Crypto Funding Deals Reach About $1.375 Billion Through Nov. 2

Crypto companies and projects disclosed about $1.375 billion across 13 funding deals through Nov. 2, with infrastructure accounting for 10 transactions as capital continued flowing to financial infrastructure and regulated digital financial services.

Kalshi, a prediction market platform, raised $1 billion at a $40 billion valuation. HIVE Digital Technologies secured about $129 million in fixed-rate financing to expand its GPU computing infrastructure. Stablecoin payments provider PhotonPay closed a $40 million Series C round to grow its global payments and financial infrastructure.

The funding activity came as U.S. technology and semiconductor shares pulled back sharply and crypto markets faced pressure. The S&P 500 equal-weight index rose 0.80%. Market conditions pointed to a shift in capital away from large technology companies toward other sectors.

The Federal Reserve held its benchmark interest rate at 3.75% to 4.00% in a 10-2 vote. Macroeconomic conditions and changing expectations for technology company earnings continued to weigh on risk appetite.