Biggest Fundraising Rounds in Summer
Ten rounds, roughly $2.31B - and Kalshi alone is $1.12B of it, nearly half the total. That's the shape of crypto venture right now: one enormous check to a regulated venue, then a long tail of infrastructure.
Everything below Kalshi is plumbing. Ionic Digital at $400M for mining and data center leasing, Gauntlet at $130M for risk simulation, RQD Clearing at $74M for clearing and custody, Fomo at $75M for onchain trading rails. Not one consumer app on the list. Investors are funding the layer that other companies build on, not the thing users open.
SBI Holdings appears three separate times - Gauntlet, EDX Markets and Fasset. A Japanese financial group is quietly assembling positions across risk tooling, a US institutional exchange and an Islamic-banking neobank in the Gulf. That's not a thesis on one market, it's a bet on the connective tissue between several.
Kalshi, EDX, RQD and Alpaca are all licensed, regulated entities. The money this summer went to companies that can legally serve institutions - which is a very different filter than the one crypto venture used two years ago.
Top 7 Perks | Variational Points +12% | Nado Private Invite | Kolo Free Card Issuance | $20 in KAST Points
September 1, 2026 543 12
