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)

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.

River

United States of America

Mechanism Capital is an investment firm that invests in the cryptocurrency industry with a focus on decentralized finance or DeFi.

Mechanism 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

Slovakia

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

Zee Prime Capital

Mirana Ventures is a leading global investment fund that provides long-term capital and strategic partnerships to visionary founders and fund managers in the Web3 space.

Mirana Ventures

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

Big Brain Holdings

Foresight Ventures is an investment institution focusing on blockchain technology and crypto industry established in 2020, whose predecessor was an international private equity venture capital with more than ten years of investment experience.  We take solid research on market and technology as investment orientation when investing in both primary and secondary markets of equity and token, with nearly 80 million dollars asset under management.

Foresight Ventures

Panga Capital

BIO Protocol

Malta

YZi Labs is an investment firm formerly known as Binance Labs that invests in all stages of development in the fields of Web3, artificial intelligence (AI), and biotechnology.

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.

Northpond Ventures

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

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

China

Node Capital is a venture capital company focusing on blockchain industry.

Node Capital

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

DCF GOD

Chapter One Ventures

Bryan Pellegrino is the co-founder and CEO of LayerZero Labs, a blockchain company developing LayerZero, an interoperability protocol that enables seamless communication between different blockchains. This protocol is especially significant in the DeFi space, as it allows data and tokens to move across networks like Ethereum, Binance Smart Chain, and Solana.

Bryan Pellegrino

dlab is a startup accelerator and venture studio exploring new topics in decentralization and blockchain technology. dlab is an SOSV program. SOSV is a global venture capital firm that operates startup accelerator investment programs. At the close of 2020, SOSV had more than 1,000 portfolio companies and $855 million in assets under management.

dlab

4RC's investment thesis is centered on the belief that decentralized computing and web3 networks will become the digital infrastructure of the Fourth Industrial Revolution. We’re hands-on, stage-agnostic partners focused on long-term product-market fit and sustainable utility. We invest in digital assets and teams building the web3 future bycontributing to early-stage tokenomic design, providing institutional liquidity, engaging in governance, and supporting ongoing operations with marketing and developer resources.

Fourth Revolution Capital

Mr.Block is a blockchain community that creates a connection between international projects and another country.

Mr. Block

Breed VC is an early stage crypto venture fund dedicated to helping the top founders build the decentralized future

Breed

nonce classic navigates the Web 3 cosmos hand in hand with projects that will change the world in the near future through the solidity of the community.

nonce Classic

Heartcore Capital

Relayer Capital

Flowdesk

Luganodes

ether.fi

Max Power

Anchorage Digital

Hyperbeat

Dispersion Capital

No Limit Holdings

Escape Velocity

ARO Network

WAGMI Ventures

Punk DAO is a lot of things, but above all it is a home for Punk owners who want the community to grow and prosper.

Punk DAO

Limitless

1confirmation is a forward-thinking venture capital firm at the forefront of innovation in the blockchain and cryptocurrency space. Established in 2017 by Nick Tomaino, a visionary in the industry, the firm is dedicated to identifying and supporting promising early-stage projects that are shaping the future of decentralized technologies.

1confirmation

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

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

Digital Currency Group (DCG)

United Kingdom

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

Paper Ventures

Israel

Collider Ventures is an early-stage venture capital blockchain & cryptocurrency fund.

Collider Ventures

Public Works

F-Prime Capital

Node.Capital

Ukrainian high-technology venture capital firm established by IT experts for IT geeks, focusing on investments into early-stage startups to fund the future

SID Venture Partners

Flyer One Ventures is an early-stage VC fund. It is led and backed by entrepreneurs who built one of the largest tech companies in CEE.

Flyer One 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

India

Sandeep Nailwal

DeFi Dad

Nathan McCauley is the co-founder and CEO of Anchorage.

Nathan McCauley

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)

Alumni Ventures

Bitgo

PEER is an early stage venture capital ﬁrm focused on opportunities in peer-to-peer assets, marketplaces and technology.

Peer Ventures

Mantle

chainyoda.eth

Credibly Neutral

Mike Silagadze

Veda

Early stage venture capital fund focusing on Asia/US cross-border technology investments.

Draper Dragon

Marana Ventures

OKX Ventures is a fund focused on exploring high-quality and promising projects, with an initial capital of $100 million.

OKX Ventures

Aptos

Hyperion

BlockBooster

Ankaa, the web3 accelerator  committed to fostering innovation and helping founders to thrive in Web3.

Ankaa

CMS Holdings may also invest in early-stage blockchain and cryptocurrency projects through private investments and strategic partnerships. They provide capital and support to innovative startups in the crypto space.

CMS Holdings

RockTree Capital

Innovating, venturing, and catapulting forward the next generation of teams/companies

Infinity Ventures Crypto (IVC)

Stake Capital

Builder Capital

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

Bloccelerate

Digital asset fund investing in the analog to digital transformation of money in the emergent financial system.

UTXO Management

Optic Capital

Wise3 Ventures

Veil

Rover

Manifold Trading is a early-stage web3 fund that takes a data-driven, systematic approach to making high-conviction investments.

Manifold Trading

Formless Capital is a cross-border investment fund that invests in the future of blockchain and technologies.

Formless Capital

MH Ventures is a world-class community-backed venture capital investing in top blockchain projects of the future.

MH Ventures

Gate Ventures

Disruptive crypto-native fund focused on early-stage protocols and fueled by OGs, founders, and key investors.

Dewhales

V3V Ventures

071labs

echo

Anti Capital

IDG Blockchain

Gata

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

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.

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

White Star Capital

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

a16z crypto is a venture capital fund that invests in crypto and web3 startups

a16z crypto CSX

Ekram Ahmed

S.Y. Lee

Mahojin

Samsung NEXT is the innovation arm of the Samsung Group, a global conglomerate. Samsung NEXT is known for its role in identifying, investing in, and developing cutting-edge technologies and startups. The primary focus of Samsung NEXT is to explore and invest in emerging technology trends that align with Samsung's broader business strategies.

Samsung NEXT

Amber Group is a one-stop crypto finance service provider that provides liquidity provision, trading and asset management services 24/7.

Amber Group

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

			Stage	Investors
RIVER River	--	--	Strategic Round			Multi-Chain Platform	Jan 5, 2026
BIO BIO Protocol	$6.90 M	~$69.00 M	Seed Round	+5		DeSci	Sep 17, 2025
Hyperbeat	$5.20 M	~$52.00 M	Seed Round	+17	--	DeFi	Aug 15, 2025
ARO Network	$2.10 M	~$21.00 M	Pre-seed	+1		Blockchain Service	Jul 28, 2025
LMTS Limitless	$4.00 M	~$40.00 M	Strategic Round	+1		Predictions	Jul 1, 2025
Veda	$18.00 M	~$180.00 M	Funding Round	+15		Infrastructure	Jun 23, 2025
Hyperion	--	--	Strategic Round	+1		DeFi	Jun 11, 2025
Hyperion	--	--	Strategic Round			DeFi	May 26, 2025
Rover	$4.10 M	~$41.00 M	Seed Round	+10		DeFi	May 20, 2025
GATA Gata	$4.00 M	~$40.00 M	Seed Round	+10		Artificial Intelligence (AI)	Apr 30, 2025
Upexi	$100.00 M	~$1.00 B	Post-IPO	+12	--	Finance	Apr 21, 2025
Mahojin	$5.00 M	~$50.00 M	Seed Round	+2		Blockchain Service	Mar 31, 2025
Primus Labs	$6.50 M	~$65.00 M	Seed Round	+14		Infrastructure	Feb 20, 2025
DRV Derive	--	--	Strategic Round			Perpetual	Jan 10, 2025
Perena	--	--	Pre-seed	+5	--	DeFi	Dec 11, 2024
Neptune Protocol	$3.90 M	~$39.00 M	Seed Round	+19	--	DeFi	Dec 10, 2024
MagmaDAO	$3.90 M	~$39.00 M	Seed Round	+8		Liquid Staking Protocols	Oct 30, 2024
Fluid Protocol	$3.90 M	~$39.00 M	Seed Round	+13		DeFi	Oct 23, 2024
ECHO Echo Protocol	--	--	Pre-seed	+10		Liquid Staking Protocols	Oct 21, 2024
IN INFINIT	$6.00 M	~$60.00 M	Funding Round	+6		DeFi	Sep 12, 2024

Maelstrom

About Maelstrom

Investments Allocation

Fundraising Rounds