Weekly Financing Report (Issue 4 · Week 30, 2026)

01Financing Overview

A total of 3 financing deals have been recorded in this period (after deduplication).

As of 2026-07-24, 3 financing deals have been recorded in this period, with a total amount of $181.3 million and an average of around $60.43 million per deal.

Investment focus is on compliance finance and AI infrastructure. Augustus raised $180 million to expand its dollar payment infrastructure, reflecting traditional capital’s interest in compliant crypto banking services. Cordant and Mandela Digital target the underlying protocols and AI data layers respectively, indicating a trend toward investment in technical foundations and AI applications. Overall, despite significant differences in deal sizes, compliance and intelligence remain the key themes in the current primary market, with institutional funds continuing to seek projects with real revenue potential or technological barriers.

02Track Distribution

A total of 3 financing deals were recorded this period, showing a clear trend of concentration among the top projects and differentiation across different sectors. According to the financing summaries, the total amount raised in the primary market over the past 30 days ranged from $2.59 billion to $2.64 billion, involving 65 to 68 projects. However, only 3 deals are covered in this report, with a combined amount of approximately $185.8 million. Among them, Augustus raised $180 million alone, accounting for 96.9% of the total funds in this period, indicating a strong bias toward high-profile projects.

In terms of sector preferences, infrastructure, AI and data, compliance, and RWA are currently the hottest areas. Large-scale financings of up to $400 million, such as those by Crypto.com and Ionic Digital, dominated the overall capital flow, suggesting that institutional investors prefer infrastructure projects with established operations or strong compliance features. In contrast, early-stage projects like Cordant Seed received only $8 million, while Mandela Digital got $5 million, indicating a significantly higher financing threshold.

Regarding the trend toward institutionalization, traditional financial giants (such as Citadel and SBI) and top-tier VCs (like Tiger Global) are actively involved, while the proportion of specialized crypto VCs has declined. Capital is shifting from early-stage exploration to areas like “AI+Crypto” and compliant infrastructure, with increased participation from traditional investors, driving the industry toward institutional-level services. Sector strength metrics show that GameFi leads with a score of 6.4, but financing funds have not flowed significantly into this sector, reflecting a mismatch between market enthusiasm and actual capital allocation.

03Interpretation of Key Projects

Benchmark Date: 2026-07-24

This week, the crypto primary market exhibited a significant concentration effect, with capital flowing toward infrastructure and compliance-related projects. Although financing summaries have compiled relevant data, the strategic rationale behind specific projects deserves further exploration.

Firstly, Augustus completed a $180 million financing round on 2026-07-21, attaining a valuation of $1 billion. Led by Tiger Global, this funding is aimed at expanding its dollar payment infrastructure and optimizing its correspondent banking system. Against the backdrop of growing emphasis on compliance, Augustus’ high valuation as a representative of crypto banks reflects institutional willingness to pay a premium for compliant payment solutions. Given the trends in revenue-based digital asset indices introduced by S&P and Pantera, projects with actual revenue streams and compliant licenses are gaining favor.

Secondly, the boundaries between traditional finance and crypto are becoming increasingly blurred. Oasis Pro Markets, a subsidiary of Ondo, received FINRA authorization on 2026-07-23 to offer tokenized stock services to U.S. investors. This move marks the transition of the RWA sector from concept to practical implementation, with compliant tokenized securities covering assets such as stocks and ETFs, thereby providing legitimate pathways for institutional capital to enter this field.

Additionally, although AI infrastructure wasn’t the focus of crypto financing this week, BlackRock’s provision of $12 billion in debt financing for Meta’s data centers, along with AMD’s $5 billion investment in Anthropic, demonstrates traditional capital’s strong interest in AI computing power. Crypto projects should be cautious about potential valuation corrections following excessive enthusiasm for AI-related developments, and instead focus on their own technical advantages and compliance strengths.

04Trends in VC Industry

Benchmark date: 2026-07-24

This week, trends in VC funding have shown a close partnership between traditional financial giants and top-tier venture capitalists in the areas of compliance infrastructure and AI computing power. Tiger Global led a $180 million financing round for Augustus, alongside Hummingbird Ventures and QED Investors, indicating continued investment by leading firms in crypto banking and dollar-based payment infrastructure. At the same time, traditional capital is accelerating its entry into this sector—BlackRock played a key role in facilitating $12 billion in debt financing for Meta’s data centers, continuing its investment strategy in AI infrastructure.

In terms of cross-institutional collaborations, Tiger Global and Hummingbird Ventures teamed up again on the Augustus project, further strengthening their joint efforts in developing compliant financial infrastructure. Additionally, Pantera partnered with Standard & Poor’s to launch a digital asset index based on protocol-generated revenue, aiming to provide new benchmarks for institutional investors and reflecting a shift in institutional funding toward applications with scalable impact and real revenue streams. Overall, capital is flowing toward leading projects that possess compliance advantages and strong AI backing, while the financing barriers for early-stage projects have risen significantly.

05Outlook

Reference date: 2026-07-24. In the next 1–4 weeks, primary market financing will shift focus toward AI computing power and compliant RWA assets.

! The CEO of JPMorgan Chase warned that AI returns might fall short of expectations, with traditional investors adopting a cautious attitude toward highly valued AI projects.

• An Ondo subsidiary has received approval from FINRA, accelerating the deployment of compliant tokenized securities and highlighting the value of institutional investment in the RWA sector.

Multiple scenario analyses:

• Optimistic: Compliant RWA projects secure substantial follow-on funding, with secondary market participants gradually building positions in related assets.
• Neutral: Financing in the AI sector shows divergence, with only top-tier projects attracting investment; it is recommended to enter the market in phases for observation.
• Pessimistic: Macroeconomic risks suppress activity in the primary market, prompting investors to reduce holdings in non-core assets to some extent.

Key areas of focus:

1. Progress on subsequent funding rounds for compliant RWA projects.
2. Signs of valuation corrections in AI infrastructure financing.
3. Developments in traditional financial institutions’ efforts to enter the crypto space.

06Related Reads

1. “Fees Affect Market Value: S&P’s New Index Redefines the Logic of Crypto Investing”