IREN’s $550m convertible offering, Hypernative’s $40m raise

On Jun 14, 2025

Crypto funding surged to nearly $709 million during the week of June 8-14, 2025, with a massive $550 million private placement by IREN leading the charge.

Venture capital activity remained robust across the sector, particularly in infrastructure, with funding rounds spanning from pre-seed to Series B.

Startups like Hypernative, Yupp, Turnkey, and OneBalance also drew substantial investments, reflecting sustained investor confidence in crypto infrastructure and application-layer innovation despite broader market volatility.

Here’s what we tracked, using data from Cryptofundraising:

IREN (ex Iris Energy)

Raised $550 million through private placement of convertible senior notes
IREN has raised $863 million so far

$IREN is pleased to announce the closing of its upsized $550m convertible notes offering.
Key details of the transaction:
– Oversubscribed and upsized from $450m to $500m, plus $50m greenshoe
– Net proceeds of approximately $534.9m
– 3.50% coupon, 30% conversion premium
– No… pic.twitter.com/kb6fTQPGfM
— IREN (@IREN_Ltd) June 13, 2025

Hypernative

Secured $40 million in a Series B round
The investment was backed by TenEleven, Ballistic Ventures, and Stepstone
Hypernative has raised $65 million so far

Yupp

Yupp raised $33 million in a Seed round
Investors include a16z crypto, Coinbase Ventures, and Kunal Shah

Turnkey

Gathered $30 million in a Series B round
The investment was backed by Bain Capital Crypto, Sequoia, and Lightspeed Faction
Turnkey has raised $52.5 million so far

Noah

Noah raised $22 million in a Seed round
Investors include LocalGlobe, Felix Capital, and FJ Labs

OneBalance

Secured $20 million in a Series A round
Backed by Cyber Fund, Blockchain Capital, and Mirana Ventures
OneBalance has raised $25 million so far

Projects < $11 Million

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