May was a quieter month for crypto venture capital, but notable raises by tokenization platforms and a Hyperliquid wallet indicate that dealmaking remains active.
Perhaps the biggest development was the ongoing momentum for Twenty One Capital, the Bitcoin (BTC) treasury company backed by stablecoin issuer Tether, crypto exchange Bitfinex and Wall Street firm Cantor Fitzgerald. The company’s total funding reached $685 million after its backers exercised the option to purchase additional convertible bonds last month.
Twenty One Capital gets $100M investment boost
The backers of Twenty One Capital have exercised the option to purchase an additional $100 million of convertible senior secured notes, bringing the Bitcoin treasury company’s total funding to $685 million.
The news came a month after Twenty One emerged from stealth with grand plans to acquire billions of dollars worth of Bitcoin.
Twenty One CEO Jack Mallers also announced that the company is launching proof of reserves, a public ledger that verifies its Bitcoin treasury holdings.
Related: Bitcoin treasury companies will hold ‘way more’ than Bitcoiners expect: Exec
aZen raises seed funds to expand DePIN efforts
Decentralized computing layer aZen closed a $1.2 million seed round led by Waterdrip Capital, with additional participation from DWF Ventures, Rootz Labs, Mindfulness Capital and others.
The company is building decentralized physical infrastructure networks (DePINs) for AI applications, reducing reliance on advanced chips amid supply chain disruptions from the US-China trade war.
The aZen platform claims to have onboarded more than 500,000 users, including more than 80,000 active nodes for its DePIN testnet.
Jump Crypto makes an undisclosed investment in Securitize
Venture capital firm Jump Crypto has made an undisclosed investment in tokenization platform Securitize to support greater institutional adoption of tokenized assets and collateral management solutions.
A Securitize spokesperson told Cointelegraph that this marks the company’s first investment since BlackRock’s $47 million allocation in 2024.
Securitize has accumulated $4 billion in onchain assets, making it the largest tokenization market. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, accounts for nearly $3 billion in total value locked.
Tokenization company Savea raises $2.5M
Savea, a United Kingdom-based tokenization company, raised $2.5 million in seed funding to support its mission of launching tokenized investment products backed by scarce assets such as wine, luxury watches and classic cars.
The investment round was led by venture studio EmergentX, with participation from several unnamed angel investors.
Savea’s platform enables investors to purchase the SAVW token — an ERC-20 token fully backed by physical assets held in reserve. The assets are secured through a partnership with the Decentralized Storage and Tokenization Network (DESAT), which is also backed by EmergentX.
Hyperliquid-powered Dexari closes seed round
Self-custodial crypto wallet Dexari closed a $2.3 million seed round co-led by venture firms Prelude and Lemniscap, with additional participation from angel investors across the Hyperliquid ecosystem.
The funding will further develop Dexari’s wallet, which also acts as a mobile trading app, and add resources to its developer team. The company plans to eventually launch on the App Store and Play Store.
Lemniscap’s founder and managing partner, Roderik van der Graaf, described Dexari as “setting a new standard in crypto UX” away from complexity.
Dexari is built on Hyperliquid, a decentralized exchange launched last November with considerable fanfare.
Related: VC Roundup: 8-figure funding deals suggest crypto bull market far from over
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