Crypto Investments Weekly – Dec. 10–16

Top investment deals across the crypto sector over the last week (Dec. 10–16, 2022):

Bitcoin miner TeraWulf raises $10 million

TeraWulf restructured a deal with Bitmain that will allow it to expand hashrate further by early 2023. The company also announced that it raised $10 million in fresh capital to repay a convertible promissory note. It had raised $17 million in equity and debt in October. That total comprises a $6.7 million registered direct offering of common stock in addition to a previous issuance of $3.4 million of convertible promissory notes to some of its largest shareholders.

Blockchain-free decentralization platform Nillion raises $20 million

Nillion, a startup building a decentralization platform without a blockchain, raised $20 million in seed funding. Investment firm Distributed Global led the round, and Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto, and SALT Fund were among the more than 150 investors. The company’s team includes founding team members from Uber, Indiegogo, and Hedera Hashgraph, as well as leaders from Coinbase and Nike. The project is based on a mathematical innovation invented by cryptography professor Miguel de Vega called Nil Message Compute.

Bitcoin Group agrees to buy centuries-old German bank for over $14 million

Bitcoin Group SE, a crypto investment company, has signed an agreement to acquire the centuries-old German bank Bankhaus von der Heydt for 14 million euro ($14.75 million) and 150,000 shares. The deal is still subject to approval by the German Federal Financial Supervisory Authority (BaFin) and is expected the close in the third quarter of 2023.

Founded in 1754, Bankhaus von der Heydt holds a full banking license. It is also a provider for digital asset custody and tokenization in Germany. Last year, the bank partnered with Fireblocks to provide crypto services to clients.

Maker of Web3 game Dogami raises fresh $7 million

Web3 game Dogami, which lets players adopt and raise virtual dogs, raised a $7 million seed extension with investment from XAnge and Bpifrance. The startup has raised a total of $14 million in funding since launching in the middle of last year.

“Dogami are not normal dogs, they come from outer space, and they come to earth with a purpose,” Dogami CEO and co-founder Max Stoeckl said in an interview.

Arca invests in Spaceport’s $3.6 million raise

Spaceport, a Web3 intellectual property protocol, raised $3.6 million in a pre-seed round co-led by Arca, Decasonic, and Crit Ventures, the venture arm of game developer Com2us. Infinity Ventures Crypto, FBG Capital, and Republic Asia are also among the investors that participated in the round, according to an announcement. Spaceport is designed to help creators, brands, and agencies monetize their intellectual property.

Riley offers $72 million to mining firm Core Scientific

Riley Financial, one of Core Scientific’s largest creditors, is proposing a $72 million financing package to extend Core Scientific’s financial lifeline by more than two years and help the firm stave off bankruptcy. 

As a result, Core Scientific shares rallied about 94% on the news from $0.15 to just over $0.32 in after-hours trading, Tradingview data shows.

a16z leads $100 million raise for Web3 privacy firm Aztec Network

The privacy-focused Web3 firm Aztec Network raised $100 million in Series B funding led by the Web3 investment firm a16z. Aztec aims to fully encrypt the Ethereum blockchain to add more privacy and reduce computational redundancy. The firm will use the fresh raise to develop an encrypted architecture that lets individuals properly use blockchains without exposing identifying information. In addition, Aztec intends to double its current team of 40 people, the co-founders told TechCrunch.

Embattled crypto lender Amber Group raises $300 million

Singapore-based crypto lender Amber Group raised $300 million in a Series C round led by Fenbushi Capital US. The news comes amid layoffs and refocusing at the company.

Before the chaos caused by FTX’s collapse last month, Amber had been seeking a $3 billion valuation in a Series B+ round. That has now been paused after a “partial closing” of $50 million. Amber did not disclose a valuation for the latest raise, but Bloomberg reported that it is less than the $3 billion achieved in February.

Dragonfly leads Utorg’s $5 million raise

Fiat-to-crypto platform Utorg raised $5 million in a seed round led by Dragonfly. TA Ventures and Hypra fund also participated in the round. The startup’s business model currently relies on transaction fees. However, it is aiming to build a “super app” that merges the old and new worlds of finance, the company said. The new funds are expected to secure new licenses, expand the team and build out new revenue sources.