The cryptocurrency industry demonstrated robust investor confidence in September, with 77 companies raising over $3.3 billion, according to data from DefiLlama. This influx brings the total funding for crypto firms to more than $17 billion so far in 2025, already exceeding the total for all of 2024 by over $7 billion.

Market analysts project that this investment momentum will continue. While PitchBook forecasts the industry will raise $18 billion this year, investors at Galaxy Ventures and Codebase anticipate a higher figure, suggesting that total investments could top $25 billion in 2025. The month’s activity was marked by significant capital flowing into exchanges and infrastructure companies, with major Wall Street firms participating in key rounds.

Figure Technology Secures $787.5 Million

Blockchain lending company Figure Technology executed one of the year’s largest crypto-related public offerings, raising $787.5 million in its Nasdaq debut. The offering valued the company at approximately $5.3 billion. Founded in 2018, Figure develops blockchain infrastructure for loans and exchanges and has already funded over $16 billion in loans. The company is now expanding its services to include crypto-backed lending and digital asset trading, attracting prominent investors such as Stanley Druckenmiller’s Duquesne Family Office.

Kraken Raises $500 Million Amid IPO Reports

Crypto exchange Kraken reportedly closed a $500 million funding round, placing its valuation at $15 billion. According to a report from Fortune, the raise was a preparatory step for a planned Initial Public Offering (IPO). Kraken has not officially confirmed the funding round or its purpose.

The company’s public listing plans remain uncertain. While Kraken had previously indicated an intent to go public in 2021, these plans were postponed due to market conditions and regulatory challenges. In a recent interview, Kraken co-CEO Arjun Sethi stated that the company has no immediate plans for an IPO, explaining, “If we were a part of what I call the pack of companies that have FOMO to go public, then we would have already filed.” Sethi did confirm that Kraken raised funds to support its $1.5 billion acquisition of the retail futures trading platform NinjaTrade in March, a deal that established its $15 billion valuation.

Fintech Platform Rapyd Closes $500 Million Round

Global fintech platform Rapyd finalized a $500 million Series F funding round with backing from financial giants including BlackRock, Fidelity, General Catalyst, and Dragoneer. The company plans to use the capital to integrate crypto-as-a-service features, fiat on-ramps and off-ramps, and custody solutions into its platform.

Rapyd is also developing new Web3 offerings designed to connect digital assets with traditional finance across payments, Decentralized Finance (DeFi), and embedded finance services.