Weekly Financing Report (Issue 2 · Week 29, 2026)

01Financing Overview

A total of 6 financing deals have been recorded in this period (after deduplication).

02Financing Overview

As of 2026-07-17, a total of 6 financing deals have been recorded in this period (after deduplication).

Statistical Summary:

• Total Number of Deals: 6
• Total Amount: $1.479 billion
• Average Amount per Deal: $247 million

Key Investment Trends: This period’s financing activities show a concentration among leading players alongside sectoral differentiation. The RWA (Real World Assets) and compliance finance sectors dominated, with Ionic Digital and Securitize each securing $400 million in funding, indicating strong interest from institutional capital in compliant tokenization infrastructure. The integration of AI and blockchain technologies was also active, as Prime Intellect raised $130 million in its Series A round, while Alpaca received $135 million to accelerate its development in AI and tokenization infrastructure. Additionally, Bitbank expanded its capabilities through a $289 million M&A deal, and Gauntlet got $125 million in investment, reflecting continued demand for infrastructure and tool-related projects. Overall, compliance-driven transformation and technological innovation were the key drivers behind these financing deals.

03Track Distribution

A total of 6 financing deals were recorded in this period, showing a highly concentrated “top-heavy” pattern with large-scale transactions dominating the market. From a sector perspective, RWA (Real World Assets) combined with compliant finance, as well as the integration of AI and blockchain, along with infrastructure and tools, constitute the three main areas attracting investment. Ionic Digital and Securitize each raised $400 million, Bitbank raised $289 million, Alpaca raised $135 million, Prime Intellect raised $130 million, and Gauntlet raised $125 million. Together, these projects absorbed the vast majority of funds, reflecting strong investor interest in compliant infrastructure and AI-integrated applications.

Compared to the previous period, the total financing amount over the past 30 days increased slightly from $2.01 billion to $2.16 billion, while the number of deals rose from 63 to 66. There has been no fundamental shift in funding preferences, with RWA and infrastructure continuing to play a dominant role. However, the scale of individual deals has significantly increased, with large transactions in the $400 million range occurring frequently, indicating that the market is entering an era of consolidation characterized by fewer but higher-quality projects.

In terms of institutionalization, there are clear signs of active participation from traditional capital and tech giants. The substantial funding secured by Ionic Digital and Securitize reflects institutions’ long-term interest in tokenizing compliant assets and investing in underlying infrastructure. Unlike earlier fragmented investments, current capital tends to flow toward leading projects that have clear compliance pathways and commercialization capabilities. The boundary between traditional crypto VCs and traditional financial capital is becoming increasingly blurred in the RWA sector, as the industry shows growing trends toward practicality and compliance.

04Interpretation of Key Projects

July 17, 2026

Primary market financing this week showed clear signs of “compliance-driven” and “institutionalized” trends, with RWA (Real World Assets) and infrastructure sectors becoming the main targets for capital investment. Among the 66 financing deals, Ionic Digital and Securitize each received substantial investments of $400 million, signaling deep involvement by traditional financial capital in crypto-compliant infrastructure. Meanwhile, Alpaca secured $135 million in funding along with $300 million in debt support to accelerate its development in AI and tokenization infrastructure, pushing its market value up to $1.15 billion. This reflects the strategic intent of brokers and leading exchanges to work together to reshape the underlying infrastructure.

1. Ionic Digital and Securitize: Capital Pillars for Compliant RWA

As representative projects in the RWA sector, Ionic Digital and Securitize both completed $400 million in financing this week—a figure that is extremely rare in the crypto primary market. The simultaneous occurrence of these two deals is not an isolated incident but rather a clear indication of traditional financial institutions accelerating their entry into the sector in search of compliant pathways. Securitize has long been focused on securities tokenization, and its large-scale funding further strengthens its position in the field of compliant digital asset issuance. Ionic Digital’s funding, on the other hand, suggests a surge in institutional demand for digital custody and settlement services for underlying assets.

In terms of valuation logic, a single financing round of $400 million typically implies a potential valuation of several billion, or even tens of billions, of dollars. Considering that Crypto.com’s valuation soared to $20 billion after receiving $400 million in funding from Castle Investment during the same period, although Ionic Digital and Securitize’s valuations were not explicitly disclosed, their use of funds is clearly aimed at expanding their digital securities and derivatives businesses, thereby accelerating the integration between traditional finance and the crypto market. With the current BTC price at $63,798.00 and market sentiment in the “fear” zone (AI sentiment score of 43/100), capital has not retreated due to market fluctuations. Instead, it has flowed heavily into compliant infrastructure, indicating that institutional investors prioritize long-term certainty over short-term speculative gains.

2. Alpaca: An Experiment in Integrating AI with Tokenization Infrastructure

Alpaca completed $135 million in financing this week, along with an additional $300 million in debt support, bringing the total funding amount to $435 million. Unlike pure RWA projects, Alpaca’s strategic focus lies in integrating AI with tokenization infrastructure, which has driven its market value up to $1.15 billion. This financing structure (equity + debt) is relatively uncommon among crypto projects, reflecting investors’ confidence in its ability to generate cash flow or the value of its assets as collateral.

Alpaca’s financing is part of a collaboration between brokers and leading platforms such as Binance, aimed at reshaping tokenization infrastructure. In today’s market, the integration of AI and blockchain is one of the hot topics, but most projects remain at the conceptual stage. By leveraging resources from traditional brokers, Alpaca aims to address the liquidity and compliance issues associated with tokenized assets. Its $135 million in funding places it among the top projects in the AI sector (compared to Prime Intellect’s $130 million Series A funding). However, it is important to note that the profitability opportunities in tool-related sectors are declining—examples include Zapper, which shut down in August 2026 due to lack of a viable business model. Whether Alpaca can achieve sustainable profits with a market value of $1.15 billion will depend on the practical effectiveness of its AI technology in tokenization applications.

3. Analyzing Financing Trends: From “Conceptual Hype” to “Compliant Implementation”

This week’s financing data indicates that the crypto industry is undergoing a profound transformation from “conceptual hype” to “compliant implementation.” RWA and compliant finance have become the dominant sectors, with financing rounds exceeding $400 million occurring frequently, and significant participation from traditional capital and tech giants. This trend is closely linked to the enforcement of regulatory frameworks such as MiCA. Projects that fail to obtain proper licenses face substantial risks—for example, AscendEX ceased operations on July 1 due to lack of MiCA approval and financing difficulties.

In contrast, while DeFi and payment sectors still attract attention (with Coinbase Ventures leading in the first half of 2026), their financing scale and popularity are now lower than those of RWA and infrastructure projects. Investors tend to favor projects with traditional financial backing and clear compliance paths. The financing cases of Ionic Digital, Securitize, and Alpaca are typical examples of this trend. In the future, as traditional capital accelerates its entry into the crypto space, the valuation logic of crypto projects will become more similar to that of traditional financial firms. Compliance costs and innovation capabilities will become key factors determining the success or failure of financing efforts.

05Trends in VC Funding

Benchmark date: 2026-07-17

This week, the primary market showed a trend toward compliance and asset tokenization driven by leading institutions, with Castle Ventures and Coinbase Ventures emerging as the most active investors. On 07-16, Castle Ventures led a funding round for Crypto.com worth $400 million, pushing its valuation to $20 billion. The funds were specifically directed toward digital securities and derivatives initiatives. This move indicates that traditional financial giants are accelerating the integration of the crypto market with traditional finance through substantial investments, showing a preference for projects with regulatory licenses and the capability to implement Real World Assets.

Coinbase Ventures took the lead in 2026’s first half with 30 investments. Although data from 07-10 showed a sharp 63% drop in its funding volume in June, DeFi and payments remain its key focus areas. Its investment strategy has shifted from early-stage exploration to mature infrastructure, complementing Castle Ventures’ efforts in the field of compliant finance.

In terms of co-investment relationships, Multicoin Capital led a funding round for Trasia worth $35 million on 07-16, focusing on the development of Asian securities derivatives based on HIP-3. This aligns with Castle Ventures’ investment in Crypto.com’s tokenized securities business, indicating that top VCs are collectively betting on regulated securities tokenization infrastructure in an effort to secure a foothold in compliant finance before regulatory frameworks like MiCA take effect.

06Outlook

Outlook

Report Date: 2026-07-17

In the next 1–4 weeks, primary market financing activities will show significant structural differentiation. Although overall financing volumes fluctuate, capital is flowing toward compliant finance, RWA (Real World Assets), and AI infrastructure.

• Positive Catalysts:

1. Strong backing for compliant and RWA initiatives: Crypto.com received $400 million in funding from Castle Investment on 07-16, raising its valuation to $20 billion. The funds are specifically targeted at digital securities and derivatives businesses. Trasia also secured $35 million in lead funding from Multicoin on the same day, focusing on Asian securities derivatives. Such large-scale financings demonstrate institutions’ long-term confidence in compliant crypto finance infrastructure.
2. Accelerated integration of AI and tokenization infrastructure: Alpaca completed $135 million in financing along with $300 million in debt support, accelerating its development in AI and tokenization infrastructure. This shows that the “AI + finance” concept still holds strong appeal in the primary market, with clear paths to commercialization.

! Key Risk Factors:

1. Risk of restructuring in traditional asset management structures: Cantor and BSTR terminated their agreement signed in July 2025 on 07-12, resulting in the breakdown of the financing structure for the 30,021 Bitcoin asset management plan. This indicates that traditional financial institutions still face pricing and compliance challenges when allocating assets to crypto assets, which may slow down the implementation of related RWA projects.
2. Erosion of benefits in tool-oriented sectors: Zapper shut down in August 2026 due to a lack of a viable profit model, despite having raised $16.5 million previously. MegaETH also ended its incubation program on 07-17. Projects that are purely functional or lack a clear path to monetization are facing severe survival challenges, making it harder to secure funding in subsequent rounds.

Multiple Scenario Analyses

Action Recommendations

Based on financing trends, the following areas should be monitored:

1. Focus on subsequent funding rounds: Pay close attention to future financing developments in compliant finance and RWA sectors. The large-scale financings of Crypto.com and Trasia indicate that platforms with traditional financial licenses or those deeply integrated with securities derivatives are preferred by investors. Meanwhile, infrastructure projects combining AI and tokenization (such as those similar to Alpaca) deserve ongoing attention.
2. Opportunities in the secondary market: Keep an eye on tokens related to compliant exchanges, RWA infrastructure, and AI finance applications. With Crypto.com’s valuation rising to $20 billion, tokens within its ecosystem may benefit from expectations of business expansion. Alpaca’s successful financing could also boost market interest in its token.
3. Sector allocation advice: Gradually build positions in assets related to compliant finance and RWA, while reducing exposure to early-stage project tokens that are purely functional or lack a clear profit model. Given the closures of Zapper and MegaETH, avoid investing in narrative-driven projects that lack commercial validation.

Key Monitoring Points

1. Observe the progress of business implementation and market feedback for compliant RWA projects such as Crypto.com and Trasia.
2. Monitor the impact of pricing changes in the market after the restructuring of the BSTR asset management plan, as well as traditional institutions’ attitudes toward crypto asset allocations.
3. Track subsequent financing developments in AI and tokenization infrastructure projects to assess the sustained momentum of this sector.

07Related Reads

1. “Castle Investment Invests $400 Million in Crypto.com, Valuation Soars to $20 Billion”
2. “$135 Million Raised as Brokers Team Up with Binance to Rebuild Tokenization Infrastructure”
3. “$30,000 Worth of Bitcoin Asset Management Fund Fails, BSTR Architecture Faces Restructuring”
4. “$16.5 Million Raised Only to Go to Zero: The Strategic Dead End Behind Zapper’s Shutdown”
5. “Market Crash on MiCA Implementation Day: Funding Disruptions Trigger Liquidity Crisis”
6. “Funding Drops by 63%: Coinbase Ventures Remains Leader in First Half of 2026”
7. “Crypto.com Receives $400 Million from Castle Investment, Valuation Rises to $20 Billion”
8. “Trasia Secures $35 Million in Funding Led by Multicoin”
9. “MegaETH Ends Incubation Program; 20 Teams Raise Approximately $80 Million in Total”