This Week’s Funding Crypto Wave: Acquisitions, SPACs, and Bold Bets

Coinbase in Talks to Acquire Deribit, a Leading Crypto Derivatives Platform

Coinbase is in advanced talks to acquire Deribit, a leading cryptocurrency derivatives platform, which specializes in Bitcoin and Ethereum options. Based in the Netherlands, Deribit achieved a trading volume of nearly $1.2 trillion in 2024, solidifying its position in the options market. The deal, potentially valued between $4 billion and $5 billion, represents a significant move for Coinbase to enhance its derivatives offerings, where it currently lags compared to spot trading. Coinbase has informed Dubai regulators due to Deribit's operating license there. This acquisition would enable Coinbase to strategically compete against rivals like Kraken.

Venture Capital Firms Invest $400M in TON Blockchain as Telegram Reaches 1 Billion Users

Venture capital firms, including Sequoia Capital and Ribbit, have invested over $400 million in The Open Network (TON) blockchain, reflecting a growing interest in the Telegram messaging platform. As of March 2025, Telegram has reached 1 billion monthly active users, with TON blockchain hosting 41 million native accounts, a significant increase from 4 million in January. This investment aims to foster strategic partnerships for expanding the TON ecosystem, with Toncoin as the only accepted cryptocurrency for Telegram app services. 

The TON Foundation targets onboarding 30% of active Telegram users to its blockchain within three years. The cryptocurrency has more than 121 million unique holders. Industry momentum continues to rise, with crypto venture capital deals surpassing $1.1 billion in February 2025 alone, particularly in decentralized finance and business services, indicating growing legitimacy in the blockchain sector.

Trump Media Executives Launch SPAC to Raise $179 Million for Crypto and Data Security Acquisitions

Trump Media & Technology Group executives have launched a special purpose acquisition company (SPAC) named Renatus Tactical Acquisition Corp I, aiming to raise $179 million for acquiring U.S.-based firms in the crypto, blockchain, data security, or dual-use technology sectors. The SPAC, led by CEO Eric Swider and chaired by Devin Nunes, is designed to capitalize on favorable regulatory shifts under the current administration regarding digital assets. 

The registration with the SEC indicates plans to offer 17.5 million shares to achieve approximately $178.9 million. The management team is significantly tied to Trump Media, with a focus on high-potential businesses reacting to President Trump's recent executive order establishing a strategic Bitcoin reserve, promoting investment in digital assets without taxpayer costs. The combined approach of initial public offerings and private placements aims to connect with the evolving landscape of digital finance and technology.

Haun Ventures Seeks $1B to Invest in Blockchain Startups, Eyes Largest VC Raise Since Trump's Second Term

Haun Ventures, founded by former DOJ prosecutor Katie Haun, is currently raising $1 billion to invest in blockchain startups, intending to establish two new crypto-focused funds. This follows a prior $1.5 billion capital raise in 2022 which was deployed slowly due to the subsequent crypto market downturn. The new funding round, expected to close in June 2025, would mark the largest venture financing deal since the start of Trump’s second term, with capital allocated equally between early-stage ($500 million) and late-stage ($500 million) projects. 

Key investors include Polychain and Paradigm, alongside Haun's former firm, Andreessen Horowitz. This fundraising comes amidst a regulatory thaw in the crypto space, supported by Trump’s public backing for the industry. Haun Ventures initially aimed for a two-year deployment of its first fund but took a cautious approach, leaving about 60% of its capital unspent by mid-2023. Notable investments include Zora and Bridge.