Tenstorrent and Whop Lead $1.76 Billion Crypto-Linked Funding Surge

Tenstorrent closed its Series E on October 19, bringing in $1.5 billion at a $6.2 billion post-money valuation. Led by Trace Capital and Innovation X, the round drew participation from industry heavyweights including Fidelity, Morgan Stanley, and Tether. The capital is earmarked for the deployment of Galaxy servers and the advancement of AI and CPU designs, cementing the company’s role in the infrastructure layer of modern tech.

Whop followed with a $200 million Series D at a $5.1 billion valuation, backed by Sequoia and Shopify Ventures. The platform, which facilitates the sale of digital products and software, intends to use the funds to scale international operations and refine its payment systems. While Tether previously invested in the company, this latest round highlights Whop's deepening integration into broader crypto-native payment rails.

Elsewhere, the financial sector saw activity as Robinhood Ventures Fund I disclosed a $30 million preferred-stock investment in Erebor Bank. This move offers retail investors indirect exposure to the institution, which serves a diverse client base ranging from defense contractors to digital asset firms. Meanwhile, Mural secured $15 million in a Series A led by Tether to enhance its payment infrastructure, which currently supports cross-border transactions for companies like Deel and Opera.

Smaller rounds rounded out the week, with Dataline raising $10.6 million for AI agent data services and Nectar Group securing $5 million for its Bitcoin-linked income strategies. Despite varying deal sizes, the week’s activity reflects a strategic pivot among venture firms toward projects that bridge the gap between AI development, traditional banking, and decentralized payment protocols.