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Yahoo
02-08-2025
- Business
- Yahoo
Crypto startups raise $2.6bn in July: Here are the winners
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. $590 million 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. 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 eric@
Zawya
01-08-2025
- Business
- Zawya
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
HONG KONG/SHANGHAI - Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group . The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. PRIVATE MARKET The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars)
The Sun
01-08-2025
- Business
- The Sun
Fintech firms rush to raise equity in HK to tap crypto frenzy
HONG KONG: Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city started accepting applications for stablecoin issuer licences yesterday. At least 10 Hong Kong-listed companies raised a total of more than US$1.5 billion (RM6.4 billion) from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group . The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the US dollar. Hong Kong's stablecoin bill passed in May took effect yesterday as the Asian financial hub races the US in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. 'We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets,' said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million (RM210 million) share placement last month. 'The momentum in this space is real, and it's accelerating.' In late July, OSL raised US$300 million to support global initiatives, including the development of stablecoins and a digital payment network. The equity raising was completed within just three days after the company appointed Macquarie to assist with the offering. The bookbuilding process, which attracted significant interest from sovereign wealth funds and major hedge funds, was efficiently completed in less than three hours, demonstrating strong demand from institutional investors. 'Investor zeal toward cryptocurrencies and stablecoins was palpable,' OSL chief financial officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against 'growing frothiness' and 'excessive exuberance' due to the recent hype around stablecoins. The crypto exuberance has also spilled into the private equity and startup markets. 'Venture capitalists are very interested in this area, and many are actively looking at such projects,' said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than US$50 million in Hong Kong last month. 'There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend.' JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players, including custodians and investment managers, are eager to get involved, so 'interest in these topics, and fintech applications more generally, is set to continue,' said Kishore Bhindi, a Hong Kong-based partner at Linklaters. – Reuters
Yahoo
01-08-2025
- Business
- Yahoo
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
By Summer Zhen and Samuel Shen HONG KONG/SHANGHAI (Reuters) -Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group. The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. PRIVATE MARKET The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
01-08-2025
- Business
- Reuters
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
HONG KONG/SHANGHAI, Aug 1 (Reuters) - Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group ( opens new tab, China's biggest retail cloud solution provider Dmall Inc ( opens new tab and artificial intelligence giant SenseTime Group ( opens new tab. The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie ( opens new tab to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index (.HIS), opens new tab, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings ( opens new tab raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online ( opens new tab, Crypto Flow Technology ( opens new tab and Easou Tech ( opens new tab. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars)
