Every month, numerous startups and well-established companies in the crypto ecosystem manage to attract investor interest and secure funding. October 2025 was no exception, as over $6.76 billion was raised by high-potential companies, with more than $3.16 billion coming from just six of them.
Polymarket raises $2 billion, an all-time record in crypto
On October 7, Polymarket announced a historic fundraising round. An all-time record in the crypto ecosystem, with $2 billion raised during a “strategic” funding round.
The investor is none other than Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE).
Although the regulatory framework has yet to be defined for Polymarket to officially offer its products to Americans, it appears that institutional investors are very optimistic about this in the coming months.
Meanwhile, the “Trump clan” has sensed an opportunity: while Donald Trump’s son, Donald Trump Jr., has served as a strategic advisor to Kalshi (Polymarket’s most credible competitor) since January, Trump Media & Technology is planning to compete with Polymarket via Crypto.com, according to our colleagues at Bloomberg.
In short, prediction markets are on the rise and have the implicit support of the most powerful family in the United States. It remains to be seen whether the Trump clan will exploit its position to advance its personal interests—a tactic regularly denounced by Donald Trump’s political opponents.
The 5 other major fundraising rounds in October
Every month, numerous fundraising rounds are organized and conducted so that crypto companies can raise money and grow.
In October 2025, companies in the sector that organized fundraising rounds managed to raise over $6.76 billion, with $3.16 billion coming from just six of them.
These particularly substantial sums demonstrate institutional interest in a rapidly growing crypto sector:
Table showing the largest fundraising rounds in October
5 – Daylight
- Operation: Funding round;
- Company and/or project launch date: 2022;
- Amount raised: $75 million.
Daylight is a company operating in the decentralized physical infrastructure (DePIN) sector applied to energy: it deploys a home energy network based on solar panels and battery storage to transform every household into a mini power plant.
The model works as follows: customers subscribe to the service and receive the installation (at no upfront cost), then benefit from a more stable and advantageous electricity rate than traditional providers (according to Daylight’s official blog), while simultaneously monetizing excess energy.
In addition, Daylight plans to launch a decentralized finance (DeFi) protocol called DayFi, which will allow investors to earn returns directly linked to the electricity revenue generated by the Daylight network.
On October 16, Daylight raised $75 million from renowned venture capital (VC) firms such as Andreessen Horowitz (a16z), Coinbase Ventures, M13, and others. This funding round was led by Framework Ventures.
The funds raised will primarily be used to expand the Daylight network into new homes and to launch and develop its DayFi protocol.
4 – The Small Exchange
- Transaction: Acquisition;
- Company and/or project launch date: 2017;
- Amount raised: $100 million.
Kraken, one of the world’s largest crypto exchanges, announced the acquisition of The Small Exchange, a U.S. exchange specializing in futures and derivatives, for a total of $100 million.
Founded in 2017 and historically linked to the British group IG, The Small Exchange is registered with the Commodity Futures Trading Commission (CFTC), which allows it to offer trading in futures, options, and derivatives regulated in the United States.
According to the official press release, the transaction consisted of a $32.5 million cash payment and $67.5 million in shares of Payward, Kraken’s parent company.
The goal is clear: to enable Kraken to develop a full range of derivatives products for its U.S. clients. Until now, the platform did not offer derivatives trading in the United States, unlike what it already offers its European users via Crypto Facilities, its UK subsidiary acquired in 2019.
The deal is part of a vertical integration strategy Kraken has been pursuing for several months. In March 2025, the company had already acquired NinjaTrader for $1.5 billion.
These strategic moves come as the company prepares for a potential initial public offering: according to Bloomberg, Kraken is considering a Nasdaq listing in January 2026.
3 – Greenlane Holdings
- Transaction: PIPE transaction;
- Company and/or project launch date: 2005;
- Amount raised: $110 million.
Greenlane Holdings is a Florida-based company specializing in the development, distribution, and sale of cannabis-related accessories (legal in that state for medical use).
Following financial difficulties and a potential delisting from the Nasdaq, Greenlane Holdings made a strategic pivot to become the “first crypto treasury for BERA tokens” on the Layer 1 blockchain Berachain.
To this end, the company conducted a PIPE transaction, raising $110 million. The transaction was led by Polychain Capital and included participation from Blockchain.com Ventures and Kraken Ventures.
The price of the BERA token has not been positively impacted by the news, posting a 28% decline since the announcement.
2 – Echo
- Transaction: Acquisition;
- Company and/or project launch date: 2023;
- Amount raised: $375 million.
Echo is a platform specializing in on-chain fundraising, enabling crypto projects, startups, and institutions to access decentralized financing mechanisms.
In particular, it offers private rounds (for qualified investors), public token sales (ICOs) via a product called Sonar, and an infrastructure for investor management, KYC/AML compliance, etc.
On October 21, Coinbase announced the acquisition of Echo for approximately $375 million, consisting of a mix of cash and stock (the percentages are not specified in Coinbase’s official press release).
This transaction is part of Coinbase’s strategy to build a comprehensive end-to-end infrastructure: from token creation (with the previous acquisition of LiquiFi) to fundraising (Echo) and then distribution on its main platform.
1 – Tempo
- Operation: Series A funding round;
- Company and/or project launch date: 2023;
- Amount raised: $500 million.
Tempo is a Layer 1 blockchain focused on stablecoin payments, incubated by Stripe and Paradigm.
On October 17, Tempo announced it had closed a $500 million Series A funding round. The round was led by Greenoaks Capital and included participation from Sequoia Capital, SV Angel, Ribbit Capital, and Thrive Capital.
These funds will be used to develop infrastructure, recruit top-tier engineers, and establish partnerships with payment giants. According to Stripe CEO Patrick Collison, Tempo is already collaborating with companies such as OpenAI (ChatGPT), Shopify, Visa, Anthropic (Claude), and Deutsche Bank.
Honorable Mentions
Among the projects that raised funds in October, albeit to a lesser extent, we can mention a few.
The Jito protocol raised $50 million in a strategic funding round led by the investment fund a16z.
MegaETH, a future Layer 2 on the Ethereum blockchain, raised nearly $50 million in an ICO conducted on the Echo platform.
Limitless, a prediction market native to the Base blockchain, raised $10 million in a seed funding round.
