When Crypto VCs Go Wild: IREN’s $550m and Hypernative’s $40m Bonanza 🤑💰

In a world where the only constant is change, and the only certainty is uncertainty, the crypto funding scene has once again proven that it’s a place where dreams are made and broken, often in the same week. During the week of June 8-14, 2025, the crypto funding surge hit a staggering $709 million, with IREN leading the charge like a dragon on a sugar rush, raising a whopping $550 million. 🐉💰

But it’s not just about the big players. Venture capital activity remained as robust as a dwarf’s ale mug, with startups from pre-seed to Series B rounds showing that the crypto sector is still the place to be, even when the market is as volatile as a wizard’s spell gone wrong. 🧙‍♂️💥

So, let’s dive into the madness, shall we? Here’s what we tracked, using data from Cryptofundraising, because who doesn’t love a good data dive? 🤿📊

IREN (ex Iris Energy)

• Raised $550 million through private placement of convertible senior notes, which is like selling a dragon’s hoard in exchange for a promise to be even richer later.
• IREN has raised $863 million so far, which is more gold than a dragon could hoard in a lifetime. 🐉💰

$IREN is pleased to announce the closing of its upsized $550m convertible notes offering.

Key details of the transaction:

– Oversubscribed and upsized from $450m to $500m, plus $50m greenshoe, because why not?

– Net proceeds of approximately $534.9m, which is a lot of gold coins.

– 3.50% coupon, 30% conversion premium, because who doesn’t love a good premium on their gold?

– No…

— IREN (@IREN_Ltd) June 13, 2025

Hypernative

• Secured $40 million in a Series B round, which is like finding a treasure chest in the middle of a desert. 🏝️💰
• The investment was backed by TenEleven, Ballistic Ventures, and Stepstone, because sometimes you need a few friends to carry all that treasure.
• Hypernative has raised $65 million so far, which is enough to build a small kingdom. 🏰

Yupp

• Yupp raised $33 million in a Seed round, which is like planting a tree that will one day grow into a forest of gold. 🌲💰
• Investors include a16z crypto, Coinbase Ventures, and Kunal Shah, because sometimes you need a few wizards to cast the right spells. 🧙‍♂️✨

Turnkey

• Gathered $30 million in a Series B round, which is like finding a key to a vault full of treasure. 🗝️💰
• The investment was backed by Bain Capital Crypto, Sequoia, and Lightspeed Faction, because sometimes you need a few strong arms to open that vault.
• Turnkey has raised $52.5 million so far, which is enough to buy a small island. 🏝️

Noah

• Noah raised $22 million in a Seed round, which is like finding a rainbow that leads to a pot of gold. 🌈💰
• Investors include LocalGlobe, Felix Capital, and FJ Labs, because sometimes you need a few guides to find that pot.

OneBalance

• Secured $20 million in a Series A round, which is like finding a balance between a dragon’s hoard and a wizard’s spell. 🐉✨
• Backed by Cyber Fund, Blockchain Capital, and Mirana Ventures, because sometimes you need a few allies to keep that balance.
• OneBalance has raised $25 million so far, which is enough to build a bridge to the moon. 🌕

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2025-06-15 00:12