Crypto startups are rolling in it.
In July, 65 crypto projects raised over $2.6 billion in new investments to grow their businesses, according to DefiLlama.
That brings the total amount raised by industry players to $13 billion so far this year, up from the $9.5 billion raised in total in 2024.
Pitchbook expects crypto startups to double that figure to $18 billion in 2025.
Here are the three crypto projects that raised the most money in July.
Pump.fun, $590 million
Pump.fun raised $590 million in an initial coin offering at the beginning of July to, as it boldly proclaimed, “kill Facebook, TikTok, and Twitch” by transforming itself into a new type of social media platform.
At a glance, the controversial memecoin generator token sale seems a grand success. Pump.fun’s ICO sold out in just 12 minutes, capping off one of the fastest and largest raises in recent crypto memory.
However, the project sold 2 billion fewer tokens than it had originally planned.
The project had previously said 150 billion PUMP tokens, out of a 330 billion total ICO allocation, would be offered to the public at $0.004 each.
That implied a $600 million raise. But the live dashboard confirms just 148 billion tokens were sold, pulling in $590 million — about 98% of the originally stated public allocation.
The sale came in the same month as the platform is struggling with plummeting revenue amid a memecoin slump and an increasingly crowded market.
And those traditional social media platforms? Meta, the parent company of Facebook and Instagram, saw its stock price surge 11% this week, giving it a market cap of just under $2 trillion, about half of the entire cryptocurrency market.
OSL Group, $300 million
Hong Kong-based OSL Group said it has secured $300 million in equity financing.
“The funding will accelerate our global buildout — particularly in regulated payment infrastructure and access points,” Ivan Wong, CFO at OSL Group, said in a statement.
Upexi, a Solana treasury company, announced a $200 million deal led by Big Brain Holdings at the beginning of July.
The deal took the form of a convertible note offering, and the proceeds will be used to buy more Solana, the company said.
Upexi is part of a wave of crypto treasury companies that have cropped up over the past year. While the bulk of them copy Michael Saylor’s Bitcoin-buying strategy, many are also allocating resources to buying altcoins.
