BlackRock, Fidelity pile in as crypto companies raise $3.3bn in September

Industry Overview - In September, 77 crypto companies raised over $3.3 billion, contributing to a total funding of over $17 billion for the year 2025, surpassing 2024's total by over $7 billion [1] - Analysts indicate that investment in the crypto space is accelerating, with PitchBook predicting the industry will raise $18 billion in 2025, while Galaxy Ventures and Codebase expect investments to exceed $25 billion [1] Major Fundraising Events - Figure Technology raised $787.5 million in its Nasdaq debut, valuing the company at approximately $5.3 billion. The company focuses on blockchain infrastructure for loans and exchanges and has funded over $16 billion in loans [3] - Kraken closed a $500 million fundraising round at a valuation of $15 billion, which is part of its plans for an initial public offering (IPO). However, Kraken's co-CEO stated that the company does not currently plan to file for an IPO [5][6] - Rapyd, a global fintech platform, secured $500 million in a Series F round backed by major investors like BlackRock and Fidelity, aiming to enhance its platform with liquidity pools and crypto-as-a-service solutions [8]