Crypto funding tops $1.24B as Kalshi raises $1B
Crypto funding reached at least $1.24 billion across 10 disclosed deals from Oct. 24 to 30. The total includes debt and secondary share sales, and excludes Ibis’s separate $250 million institutional credit facility.
Kalshi led the crypto funding activity with a $1 billion Series G at a $40 billion valuation. Wellington Management and Sequoia co-led the round. Kalshi plans to invest in product development, institutional sales and international expansion. It reported more than 30 million accounts and annualized trading volume above $1 trillion.
HIVE Digital Technologies’ BUZZ subsidiary arranged about $129 million in three-year debt at a fixed 9% interest rate to finance Nvidia GPU infrastructure for a Canadian deployment. PhotonPay raised $40 million in a Series C led by Blockchain Capital to expand its stablecoin payments platform, wallets and global payment services.
Other deals included $30 million for AI-computing company Hyperbolic, $16 million for Luxor, and smaller rounds for compliance, brokerage, cross-chain trading and tokenized-credit projects. The activity points to continued investment in crypto infrastructure, stablecoin payments and AI computing, though fundraising figures alone do not indicate an immediate change in token prices.
Neutral
The funding announcements are broadly positive for the crypto sector’s longer-term development, but their immediate market impact is likely neutral. Kalshi’s $1 billion round, PhotonPay’s $40 million raise and the investments in AI computing and blockchain infrastructure signal investor appetite for prediction markets, stablecoin payments and supporting technology. However, the article does not report direct purchases of major crypto assets or changes in token supply, liquidity or protocol revenues.
In the short term, traders may pay attention to any associated listed-company shares or project tokens, but the announced deals are unlikely on their own to shift broader crypto prices or market stability. Similar venture-funding news has often supported sentiment around a sector without producing a sustained market move, particularly when funding goes to private companies rather than token treasuries. Over the longer term, successful expansion could strengthen adoption and infrastructure, while execution, debt repayment and regulatory risks remain important. The balance of indirect sector optimism and limited immediate token-market catalysts supports a neutral rating.