Perena (SOL) Echo Launchpad Sale

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Enso (ENSO) CoinList Sale Concludes with $9.2M Raised

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Hana Network (HANA) TGE Sale (100% Unlocked)

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Pipe Network (PIPE) CoinList Sale on June 26

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Arcium (ARX) Upcoming Legion Launchpad Sale

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Infographic of top public token sales in June 2025 including Perena, Enso, and Hana.

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Key Takeaways

Minimalist illustration of June 2025’s top token sales.

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Several high-profile token sales closed June. Perena launched on Echo, Enso raised $9.2M with 100% unlocked tokens, and Hana sold at $0.04 (FDV $40M). Pipe raised ~$10M on CoinList, and Arcium plans a public sale via Legion. Demand remained strong.

YZi Labs (prev Binance Labs)

Anagram Crypto

Borderless Capital

Maelstrom

Polychain Capital

Multicoin Capital

Solana Ventures

Robot Ventures

Jordi Alexander

Top June 2025 Token Sales (Perena, Enso, Hana, Pipe, Arcium)

Draper Associates is a global venture capital firm that invests in companies driving transformative change across industries.

Draper Associates

United States of America

Borderless Capital is a Blockchain VC firm and a modern financial institution investing capital and co-building financial products with our portfolio companies that accelerates access, bootstraps adoption, and creates value globally through the Algorand Borderless Economy.

United Kingdom

Kingsway Capital

Ego Death Capital

Roxom

Cadenza actively invests in the technology companies and related crypto assets that are reshaping financial services.

Cadenza Ventures

Tim Draper is an American venture capitalist and entrepreneur known as the founder of Draper Fisher Jurvetson (DFJ).

Tim Draper

Newtopia VC

ARYZE

Sebastian Serrano

David Marcus

Federico Ogue

Daniel Rabinovich

Blizzard Fund (Avalanche Ecosystem)

Protagonist is a crypto fund and incubation lab supporting foundational protocols in emerging blockchain ecosystems.

Protagonist

Paper Ventures is a first-in, innovative investment firm, focusing on the ever-changing landscape of emerging technologies.

Paper Ventures

Sonic Boom Ventures

Chainview Capital

GEODNET

ROVR

Stellar Development Foundation supports the development and growth of Stellar, a blockchain network that connects financial infrastructure.

Stellar Foundation

Genesis

Side Door Ventures

Circle is a financial technology firm that utilizes stablecoins for payments and e-commerce.

Circle

Mavennet

Stablecorp

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest and most well-known cryptocurrency exchanges in the world. Coinbase Ventures is focused on investing in early-stage companies and projects in the blockchain and cryptocurrency space. It provides funding, resources, and support to startups and entrepreneurs working on innovative blockchain and crypto-related technologies and applications.

Coinbase Ventures

Delphi Ventures was founded over 25 years ago as one of the first venture capital firms to focus on investing in life sciences companies.

Delphi Ventures

Big Brain Holdings Invests in Seed, Pre-Seed and Early Stage Startups

Big Brain Holdings

Managed by the family office of Arthur Hayes (co-founder, BitMEX), Maelstrom is building a long-term portfolio of infrastructure companies that will serve as the foundation of the next wave of trustless decentralization.

White Star Capital is an international venture and early growth-stage investment platform in technology.

White Star Capital

GSR, founded in 2013, is a global leader in digital asset trading and market making.
GSR is a crypto market maker and ecosystem partner

GSR Markets (GSR)

Delta Blockchain Fund has actively partnered with entrepreneurs since the beginning of Delta's lifecycle in September 2021. We’re proud to have backed multiple companies and to be their cheerleader throughout their journey.

Delta Blockchain Fund

Morgan Creek Capital Management, LLC is an SEC-registered investment adviser

Morgan Creek Digital

Austin Federa

Bartosz Lipiński

Elune Capital

Larry Wu

Allan Marshall

Joey Krug

Upexi

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. They manage a hedge fund and several venture funds, investing across both public and private markets.

Dragonfly Capital Partners, commonly referred to as Dragonfly Capital, is a venture capital firm that focuses on investments in the blockchain and cryptocurrency space. Dragonfly Capital is known for its active involvement in the blockchain and crypto industry and its commitment to supporting innovative projects and companies.

Dragonfly Capital

Reciprocal Ventures is a venture capital firm focused exclusively on FinTech.

Reciprocal Ventures

Foundation Capital is a venture capital firm made up of former entrepreneurs and helps companies and businesses grow.

Foundation Capital

Superscrypt

DBA is a New York-based crypto investment firm.

Frictionless

DoubleZero

Moonrock Capital is a Blockchain Advisory and Investment Partnership based in London and Hamburg.

Moonrock Capital

Outlier Ventures Lights the Way for Visionary Web3 Founders and Provides an Innovative Platform to Bring Their Big Ideas to Life.

Outlier Ventures

Switzerland

Traditional VC investor into digital assets. We invest globally into outstanding founders building next generation of financial services.

RockawayX

Certik

Advanced Blockchain

Founded by guys with mixed backgrounds (banking, e-commerce, industry), then our team was joined by tech savvy. Capital markets were always our passion and we have vast experience in investing and trading different asset classes (stocks, futures, options, ETFs). In 2020 we got blown away by crypto and mainly by DeFi so we decided to enter the space full time. And we are planning to stick here for a while.

Token Ventures

Activist investor focused on machine economies, accelerated by open-source intelligence, and settled on trustless value networks.

GenerativeVentures

X Ventures is a brand-new German Venture Studio Fund focused on Web3. We aim to become the leading blockchain venture studio fund globally.

X Ventures

EOT Ventures

Venionaire Capital

MN Capital

Teneo Protocol

Germany

1kx is a venture capital firm that stands at the forefront of the blockchain and crypto space, focusing on investments in decentralized technologies and blockchain-based projects. Founded by Christopher Heymann and Lasse Clausen, 1kx has established itself as a key player in identifying and supporting early-stage companies that are pushing the boundaries of innovation in the crypto ecosystem.

Slovakia

Zee Prime Capital is a VC firm based in Bratislava, Slovakia. Investing in programmable assets and early-stage founders globally.

Zee Prime Capital

Belgium

Keyrock

Tioga Capital Partners aims to be the best European long-term partner for outstanding Web3 entrepreneurs.

Tioga Capital Partners

Experienced Investor Fund specializing in cryptocurrencies, decentralized projects and digital assets.

Sigil Fund

Autonolas

Hypersphere is a crypto-native investment platform designed to partner with early-stage and public blockchain networks.

Hypersphere Ventures

Selini is a global trading firm focused on systematic trading, liquidity provision, efficient execution, and venture investing—all within the digital assets space.

Selini Capital

Nascent is a team of builders who back early-stage crypto founders creating products and primitives for an open financial world.

Nascent

Chapter One Ventures

Joshua Lim

Modular Capital is a fundamental and thesis-driven crypto investment firm.

Modular Capital

Georgios Vlachos

Relayer Capital

cygaar

TN Lee

Steven Kokinos

Enigma

Guy Young

Nathan Allman

Bruno F

Bede Schubert

JPEG Trading

RHINO

Mevvy

Singapore

The Spartan Group primarily focuses on investments in digital assets, cryptocurrencies, and blockchain-related projects. They actively manage a portfolio of various cryptocurrencies, including Bitcoin and Ethereum, as well as other tokens and blockchain assets.

The Spartan Group

Tribe Capital is a venture capital firm with over $1.6 billion in assets under management that focuses on using product science and data to design N-of-1 companies and investments.

Tribe Capital

China

SNZ Holding is a crypto fund founded by a group of engineers, blockchain evangelists and entrepreneurs passionate about disruptive blockchain technologies.

SNZ Holding

Antler

Heartcore Capital

Bullish is a digital asset exchange that provides deep liquidity.

Bullish

Wingbits

The CMT Group has acted as a valued collaborator to numerous exchanges, clearing firms, and trading and investment teams, generating edge by pairing market insight with early adoption and innovation of nascent technologies.

CMT Digital

gumi Cryptos Capital is a blockchain and cryptographic asset fund that invests in the crypto native stack from L1 to the application layer, as well as in traditional businesses supporting the ecosystem.

gumi Cryptos Capital

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

Galaxy

Hack VC is a web3 venture capital firm. Hack VC partners with online and offline hackers who are building the future of the internet.

Hack VC

Bankless

Kraken Ventures invests in businesses and projects at the nexus of both the FinTech and Blockchain / Crypto revolution.

Kraken Ventures

KuCoin

Ethereal Ventures a new venture fund established by Joseph Lubin

Ethereal Ventures

Bing Ventures

Ambush Capital is an angel fund in New York that helps entrepreneurs through the early stages of building a company.

Ambush Capital

Bitgo

MoonPay

Mexico

Lvna Capital is an investment fund specialized in blockchain-based digital assets.

Lvna Capital

Portage is a global investment platform focused on fintech and financial services.

Portage Ventures

F-Prime Capital

A100X

Karman Ventures

Pharsalus Capital

Variv

HEXA Global Ventures brings capital, resources, experience and talent – partnering with visionary entrepreneurs to help shape the best ideas into great companies.

			Stage	Investors
Roxom	$17.90 M	~$179.00 M	Funding Round	+1		DeFi	May 22, 2025
UTY XSY	$5.00 M	~$50.00 M	pre-Series A	+3	--	DeFi	May 15, 2025
ROVR	$2.60 M	~$26.00 M	Seed Round		--	Infrastructure	Apr 29, 2025
Stablecorp	$1.50 M	~$15.00 M	Seed Round	+4		Finance	Apr 25, 2025
Upexi	$100.00 M	~$1.00 B	Post-IPO	+12	--	Finance	Apr 21, 2025
2Z DoubleZero	$28.00 M	$400.00 M	Private Token Sale	+5		Infrastructure	Mar 6, 2025
TENEO Teneo Protocol	$3.00 M	~$30.00 M	Seed Round	+9		DePIN	Feb 13, 2025
OLAS Autonolas	$13.80 M	~$138.00 M	Funding Round	+3		Artificial Intelligence (AI)	Feb 4, 2025
Mevvy	$2.80 M	~$28.00 M	Seed Round	+18		Blockchain Service	Jan 29, 2025
Wingbits	$5.60 M	~$56.00 M	Strategic Round	+4		Blockchain Service	Jan 21, 2025
1Money	$20.00 M	~$200.00 M	Seed Round	+23		Blockchain	Jan 16, 2025
SLC Silencio	$2.50 M	~$25.00 M	Seed Round	+3		Blockchain Service	Dec 18, 2024
Lens Lens Chain	$31.00 M	~$310.00 M	Strategic Round	+17		Blockchain Service	Dec 18, 2024
Fraction AI	$6.00 M	~$60.00 M	Pre-seed	+16		Blockchain Service	Dec 18, 2024
Perena	--	--	Pre-seed	+5		Infrastructure	Dec 11, 2024
Union	$12.00 M	~$120.00 M	Series A			Infrastructure	Dec 3, 2024
N3MUS	$800,000.00	~$8.00 M	Pre-seed	+12		Gaming	Nov 26, 2024
Folks Finance	$3.20 M	$75.00 M	Series A	+1	--	Lending Platform	Nov 14, 2024
Termina	$4.00 M	~$40.00 M	Seed Round	+7		Dev Tooling	Oct 30, 2024
Mawari	$10.80 M	~$108.00 M	Strategic Round	+13		Blockchain Service	Sep 26, 2024

Borderless Capital

About Borderless Capital

Investments Allocation

Fundraising Rounds