IREN’s $550m convertible offering, Hypernative’s $40m raise

Crypto funding surged to nearly $709 million during the week of June 8-14, 2025, with a massive $550 million private placement by IREN leading the charge.

Venture capital activity remained robust across the sector, particularly in infrastructure, with funding rounds spanning from pre-seed to Series B.

Startups like Hypernative, Yupp, Turnkey, and OneBalance also drew substantial investments, reflecting sustained investor confidence in crypto infrastructure and application-layer innovation despite broader market volatility.

Here’s what we tracked, using data from Cryptofundraising:

IREN (ex Iris Energy)

• Raised $550 million through private placement of convertible senior notes
• IREN has raised $863 million so far

Hypernative

• Secured $40 million in a Series B round
• The investment was backed by TenEleven, Ballistic Ventures, and Stepstone
• Hypernative has raised $65 million so far

Yupp

• Yupp raised $33 million in a Seed round
• Investors include a16z crypto, Coinbase Ventures, and Kunal Shah

Turnkey

• Gathered $30 million in a Series B round
• The investment was backed by Bain Capital Crypto, Sequoia, and Lightspeed Faction
• Turnkey has raised $52.5 million so far

Noah

• Noah raised $22 million in a Seed round
• Investors include LocalGlobe, Felix Capital, and FJ Labs

OneBalance

• Secured $20 million in a Series A round
• Backed by Cyber Fund, Blockchain Capital, and Mirana Ventures
• OneBalance has raised $25 million so far

Projects < $11 Million