Kalshi’s $1 Billion Round Leads $1.23 Billion in Weekly Crypto Financing

Eight crypto and crypto-linked financings disclosed from Oct. 24-30 totaled about $1.23 billion, led by Kalshi’s $1 billion equity round, while debt and secondary sales make the tally broader than venture investment alone.

Kalshi announced its $1 billion Series G on Oct. 29, valuing the prediction-market operator at $40 billion post-money. Wellington and Sequoia co-led the financing. The company plans to use the proceeds for product development, institutional sales and international expansion. It also said its annualized trading volume exceeded $1 trillion.

The raise follows Kalshi’s $1 billion Series F in May at a $22 billion valuation. Its latest round is the largest item in the weekly calculation and accounts for most of the total.

HIVE Digital Technologies’ indirect subsidiary BUZZ Alpha Cloud signed an approximately $129 million loan and security agreement on Oct. 27. The three-year loan carries a fixed 9% annual rate and is secured by GPUs and related assets. HIVE plans to use the borrowing to buy NVIDIA GB200 systems and related infrastructure for a Cohere contract, and its stated plan is to repay the debt from contract revenue. No HIVE common shares will be issued for the loan. HIVE President and CEO Aydin Kilic said, “We have signed $600 million of TCV for GPU cloud deals this year.”

Other disclosed equity deals included PhotonPay’s $40 million Series C for stablecoin-linked payment infrastructure and Hyperbolic’s $30 million Series A1 for AI compute software and services. Luxor’s $16 million strategic round contained both primary and secondary capital. Cancore raised $7.2 million in a seed round, Spicenet raised $5 million in a Series A and Birch Hill raised $4 million in a seed round.

The total sums the eight disclosed amounts listed above, using HIVE’s approximate figure. Because it includes a secured loan and secondary sales, it measures broader financing activity than venture-capital investment alone.

Ibis announced a separate $250 million FalconX credit facility on Oct. 28, but it is excluded: $250 million is the facility’s capacity, not an equity raise or a disclosed amount drawn. Ibis’ pre-seed amount was not disclosed.