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

Ethereum

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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)

United States of America

Solana Ventures' mission is to accelerate the growth of the Solana blockchain and adjacent ecosystems by providing capital to the most promising teams building in the crypto ecosystem.

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.

Investing in the crypto-powered Web3 and creator economy ecosystems

6MV (6th Man Ventures)

Alliance is the leading crypto accelerator and founder community.

Alliance

Anil Lulla is the Co-Founder & COO at Delphi Digital . Anil Lulla attended Rutgers Business School.

Anil Lulla

Anatoly is the creator of Solana. He led development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox. He holds 2 patents for high performance Operating Systems protocols, was a core kernel developer for BREW which powered every CDMA flip phone (100m+ devices), and led development of tech that madeProject Tango (VR/AR) possible on Qualcomm phones.

Anatoly Yakovenko

Mert Mumtaz

Luca Netz

Advancit Capital

Nadav Hollander

worm.wtf

HIVE Digital Technologies

BONK Contributors

Chorus One is building validation and staking infrastructure for Proof-of-Stake networks.

Chorus One

Canada

Routemaster Capital is a Canadian company that focuses on Lithium exploration and development.

Defi technologies

TenX Protocols

United Kingdom

Semantic Ventures is a venture capital firm investing in new directions for data and the digital economy.

Semantic Ventures

Smape Capital

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

Tim Draper

Joe McCann

Reverie

Very Early Ventures are investors with European roots who back the builders of critical Web3 infrastructure.

Very Early Ventures

Ryder

Investing in outstanding teams building new use cases for Bitcoin.

Bitcoin Frontier Fund

SBX Capital

Oak Grove Ventures is an early-stage investment firm with a primary focus on advanced technology sectors.

Oak Grove Ventures

Muneeb Ali

DeSpread is a consulting firm specializing in Web3 and blockchain.

DeSpread

Trust Machines

United Arab Emirates

Morningstar Ventures is an investment firm focused on digital assets and blockchain technology.

Morningstar Ventures

Ripple

Polygon Labs

Steel Perlot

Michael Rubin

Fanable

Pantera Capital is a blockchain and cryptocurrency-focused investment firm and hedge fund. It was founded in 2013 by Dan Morehead, who is a former Wall Street executive and chief financial officer (CFO) at Tiger Management. Pantera Capital is known for being one of the earliest institutional investors in the cryptocurrency space and has been actively involved in supporting the growth and development of blockchain technology and digital assets.

Pantera Capital

LDA Capital

Ajna Capital

Bee Maps

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

CoinFund is a blockchain-focused investment firm and cryptocurrency research company that specializes in supporting and investing in early-stage blockchain and crypto projects. Founded by Jake Brukhman and Alex Felix in 2015, CoinFund has been active in the cryptocurrency and blockchain space for several years

CoinFund

Bloccelerate VC is a venture fund backing bold entrepreneurs building category defining companies using the power of blockchain.

Bloccelerate

SCV is a Washington based venture capital firm that invests in high-growth companies focused on cybersecurity, privacy and sustainable technology.

Strategic Cyber Ventures

In-Q-Tel (IQT)

Cloudburst Technologies

Arrington Capital is a thesis-focused digital asset and Web3 investing firm. Since 2017, Arrington Capital has invested in over 200 early-stage companies in the crypto ecosystem. Arrington Capital's crypto-native team of seasoned entrepreneurs, founders, and executives is committed to doubling down on efforts to ensure our partners' success.

Arrington Capital

Hong Kong

Animoca Brands is a global digital entertainment company that specializes in the development and publishing of mobile games, blockchain-based games, and non-fungible tokens (NFTs). They are known for creating and publishing a wide range of popular games, including licensed intellectual properties such as Formula 1, Doraemon, and MotoGP. Animoca Brands is also heavily involved in the blockchain gaming space, leveraging the benefits of blockchain technology and NFTs to create unique gaming experiences.

Animoca Brands

HashKey Capital is a blockchain and cryptocurrency-focused venture capital and investment firm based in Hong Kong. They specialize in funding and supporting early-stage blockchain and cryptocurrency projects, startups, and companies.

HashKey Capital

Republic is an investment platform providing access to startups, real estate, crypto, and video game investments.

Republic

Investor in early stage Quantum, FinTech & Data companies.

Summer Capital

Laser Digital is a crypto business redefining the frontier of digital finance for institutional investors.

Laser Digital

Aspen Digital

Avenir

Helius Medical Technologies

Electric Capital is a venture capital firm that focuses on investments in blockchain and cryptocurrency-related projects and companies. Founded by Avichal Garg and Curtis Spencer, Electric Capital is known for its active involvement in the cryptocurrency space and its support for innovative blockchain technologies.

Electric Capital

ParaFi Capital is an alternative investment firm focused on blockchain and decentralized finance markets.

ParaFi Capital

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

Galaxy

Netherlands

Venture Capital Fund in Blockchain & Distributed Ledger Technology (DLT)

Maven 11 Capital

GSR Ventures is a venture capital firm focused on early-stage technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology.

GSR Ventures

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

Big Brain Holdings

FalconX

Mexico

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

Lvna Capital

dao5

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

Protagonist

Sui Foundation promotes and implements the Sui network by supporting the community of its developers and creators.

Sui Foundation

Comma3 Ventures

Karatage

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

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

Paper Ventures

ATW Partners

Mill City Ventures III

Digital Currency Group builds and supports bitcoin and blockchain companies by leveraging insights, network, and access to capital.

Digital Currency Group (DCG)

Arca

xTAO

Off the Chain Capital

Kingsway Capital

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

Draper Associates

Ego Death Capital

Roxom

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

Cadenza Ventures

Newtopia VC

ARYZE

Sebastian Serrano

David Marcus

Federico Ogue

Daniel Rabinovich

Blizzard Fund (Avalanche Ecosystem)

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

FTP 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

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

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.

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.

Borderless Capital

About Borderless Capital

Latest Borderless Capital Research

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