Hemi Labs Secures $15M for Bitcoin Programmability DeFi
Hemi Labs, a network founded by Bitcoin developer Jeff Garzik to enable Bitcoin programmability, has raised $15 million from backers including YZi Labs, Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings and Crypto.com. The funding will accelerate DeFi application support—borrowing, lending and trading—via its Hemi Virtual Machine (hVM), which embeds a Bitcoin node inside an Ethereum Virtual Machine. Bitcoin programmability protocols can thus execute smart contracts without new skills or security trade-offs. Hemi Labs now counts over 100,000 verified users, 400,000 community members and 70+ partners such as Sushi, LayerZero and MetaMask. Total value locked has reached $1.2 billion after a March mainnet debut with $440 million committed. This raise underscores growing interest in Bitcoin programmability and DeFi, alongside competitors like Lombard (LBTC) and BOB.
Bullish
The $15 million raise for Hemi Labs’ Bitcoin programmability network is bullish for crypto markets. It signals strong investor confidence in Bitcoin DeFi infrastructure, mirroring past uplifts—such as Optimism’s $150 million funding round in 2021—that led to rapid adoption and token appreciation. In the short term, traders may view this development as a catalyst for renewed demand for BTC collateral in DeFi protocols. Over the long term, enhanced Bitcoin programmability via hVM can broaden use cases, attract more developers and users, and drive sustained demand for BTC and associated tokens. Partnerships with Sushi, LayerZero and MetaMask further validate the ecosystem, suggesting improved market stability and growth potential.