Wu Shuo June VC Monthly Report: Both crypto and stock markets are extremely active, with various altcoin microstrategies emerging

According to RootData statistics, in June 2025, a total of 66 venture capital projects were publicly disclosed by Crypto VC, an increase of 3.1% month-on-month (64 projects in May 2025) and a decrease of 37.1% year-on-year (105 projects in June 2024). The number of small financings continues to decline. Note: Since not all financings are announced in the same month, the above statistics may increase in the future. The number of projects in each sector is as follows:

Among them, CeFi accounts for approximately 9.1%, DeFi accounts for approximately 25.8%, NFTs/GameFi accounts for approximately 6.1%, Layer 1/Layer 2 accounts for approximately 3%, RWA/DePIN accounts for approximately 7.6%, Tool/Wallet accounts for approximately 10.6%, and AI accounts for approximately 10.6%.

The total financing amount in June 2025 was $2.846 billion, a decrease of 27.9% month-on-month ($3.95 billion in May 2025) and an increase of 274% year-on-year ($761.00 million in June 2024). Among them, the top 10 rounds in terms of amount are as follows:

Circle sold 34.00 million shares at approximately $31 per share, netting the company approximately $1.1 billion in financing. As a result, the company's market cap may reach $6.9 billion, with a fully diluted valuation of $8.1 billion. At the end of the month, Circle also submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a federal trust bank called "First National Digital Currency Bank, N.A."

Nasdaq-listed Nano Labs signed a convertible note subscription agreement with several investors, planning to issue convertible notes with a total principal amount of $500.00 million. Initially, it plans to use the funds to purchase $1.0 billion worth of BNB and plans to hold 5% to 10% of the circulating supply of BNB for the long term. The initial conversion price of the notes is set at $20 per share, and holders can choose to convert the notes into Class A common stock of the company during the term of the notes.

Bitcoin mining company BitMine Immersion Technologies signed a private placement agreement to purchase and sell 55,555,556 shares of common stock at $4.50 per share. The company stated in the announcement that the total funds raised in this transaction are approximately $250.00 million (excluding fees) and will be used to launch its Ethereum vault. This round of financing was led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. If conditions such as the approval of the supplemental listing application by NYSE American are met, the transaction is expected to be completed on Thursday.

Prediction market platform Kalshi raised $185.00 million in a financing round, with the company's valuation reaching $2.0 billion. This round of financing was led by Paradigm, a cryptocurrency-focused investor, with participation from investment firms such as Sequoia, Multicoin, Neo, and Bond Capital. Kalshi's latest financing comes amid reports that its main competitor, Polymarket, is expected to complete a $200.00 million financing round at a $1.0 billion valuation. A key difference between the two is that Kalshi is federally regulated and authorized to operate in the United States, while Polymarket is not.

Canton network developer Digital Asset announced the completion of a $135.00 million strategic financing round led by DRW Venture Capital and Tradeweb Markets, with participation from BNP Paribas, Circle Ventures, Citadel Securities, DTCC, and others. Canton is a privacy blockchain for institutions that supports configurable privacy and real-world asset (RWA) on-chain applications. The new round of financing will be used to expand asset types and the network ecosystem.

World Liberty Financial, a crypto asset company backed by U.S. President Trump and his family, reported that Aqua1 Foundation, a company based in the United Arab Emirates, purchased $100.00 million worth of platform governance Token WLFI. Aqua1 stated that the transaction focuses on RWA and StableCoin. The acquisition makes Aqua1 a larger holder of WLFI than Tron founder Justin Sun, who invested $30.00 million in the project in November.

Eigen Labs announced the launch of the EigenCloud platform, which aims to provide blockchain-level trust guarantees for Web2 and Web3 applications. The platform is based on EigenLayer's restaking protocol and integrates data availability, general-purpose computing, and dispute resolution functions. In addition, a16z crypto purchased $70.00 million worth of EIGEN, continuing its investment layout after its $100.00 million Series B financing in February 2024.

Crypto startup Zama announced the completion of a $57.00 million Series B financing round led by Blockchange Ventures and Pantera Capital, bringing its total financing to more than $150.00 million and its valuation to over $1.0 billion, making it the first unicorn focused on fully homomorphic encryption (FHE). Zama is promoting the application of this technology in blockchain and AI scenarios, and its protocol supports developers in building encrypted dApps without deep cryptographic backgrounds.

Web3 security company Hypernative completed a $40.00 million Series B financing round led by Ten Eleven Ventures and Ballistic Ventures, with participation from StepStone Group, Boldstart Ventures, IBI Tech Fund, and others. Previously, Hypernative completed a $16.00 million Series A financing round in September 2024.

a16z announced that it led a $33.00 million seed round financing for AI model evaluation platform Yupp. Yupp aims to improve the transparency and participation of AI model training and evaluation through on-chain incentive mechanisms. Users can compare and vote on multiple model outputs to generate signed preference data for model optimization and receive rewards. Team members come from institutions such as Twitter, Google, and Coinbase.