have signed $600 million of TCV for GPU cloud deals this year," HIVE President and CEO Aydin Kilic said, according to TOKENPOST.
Payments, Compute and Credit Rounds
PhotonPay closed a $40 million round to grow its stablecoin payments and financial services platform, Crypto News reported. The Series C was led by Blockchain Capital, with SBI Group joining existing investors IDG Capital, GL Ventures and Lightspeed Faction, according to Analytics Insight and Crypto News.
As of August, PhotonPay said its annualized transaction volume stood at $65 billion and its customer base included more than 200,000 businesses, according to Analytics Insight and Crypto News. The company's platform links stablecoin liquidity to the banking and payment rails that businesses use for spending and settlement.
Hyperbolic announced a $30 million Series A1 led by Walden Catalyst, with Dell Technologies Capital, General Catalyst and Vista Equity Partners participating, according to Analytics Insight and Crypto News. CMT Digital led a $16 million strategic round for Luxor, joined by Canaan, MicroBT, Halo and Steelhead, in a transaction combining new investment and secondary share sales.
Smaller Deals and the Week's Tally
Beyond the largest deals, investors put money into compliance software, tokenized credit, cross-chain trading and brokerage infrastructure, Crypto News reported. Predicate raised an $8 million Series A led by Blockchain Capital, with Paxos as a new strategic participant and cumulative funding at $15 million, according to Analytics Insight and Crypto News.
Cancore disclosed a $7.2 million seed round with backing from Paper Ventures, dao5, ArkStream Capital and others, aimed at widening links between Canton assets and public-chain liquidity, Crypto News reported. Spicenet secured a $5 million Series A led by dao5, with Babylon and Astrarizon participating, and Birch Hill announced a $4 million seed round led by Multicoin Capital, with ParaFi, Castle Island Ventures and Nascent participating.
Mochatrade's latest seed financing amounted to $4.87 million, bringing cumulative funding to $5.56 million, and The Block reported that CoinFund led with Coinbase Ventures participating, according to Crypto News. Separately, Ibis unveiled a $250 million institutional lending facility with FalconX credit capacity, though TOKENPOST noted the figure is the facility's capacity rather than an equity raise or disclosed amount drawn.
The weekly figures came from Crypto Fundraising and CryptoRank deal lists, checked against company announcements and individual transaction reports, according to Crypto News. Because the total counts a secured loan and secondary sales alongside equity, it captures wider financing activity than venture capital investment by itself, TOKENPOST reported.
Conclusion
Crypto VC funding in the final week of October was led by Kalshi's $1 billion Series G at a $40 billion valuation, with HIVE Digital's approximately $129 million AI infrastructure loan and PhotonPay's $40 million Series C among the other large transactions. Kalshi said the new capital would fund institutional sales, distribution, product development and expansion in Latin America and Europe, while HIVE said it would repay its loan from contract revenue tied to its Cohere deployment.
Frequently Asked Questions
How much did Kalshi raise and at what valuation?
Kalshi raised $1 billion in a Series G round announced on October 29 at a $40 billion post-money valuation, from Wellington, Sequoia and other investors. The raise followed a $1 billion Series F in May at a $22 billion valuation.
What are the terms of HIVE's $129 million loan?
HIVE's BUZZ Alpha Cloud subsidiary arranged an approximately $129 million, three-year loan at a fixed 9% annual rate, secured by GPUs and related assets. The funds will finance Nvidia GPU systems for a Canadian deployment supporting a Cohere contract, with repayment intended from contract revenue and no common shares issued.
How much crypto VC funding was disclosed for the week of October 24 to 30?
Crypto and crypto-linked companies disclosed at least $1.24 billion across 10 financing deals, according to Analytics Insight and Crypto News. TOKENPOST counted eight disclosed financings totaling about $1.23 billion, noting the tally includes debt and secondary share sales.
What will Kalshi use the $1 billion in proceeds for?
Kalshi said the money would go toward building institutional sales, widening distribution, developing products and growing abroad, particularly in Latin America and Europe. The company reported more than 30 million accounts and annualized trading volume exceeding $1 trillion.
Who led PhotonPay's $40 million Series C?
PhotonPay's $40 million Series C was led by Blockchain Capital, with SBI Group joining existing investors IDG Capital, GL Ventures and Lightspeed Faction. The Hong Kong company said annualized transaction volume reached $65 billion by August, with over 200,000 businesses as customers.
Sources
Read Also
