Bain Capital, Apollo pile in as crypto companies raise $2.5bn in October

Industry Overview - In October, twenty-seven crypto companies raised over $2.5 billion, contributing to a total funding of over $19 billion for the year 2025, surpassing 2024's total by over $9 billion [1] - Analysts indicate that investment in the crypto space is gaining momentum, with PitchBook predicting the industry will raise $18 billion this year [1] - Investors from Galaxy Ventures and Codebase anticipate that over $25 billion will be invested in the industry in 2025 [1] Major Fundraising Events - Polymarket, a decentralized prediction market platform, secured a $2 billion strategic investment from Intercontinental Exchange (ICE), valuing the company at $9 billion post-money [3] - Meanwhile, a life insurance firm licensed by the Bermuda Monetary Authority raised $82 million to offer Bitcoin-based savings and retirement products, bringing its total funding in 2025 to $122 million [5] - Dutch crypto company Amdax raised $35 million to launch AMBTS, a Bitcoin-focused treasury firm, marking the completion of its initial funding round [6] Company Insights - Polymarket emerged during the pandemic and has previously raised funds, including a $150 million round led by Founders Fund at a $1.2 billion valuation [4] - CEO Zac Townsend of Meanwhile stated the firm aims to bring traditional insurance stability to the Bitcoin economy [6] - Amdax's CEO Lucas Wensing expressed the firm's readiness to implement its Bitcoin strategy, joining a trend of firms accumulating Bitcoin for treasury holdings [7]