TRM Labs achieved unicorn status today after securing $70 million in Series C funding, pushing the blockchain intelligence firm’s worth to $1 billion. Blockchain Capital led the round, joined by returning backers Goldman Sachs, Bessemer Venture Partners, Y Combinator, and Thoma Bravo, with Galaxy Ventures participating for the first time. The San Francisco-based company provides software that tracks cryptocurrency transactions to help financial institutions, law enforcement agencies, and governments detec ...

Analytics firm TRM Labs reached a $1 billion valuation following the close of a $70 million Series C funding round led by Blockchain Capital. The round was backed by a mix of returning and new strategic investors, including Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures, Galaxy Ventures, and DRW Venture Capital. Blockchain Capital, which also led TRM’s pre-seed round in 2018, returned as the lead investor. The San Francisco-based firm provides blockchain inte ...

Core Insights - TRM Labs has established itself as a key player in blockchain analytics, gaining recognition from law enforcement and private companies for its software solutions [3][5][10] - The company recently secured $70 million in Series C funding, raising its valuation to $1 billion and positioning it among crypto unicorns [3][9] - TRM's growth strategy includes tracking multiple cryptocurrencies and leveraging AI to combat the increasing sophistication of cybercrime [2][11] Company Overview - TRM Labs was founded in 2018 by Esteban Castaño and Rahul Raina, who believed in the potential of digital assets for global money movement [4] - The company has a strong relationship with government agencies, including the IRS and FBI, which has sometimes led to tension with the broader crypto industry [6][7] - TRM's revenue has grown approximately 50% over the past four years, indicating resilience in a volatile market [9] Market Position - The crypto industry is currently facing challenges, with Bitcoin prices at a yearly low, but TRM is expected to thrive as tokenization becomes more mainstream [10] - Approximately 40% of TRM's customers are in the private sector, a segment that is expanding as financial organizations explore tokenized assets [10] - The company has a growing team of 350 employees, reflecting its ambition to dominate the blockchain analytics space [11] Technological Advancements - TRM has noted a 500% increase in AI-enabled scams and fraud, highlighting the need for advanced analytics tools in combating cybercrime [2] - The integration of AI into TRM's operations is crucial for managing the vast number of transactions in the crypto space [11] - The company has formed partnerships with entities like Tether and Tron to address illicit activities, showcasing its proactive approach to risk management [8]

Core Viewpoint - Speculation arises that GameStop may be exiting its bitcoin position after transferring 4,710 BTC, valued at approximately $420 million, to Coinbase Prime [1][2][3] Group 1: GameStop's Bitcoin Holdings - GameStop purchased its bitcoin holdings in May, estimated to have spent around $504 million at an average price of $107,900 per coin [2] - If GameStop sold its bitcoin at the current price of approximately $89,000, it would incur a loss of about $84 million [2] Group 2: Market Context and Speculation - The transfer of bitcoin to Coinbase Prime has led to speculation that GameStop may be exiting its bitcoin position, particularly as digital asset treasury firms face pressure from declining crypto markets [3] - Other firms, such as ETHZilla, have already sold significant portions of their holdings to manage debt, indicating a trend in the industry [3] Group 3: Transfer Implications - Moving funds to Coinbase Prime, which serves institutional clients, often suggests an intent to sell, although not all large transfers indicate imminent liquidation [4] - Coinbase Prime also provides custodial services, which could imply internal transfers rather than a sale [4] - GameStop has not yet commented on the recent transfer [4]

Core Insights - The Central Bank of Iran (CBI) has utilized at least $507 million in USDT to mitigate a currency crisis and circumvent sanctions-related restrictions on dollar access [1][2][7] - The strategy reflects a deliberate effort to establish a significant dollar-linked reserve outside the traditional banking system [3] Summary by Sections Acquisition and Usage of USDT - The CBI acquired a minimum of $507 million in USDT, with this figure being a conservative estimate based on linked wallets [2] - Investigators traced USDT purchases back to April and May 2025, revealing a broader network of wallets [2] Flow of USDT - Initially, most CBI-linked USDT transactions occurred through Nobitex, Iran's largest crypto exchange, allowing for trading and conversion to rials [4] - After June 2025, USDT flows transitioned to a cross-chain bridge, moving funds from TRON to Ethereum and dispersing them through various platforms [5] Market Impact and Strategy - The buildup of USDT reserves is attributed to the Iranian rial's significant depreciation, losing about half its value against the dollar in eight months [7] - The CBI's use of USDT for open-market operations aims to stabilize the foreign exchange market without depleting official foreign reserves [8] Regulatory Considerations - The infrastructure established by the CBI is described as a sanctions-resistant shadow banking layer, though it remains traceable on public blockchains [9] - Unlike cash transactions, USDT transfers on TRON and Ethereum leave an auditable trail that can be monitored by regulators [9]

Group 1 - 2025 is viewed as a "test-case year" for crypto initial public offerings (IPOs), with 2026 being the year to determine if digital asset IPOs are a sustainable asset class or merely a cyclical trade [1] - In 2025, several crypto companies went public, including Circle, Bullish, and Gemini, with potential candidates for 2026 including Upbit, FalconX, and Chainanalysis [2] - Global crypto activity has shown significant recovery from the 2021 boom and bust, raising questions about whether crypto issuers can sustain momentum to meet public-market standards [3] Group 2 - Bitcoin's price more than doubled in 2024 and reached new all-time highs in 2025 before a sharp pullback, which will influence public investors' evaluations of IPO candidates due to concerns over volatility affecting sentiment and revenue durability [4] - Traditional finance is indicating that crypto is substantial enough to be indexed, as evidenced by S&P Dow Jones Indices launching a product that combines digital assets with crypto public companies, signaling institutionalization [5] - The institutionalization of crypto comes with increased selectivity among investors, as MSCI is considering excluding companies with over 50% of their assets in crypto, indicating a distinction between operating businesses and balance-sheet proxies for token exposure [6][7]

Core Points - The U.S. Treasury has imposed new sanctions on North Korean bankers and institutions involved in laundering cryptocurrency linked to cyberattacks and illicit IT work schemes that fund weapons programs [1][6] - North Korean state-sponsored hackers have reportedly stolen over $2 billion in cryptocurrency in 2025, indicating the regime's increasing dependence on digital assets [2] - The sanctioned network utilized cryptocurrency transactions and shell companies to obscure the flow of illicit funds, with specific individuals managing significant amounts tied to ransomware activities [4][5] Group 1: Sanctions and Targets - Eight individuals and two entities were designated for laundering funds derived from cybercrime, including proceeds from ransomware and crypto thefts [1] - The Treasury targeted specific individuals, including Jang Kuk Chol and Ho Jong Son, who managed at least $5.3 million in cryptocurrency linked to First Credit Bank [4] - The sanctions also extend to Korea Mangyongdae Computer Technology Company (KMCTC), which allegedly used Chinese nationals as banking proxies to disguise the origins of funds earned by DPRK IT workers abroad [5] Group 2: Cyber Activities and Techniques - North Korean hackers employ advanced malware, phishing campaigns, and social engineering to infiltrate crypto firms and exchanges [3] - A recent investigation revealed that these hackers are increasingly using AI to automate and scale their cyberattacks [3] - Ryujong Credit Bank was also sanctioned for facilitating international transfers for North Korean entities involved in sanctions evasion and crypto laundering [6]

Core Insights - There is over $75 billion in cryptocurrencies linked to illicit activities that governments, particularly the U.S., could potentially seize for strategic reserves [1][2] - The potential for asset forfeiture has significantly increased, with Chainalysis reporting a 359% growth in funds directly held by illicit entities over the past five years [4] Group 1: Asset Forfeiture Potential - The $75 billion identified includes $15 billion held by illicit entities and $60 billion in wallets that have received up to 10% of their funds from these entities [2] - Darkweb marketplace vendors and administrators control over $40 billion in cryptocurrencies, with Bitcoin making up 75% of the total illicit funds [3] Group 2: Growth Trends - Wallets downstream of illicit entities are experiencing rapid growth, with a compound annual growth rate exceeding 200% for darknet marketplace wallets [4] - The increase in illicit funds could enhance the sustainability of asset forfeiture as a funding model for national strategic reserves [4] Group 3: U.S. Government Actions - The U.S. Department of Justice has initiated the forfeiture of 127,271 BTC, valued at approximately $15 billion, linked to a cryptocurrency investment fraud syndicate [5] - This move could augment the Bitcoin strategic reserve established by President Trump, which previously held between $15 billion and $20 billion in forfeited Bitcoin [6] Group 4: Strategic Reserve Considerations - Following Trump's executive order, there is speculation about whether the U.S. will actively purchase Bitcoin to enhance its strategic reserve using "budget-neutral" strategies [7]

Core Viewpoint - BIGG Digital Assets Inc. announced that its subsidiary Netcoins has received a two-year extension for exemptive relief from the British Columbia Securities Commission, allowing it to continue operating a crypto trading platform in Canada [1][2]. Company Developments - Netcoins is experiencing consistent trading activity and has a balance sheet that meets regulatory capital requirements, positioning it to apply for registration as an investment dealer and CIRO dealer member by June 1, 2026 [2][5]. - The extension of the exemptive relief reinforces Netcoins' commitment to compliance and transparency, aiming to become one of Canada's leading regulated crypto trading platforms [3][5]. - Netcoins is required to meet specific milestones, including achieving a positive risk-adjusted capital calculation by January 31, 2026, and submitting a complete CIRO membership application by June 1, 2026 [3][4]. Regulatory Compliance - The exemptive relief allows Netcoins to operate under Canadian securities laws, with conditions that must be adhered to, including the delivery of an undertaking to the BCSC and OSC [3][4]. - Failure to meet the specified milestones could result in operational restrictions, including a potential wind-down of operations in Ontario [3][5]. Future Outlook - BIGG Digital Assets is confident in Netcoins' management to meet the required milestones and will provide updates to stakeholders [5].

Core Insights - Elliptic has secured investment from HSBC, becoming the only blockchain analytics firm backed by four globally systemically important banks (G-SIBs): HSBC, JPMorgan Chase, Santander, and Wells Fargo [1][6] - The investment aligns with the increasing interest from financial institutions in stablecoins and tokenized assets [1] Company Developments - Richard May from HSBC has joined Elliptic's board, emphasizing the importance of mitigating financial crime risks in the evolving digital asset landscape [2] - Elliptic reported record-breaking customer and revenue growth in Q2 2025, indicating significant traction [2] Product Innovations - The company has introduced a product called Issuer Due Diligence, aimed at helping banks evaluate stablecoin issuers and manage wallet risk [3] - This tool reflects the growing demand for institutional-grade risk management as banks prepare to integrate digital assets into their operations [3] Strategic Positioning - CEO Simone Maini stated that Elliptic was built for the current moment, anticipating institutional adoption and focusing on compliance, scalability, and real-time analytics [4] - The backing from four global megabanks enhances the legitimacy of Elliptic's offerings amid increasing regulatory scrutiny [5] Market Trends - The investment from HSBC is expected to fuel Elliptic's next phase of expansion as global banks deepen their exposure to digital assets [3][6] - The partnership signifies a deeper integration of blockchain tools within traditional banking infrastructure as interest in digital assets grows [5]