In the context of the volatile crypto market in February, over $650 billion in capital flowed out of the market. However, many crypto projects were still able to raise significant amounts of money, indicating positive signs in certain areas that VCs are focusing on.
Here are the top 5 projects that have gone through the most valuable fundraising rounds this month, as reported by BeInCrypto.
#1. Ethena (ENA) – raised $100 million
According to Bloomberg, Ethena, a prominent crypto project with the stablecoin USDe, successfully raised $100 million through a private Token Sale of ENA. This round aims to expand into the traditional finance sector by developing a new Token targeting financial institutions.
Investors involved include major names like Franklin Templeton, a leading asset management firm, and F-Prime Capital, the venture capital fund affiliated with Fidelity Investments. Additionally, renowned crypto investment funds such as Dragonfly Capital, Polychain Capital, and Pantera Capital also participated.
The funds are expected to support Ethena in developing a new stablecoin, similar to USDe, but designed specifically to cater to the needs of traditional financial institutions, while also planning to launch its own Blockchain.
Ethena currently manages two primary assets: ENA, a Governance Token that allows owners to participate in project decisions, and USDe, a dollar-pegged stablecoin promoted as a "synthetic dollar" with a current yield of around 9%.
#2. Blockaid – raised $50 million
The crypto security company Blockaid has raised new capital as the platform prepares to address the growing cybercrime risks in the digital asset space.
According to Bloomberg, the company has raised $50 million in a Series B funding round led by Ribbit Capital. GV (formerly Google Ventures) also participated, along with existing investors, including Variant and Cyberstarts.
According to Ben-Natan, the co-founder and CEO of Blockaid, the company's platform has prevented 71 million attacks that could have cost victims $5.3 billion in 2024. He predicts this number could rise to hundreds of millions of incidents in 2025 as user numbers and Token prices increase under Trump's new policy environment, attracting more hackers.
"The legal environment in the US has driven a huge increase in demand, and we really don't know how to handle it. We don't have enough manpower to answer the calls or develop enough of the necessary software." Ido Ben-Natan, said in an interview with Bloomberg News.
Blockaid, with offices in Tel Aviv and New York, plans to use the raised funds to expand its operations and invest in research and development. The company aims to more than double its current staff of 70 people this year.
#3. HashKey Group – raised $30 million
According to Bloomberg, Gaorong Ventures has invested $30 million in the Hong Kong-based HashKey Group, valuing the company at $1.5 billion. Previously, HashKey had raised $100 million in a Series A round in 2024 at a $1.2 billion valuation, without disclosing the identities of the investors.
In addition to its crypto exchange and Blockchain services, in collaboration with Bosera Asset Management, HashKey is also among the issuers launching Bitcoin ETF and Ethereum ETF with immediate delivery in Hong Kong in April 2024. Hong Kong is currently the first and only region in Asia to list such immediate-delivery crypto ETFs.
In December, HashKey Group launched HashKey Chain on the Primary Network, joining other crypto companies like Coinbase and Kraken in building their own Layer 2 network using the OP Stack, integrating their native Token HSK.
#4. Taproot Wizards – raised $30 million
The Bitcoin Ordinals project, Taproot Wizards, is raising $30 million in a funding round led by Standard Crypto. The team is focused on developing the OP_CAT ecosystem to expand the functionality of Bitcoin.
Similar to the previous $7.5 million funding round, this capital is being raised to drive the effort to "make Bitcoin magical again," according to co-founder Udi Wertheimer.
Taproot Wizards takes its name from the "Bitcoin Wizard" meme created on MS Paint as an independent advertisement for the "magical internet money" as well as from the Taproot upgrade that expanded Bitcoin's functionality.
This latest funding round is led by Standard Crypto – an early supporter of Taproot Wizards – with participation from Cyberfund, Collider Ventures, and other investors.
"We're really focused on OP_CAT as the future of Bitcoin, and this investment will serve both our internal development and efforts to attract talent to build this technology within our company, as well as support the external ecosystem development." – Wertheimer said.
#5. Plasma – raised $20.5 million
Framework Ventures led a $20.5 million Series A funding round for the stablecoin company Plasma, bringing the company's total raised capital to $24 million. Previously, Plasma had raised $3.5 million in a funding round led by Bitfinex in October 2024.
Plasma is developing a dedicated Blockchain for Tether's USDT stablecoin to optimize transactions. The company will use the funds to continue expanding its network, a Bitcoin-compatible EVM sidechain that enables USDT transfers without fees.
"With US President Donald Trump signing an executive order to drive the development and growth of dollar-backed stablecoins, we believe stablecoins will play a crucial role in maintaining the global dominance of the US dollar over the next decade," said Paul Faecks, Founder and CEO of Plasma.
Also Read: 3 Crypto Unicorns That Emerged in Early 2025
Subscribe to the BeInCrypto Newsletter to stay updated on the latest analysis and news on the financial markets in general and cryptocurrencies in particular.
