Weekly Financing Report (Issue 3 · Week 30, 2026)

01Financing Overview

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

As of 2026-07-24, a total of 3 financing deals have been recorded in this period (after deduplication).

There were 3 financing deals in total this period, with a combined amount of $188.5 million, and the average amount per deal was $6.2833 million.

In terms of investment hotspots, compliance and payment infrastructure remains a key focus for investors. On 07-20, Augustus raised $180 million in funding, led by Tiger Global and Hummingbird Ventures, aiming to expand its dollar payment infrastructure and optimize its correspondent banking system. Additionally, the AI and data sector also attracted significant investment; Mandela Digital completed a $5.0 million financing round on 07-22, backed by Datavault AI. The early-stage project Cordant also raised $8.0 million in its Seed round on 07-20, led by Oak HC/FT and Bankless Ventures, reflecting continued activity in early-stage infrastructure investments.

02Track Distribution

A total of 3 financing deals were recorded this period, involving projects such as Augustus, Cordant, and Mandela Digital. In terms of funding distribution, Augustus dominated with a financing amount of $180 million, led by Tiger Global, Hummingbird Ventures, and QED Investors, indicating that top-tier institutions are focusing their investments on specific sectors. Cordant completed a $8 million seed round of financing, with investors including Oak HC/FT, Bankless Ventures, and Nascent, reflecting the ongoing support from established crypto VCs for early-stage innovative projects. Mandela Digital received $5 million in investment from Datavault AI, though on a relatively smaller scale.

Compared to the previous period’s macro data, the total financing volume in the crypto primary market over the past 30 days ranged between $2.59 billion and $2.64 billion, with around 65 to 68 projects involved. The trend toward concentration among leading players was evident, with individual deals such as those for Crypto.com and Ionic Digital reaching $400 million each. Although there were fewer projects in this period, Augustus’ large-scale financing continued the trend of capital flowing toward leading companies. Traditional financial giants and AI computing sectors remain the main recipients of investment, while compliance and infrastructure-related areas are particularly favored. The trend toward institutionalization is deepening, with traditional capital entering the market at an accelerated pace. The financing threshold for early-stage projects has risen, and capital preferences have shifted from diversified exploration to high-probability leaders and compliant infrastructure.

03Interpretation of Key Projects

Benchmark Date: 2026-07-24

This week, the crypto primary market showed a significant concentration effect among leading projects, with capital flowing heavily toward compliant infrastructure and underlying AI computing resources. Among the 68 financing deals, top projects such as Crypto.com, Ionic Digital, and Securitize each raised $400 million, highlighting institutional capital’s willingness to pay a premium for mature infrastructure and compliant services. Traditional financial giants like Citadel and SBI are accelerating their entry into this space, further blurring the boundaries between crypto and traditional finance, with compliance and institutional-grade services becoming key drivers of growth.

Augustus: Rising Valuation of Compliant Payment Infrastructure

As a representative of crypto banks and payment infrastructure, Augustus raised $180 million, bringing its valuation to $1 billion. This round was led by Tiger Global, with participation from Hummingbird Ventures and QED Investors. The funds will be used primarily to expand its US dollar payment infrastructure and optimize its correspondent banking system. Against the backdrop of Standard & Poor’s launching a digital asset index based on protocol revenues in partnership with Pantera, Augustus is well-positioned to meet the needs of institutional investors seeking large-scale applications by strengthening its compliant payment capabilities. Its $1 billion valuation reflects the market’s expectation of its dominant position in US dollar stablecoin payments. Especially with events such as FINRA authorizing Oasis Pro Markets driving up demand for compliant tokenized securities trading, Augustus’s infrastructure value has been reassessed upward.

Cordant: Early Engagement in DeFi Compliance

Cordant completed a $8 million Seed funding round, led by Oak HC/FT, Bankless Ventures, and Nascent. Although the amount is small, its significance in the industry is notable, as it focuses on solutions for DeFi compliance. As traditional capital increases its involvement and raises the financing thresholds for early-stage projects, Cordant, backed by top-tier venture capitalists, aims to address the friction between DeFi protocols and regulations. In an environment where the overall AI sentiment score is only 34/100, compliant infrastructure projects like Cordant have become an important investment option for risk-averse funds. Its technical architecture is likely to serve as a standard interface for future DeFi protocols to integrate into traditional financial systems.

Mandela Digital: Exploring Niche Opportunities in AI and Data

Mandela Digital received $5 million in funding from Datavault AI. Operating in the AI and data sector, although on a modest scale, this investment reflects capital interest in AI-related data governance. With AMD investing $5 billion in Anthropic and TSMC increasing its investments in the U.S. to $265 billion, AI computing power and data infrastructure have become focal points for capital investment. By focusing on data value extraction, Mandela Digital seeks to secure a niche within the AI + Crypto ecosystem. Its development will be influenced by the maturity of overall AI infrastructure and the evolution of data compliance policies.

In summary, this week’s financing trends indicate that capital is shifting from early-stage concept validation to leading projects that possess actual revenue generation capabilities and strong compliance advantages. Augustus’s high-valued financing signals that compliant payment infrastructure has entered a period of value realization, while Cordant and Mandela Digital represent early strategic moves in the areas of compliance and AI data. Going forward, as traditional financial giants continue to penetrate these sectors, projects with compliance credentials and technological advantages are likely to enjoy even higher valuation premiums.

04Trends in VC Funding

Benchmark date: 2026-07-24

This week, the primary market showed significant concentration among leading players and trends of cross-sector integration. Traditional financial giants and top-tier VCs are accelerating their investment in compliant infrastructure and underlying AI assets. As one of the most active firms this week, Tiger Global led a $180 million financing round for Augustus, focusing on dollar payment infrastructure and the optimization of correspondent banking systems, reflecting its shift toward investing in compliant financial infrastructure rather than purely crypto-related solutions. Hummingbird Ventures and QED Investors joined as co-investors in this round, strengthening collaboration among institutions in the field of compliant payments.

Meanwhile, increased involvement from traditional capital was evident as BlackRock facilitated a $12 billion debt financing deal for Meta’s data centers in Texas, continuing its investment strategy in AI infrastructure and signaling a shift in funding flows from pure crypto applications to physical infrastructure that supports AI computing power. Coatue led a strategic financing round for Databricks, further highlighting top institutions’ preference for core AI research and development platforms. Overall, VC activity is shifting from early-stage speculation toward high-profile projects with clear revenue models and regulatory advantages, with inter-institutional cooperation becoming increasingly strong in the areas of compliance and AI infrastructure.

05Outlook

Benchmark Date: 2026-07-24

In the next 1–4 weeks, primary market financing will shift focus from pure AI computing infrastructure to “compliant financial infrastructure” and “tokenization of real assets.” The $12 billion debt financing led by BlackRock, along with Ondo’s subsidiary receiving approval from FINRA, signals accelerated entry of traditional capital into the crypto ecosystem through compliant channels.

• Positive Catalyst: Implementation of compliant tokenized securities. Ondo’s subsidiary, Oasis Pro Markets, received FINRA approval on 07-23, allowing U.S. institutional and retail investors to trade compliant tokenized stocks and ETFs, providing a direct liquidity source for the RWA sector.
• Positive Catalyst: Increased investment in AI infrastructure. AMD invested $5 billion in Anthropic on 07-22 and signed a chip supply agreement, while Databricks pursued financing at a valuation of $188 billion. These moves demonstrate continued heavy investment by traditional tech giants in AI computing power, benefiting related on-chain computing protocols.

! Major Risk: Macrovaluation pressures. The CEO of JPMorgan warned on 07-21 that the market is underestimating geopolitical and fiscal risks, suggesting that returns from AI may fall short of expectations under current valuations, which could suppress valuation premiums in subsequent rounds of primary market funding. ! Major Risk: Narrowing of regulatory arbitrage opportunities. As regulatory frameworks like FINRA become clearer, it will become much harder for unapproved early-stage projects to raise funds, with capital increasingly flowing toward top-compliant projects.

Scenario Analysis:

Action Recommendations:

1. Monitor subsequent funding rounds: Pay close attention to the financing progress of RWA projects (such as those in the Ondo ecosystem) and AI computing infrastructure projects that have received compliance approvals from FINRA. Such projects have stronger capacity to attract institutional capital.
2. Secondary market exposure: Based on financing trends, allocate funds appropriately to tokens related to compliant tokenized securities and AI computing protocols. Avoid investing in tokens of early-stage projects lacking regulatory backing or with purely speculative characteristics.
3. Sector allocation: Gradually build positions in projects backed by or in partnership with traditional financial institutions such as BlackRock and JPM. Be cautious with purely narrative-driven AI projects heavily affected by macrovaluation pressures, entering them in phases.

Key Points to Watch:

1. Actual trading volumes and user growth data for Ondo’s subsidiary’s tokenized securities products.
2. The specific scale of computing power supply from AMD’s collaboration with Anthropic and its impact on on-chain computing protocols.
3. The extent of valuation adjustments for top primary market projects amid macro risk warnings.

06Related Reads

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