Venture capital investment in the cryptocurrency sector saw a significant boost with nearly $709 million raised during the week of June 8-14, 2025. Leading this surge was IREN, formerly known as Iris Energy, which secured a substantial $550 million through a private placement of convertible senior notes. The funding was oversubscribed, initially upsized to $500 million, and included a $50 million greenshoe option, resulting in net proceeds of about $534.9 million.
The IREN deal, offering a 3.50% coupon and a 30% conversion premium, highlights the ongoing confidence in crypto infrastructure amid market volatility. This funding round contributes to the $863 million that IREN has raised to date, underscoring its growing influence in the sector.
Other notable funding activities included Hypernative, which raised $40 million in a Series B round, co-led by TenEleven and Ballistic Ventures, with Stepstone also participating. Hypernative aims to tackle security issues, a significant barrier to Web3 mass adoption. The firm’s total funding now stands at $65 million.
Additionally, Yupp secured $33 million in a seed round, attracting investments from a16z crypto and Coinbase Ventures. Turnkey gathered $30 million in another Series B round, supported by Bain Capital Crypto and Sequoia, while Noah raised $22 million in a seed round backed by LocalGlobe and Felix Capital.
OneBalance also made headlines by securing $20 million in a Series A round, elevating its total funding to $25 million. The firm intends to simplify on-chain access for users, positioning itself as a key player in the evolving crypto landscape.
These fundraising efforts reflect sustained investor confidence in the crypto industry’s potential for innovation, despite facing broader economic challenges. The influx of capital into startups across the cryptocurrency sector is a testament to the enduring belief in the industry’s long-term growth prospects.
