The total amount raised through crypto investments in July 2024 reached $1.01 billion, marking a substantial 26.5% increase from June’s $735 million. Notable events include Iris Energy raising $413 million through stock offerings and Block Mining securing a $92.5 million M&A deal, with the potential to earn an additional $32.5 million.
According to RootData, there were 113 publicly disclosed crypto venture capital investments in July, a 12% increase from June’s 99. This makes July the third-highest month for crypto funding rounds in 2024, following March and May. The growing investment volume indicates strong confidence in the crypto sector despite economic uncertainties.
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Sectoral Investment Distribution
Investments were diversified across various sectors. The blockchain infrastructure sector, including Layer-1 and Layer-2 solutions, secured nearly 20% of the total investments in July. Decentralized Finance (DeFi) accounted for 5.8%, while Centralized Finance (CeFi) saw the lowest at about 2.2%.
Major Funding Rounds
Iris Energy’s $413 million raised through stock offerings was the most significant event in July. Block Mining followed with a $92.5 million M&A deal, involving the acquisition of a Kentucky-based Bitcoin miner by Riot Platforms. This deal is expected to enhance Riot’s hash rate and geographic reach.
Sentient, an AI protocol, secured $85 million in a round led by Pantera Capital and Framework Ventures, marking the most successful round among blockchain infrastructure projects. The funds will be used to develop Sentient’s open-source AI platform and expand its team.
Additional Investments
Other major investments included blockchain payment network Partior, which raised $60 million from traditional banking giants JPMorgan and Standard Chartered. Smaller rounds in the DeFi and GameFi sectors saw significant contributions, with projects like B3, Allium, and Lombard securing substantial funding.
Conclusion
The surge in crypto investments in July 2024 reflects growing investor confidence and the expanding interest in diverse sectors within the crypto market. With significant funding rounds and strategic mergers, the industry is poised for continued growth and innovation.
