Tokenized cash and AI-built trading tools drew the biggest cheques between 5 and 9 Oct. Spiko, a Paris and London company that issues money-market funds as tokens, raised $90 million. Catalyst, a start-up that builds AI trading agents for retail investors, raised a $30 million seed round led by Sequoia Capital.
Payments and insurance made up most of the rest. Noah, a UK stablecoin-payments company, extended its seed round by $16 million, and Meanwhile, a bitcoin-denominated life insurer, raised $37.5 million. Two smaller rounds, Navra and Soda Labs, came from financial-infrastructure and privacy-focused teams.
The week also showed how thin the middle of the market has become. Deus X Capital, a family-office-backed investor, told CoinDesk it will unwind on 31 Jan 2027, and its chief executive will lead an AI venture. CoinDesk cited Galaxy Research’s September view that interest in artificial intelligence is diverting attention from digital assets.
| Company | Amount | Round | Lead investor | Valuation | Sector | Source |
|---|---|---|---|---|---|---|
| Spiko | $90 million | Series B | NEA | Not stated | Tokenized money-market funds | Spiko |
| Meanwhile | $37.5 million | Not labelled | Bain Capital Crypto | Not stated | Bitcoin life insurance | CoinDesk |
| Catalyst | $30 million | Seed | Sequoia Capital | Not stated | AI trading agents | Fortune |
| Navra | $19 million | Series A | Ribbit Capital | Not stated | On-chain access platform | Crypto Briefing |
| Noah | $16 million (extension; $38 million total seed) | Seed extension | Not stated for the extension; new backers include Endeit Capital, FJ Labs, LocalGlobe and Felix Capital | Not stated | Stablecoin payments | GlobeNewswire |
| Soda Labs | $3 million | Seed | NextBlock | Not stated | Privacy infrastructure | Chainwire |
Totals count only Noah’s $16 million extension. The list covers rounds CryptoWatchDesk could verify to a company post, a company-issued release or two outlets; it is not a complete tracker.
Deals of note
Spiko’s $90 million Series B. The company says it now has $2.7 billion in its funds, up more than fivefold in 12 months, and more than 10,000 clients in over 25 countries. Its pitch is that company cash should earn money-market yield through an app or an API, and it plans local teams across Europe. The IMF put all tokenized money market funds at about $17.5 billion as of July, in its report on tokenized markets.
Meanwhile’s $37.5 million. The Bermuda-based insurer, which has now raised $180 million in total, has signed 15 brokers serving wealthy clients in Switzerland, Singapore, Hong Kong and the United Arab Emirates, according to its announcement. Haun Ventures, Framework Ventures, Pantera Capital and Apollo took part.
Orca and Loopscale merge. The two Solana DeFi teams will operate as Formation, based in New York and led by Loopscale co-founder Luke Truitt, with no financial terms disclosed, Decrypt reported. It plans a tokenized-securities venue under the SEC’s five-year Innovation Exemption.
The Ledger Weekly returns next Friday. For the wider flow of money into the sector, see JPMorgan’s $50 billion estimate.
This article is for information only and is not investment advice.