Crypto VC funding: 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

$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

– Net proceeds of approximately $534.9m

– 3.50% coupon, 30% conversion premium

– No… pic.twitter.com/kb6fTQPGfM

— IREN (@IREN_Ltd) June 13, 2025

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

• TYB (Try Your Best); $11 million in a Series A round
• OpenTrade; $7 million in an Unknown round
• NuConstruct; $6 million in a Seed round
• Soon (Solana Optimistic Network); $5 million in an unknown round
• Rise Labs; $4 million in a Strategic round
• Orange Cap Games (Vibes); $3.5 million in a Seed round
• Towns Protocol; $3.3 million in a Public sale
• Silhouette; $3 million in a Pre-seed round
• Hey Anon; $144,000 in an unknown round