Crypto VC Funding Surge: Kalshi Leads $1.24 Billion Week

Kalshi’s milestone round, co-led by Wellington Management and Sequoia, values the exchange at $40 billion. The company intends to leverage this capital to drive international expansion into Latin America and Europe, while diversifying its product suite to include single-stock perpetual futures and compute markets. This move signals an aggressive push to scale beyond its roots in prediction markets, building on a reported $1 trillion in annualized trading volume.

Infrastructure investments dominated the remainder of the week's deal flow. HIVE Digital Technologies secured a $129 million debt facility for its BUZZ Alpha Cloud subsidiary, specifically to fund Nvidia GPU deployments for its Cohere contract. Meanwhile, Hong Kong-based PhotonPay closed a $40 million Series C to bolster its stablecoin-to-fiat payment rails, and Hyperbolic raised $30 million to advance its cloud-based GPU marketplace. Smaller rounds focused on niche utility, such as Predicate’s $8 million effort to integrate compliance screening directly into digital assets, and Birch Hill’s $4 million seed round aimed at bringing U.S. credit markets onto public blockchains.