Crypto startups raise $2.6bn in July: Here are the winners

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4 days ago

Crypto startups are rolling in it.
In July, 65 crypto projects raised over $2.6 billion in new investments to grow their businesses, according to DefiLlama.
That brings the total amount raised by industry players to $13 billion so far this year, up from the $9.5 billion raised in total in 2024.
Pitchbook expects crypto startups to double that figure to $18 billion in 2025.
Here are the three crypto projects that raised the most money in July.
Pump.fun, $590 million
Pump.fun raised $590 million in an initial coin offering at the beginning of July to, as it boldly proclaimed, 'kill Facebook, TikTok, and Twitch' by transforming itself into a new type of social media platform.
At a glance, the controversial memecoin generator token sale seems a grand success. Pump.fun's ICO sold out in just 12 minutes, capping off one of the fastest and largest raises in recent crypto memory.
However, the project sold 2 billion fewer tokens than it had originally planned.
The project had previously said 150 billion PUMP tokens, out of a 330 billion total ICO allocation, would be offered to the public at $0.004 each.
That implied a $600 million raise. But the live dashboard confirms just 148 billion tokens were sold, pulling in $590 million — about 98% of the originally stated public allocation.
The sale came in the same month as the platform is struggling with plummeting revenue amid a memecoin slump and an increasingly crowded market.
And those traditional social media platforms? Meta, the parent company of Facebook and Instagram, saw its stock price surge 11% this week, giving it a market cap of just under $2 trillion, about half of the entire cryptocurrency market.
OSL Group, $300 million
Hong Kong-based OSL Group said it has secured $300 million in equity financing.
'The funding will accelerate our global buildout — particularly in regulated payment infrastructure and access points,' Ivan Wong, CFO at OSL Group, said in a statement.
Upexi, $200 million
Upexi, a Solana treasury company, announced a $200 million deal led by Big Brain Holdings at the beginning of July.
The deal took the form of a convertible note offering, and the proceeds will be used to buy more Solana, the company said.
Upexi is part of a wave of crypto treasury companies that have cropped up over the past year. While the bulk of them copy Michael Saylor's Bitcoin-buying strategy, many are also allocating resources to buying altcoins.
You're reading the latest installment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.
Eric Johansson is DL News' interim managing editor. Got a tip? Email at [e-mail].