Blockworks valued at $192M in latest fundraise, bets on rolling up fragmented data industry

Our industry is at a tipping point.

Take the blue pill and we get stablecoins, institutional adoption, and perps. That's a nice world, but it's not the world we envision. We didn't spend the last decade of our lives building a niche technology that applies to a few small corners of the economy.

So we're taking the red pill.

We envision a world where all capital markets move onchain.

Where stocks, bonds, currencies, commodities, and yes, tokens, move seamlessly and globally on public blockchains. Where DeFi protocols are embedded into every financial frontend in the world. Where stablecoins move more value than any legacy payments system. Where every asset in the world has a liquid market, a transparent price, and a 24/7 order book. Where the infrastructure running the global financial system is owned by its users, not its intermediaries. Where an allocator at a pension fund underwrites a token the same way they underwrite an equity. Where a retail investor in Kansas has access to the same deals, the same data, and the same disclosures as a hedge fund in Greenwich.

That’s the world we want to build.

For too long, the path to this world has been blocked. Regulators pushed the industry offshore. The biggest investors in the world called us "rat poison" and "scammers." Technology didn’t work well enough for mass adoption.

None of those things are blocking us anymore.

The enemy is within. The enemy is ourselves.

We have a trust problem, and it's two sided. Most crypto businesses haven't put in the time, capital, or energy needed to build trust with investors. They haven't made the requisite sacrifices to drive real, institutional investment into their tokens. On the other side, investors don't have the information they need to gain confidence in crypto assets.

That’s what we’re here to fix.

Today we're announcing that Blockworks has raised a Series A extension at a $192 million valuation, co-led by ParaFi and Reciprocal Ventures, to accelerate our mission of building trust in onchain markets.

Our vision is simple. We connect investors and businesses in onchain capital markets, giving businesses a platform to earn trust and investors the information they need to underwrite the asset class.

Ben Forman, founder of ParaFi: “Crypto’s biggest remaining bottleneck is no longer technology or regulation. It’s the trust gap between issuers and investors. In our view, Blockworks has built one of the most comprehensive platforms in the market to help narrow that gap.”

What we've built

In traditional capital markets, there are the assets and then there are the information providers that sit around those assets. Often, the information providers around the assets are worth more than most of the assets themselves.

Companies like Morningstar, Moody’s, S&P, FactSet, CapIQ, Refinitiv, Bloomberg, and Broadridge all accomplish two goals. They help investors understand the issuers and their assets, and they help the issuers and assets tell their story to investors through research, data, and analytics.

We believe that as all assets move onchain, and as AI completely upends how technology is built and the velocity of products, there is a massive opportunity to build a better information platform. One that combines the best of those companies, builds natively for onchain capital markets, and runs far more efficiently and effectively thanks to AI.

Blockworks today runs on three products:

Data. One of the largest data platforms in the industry. Trillions of rows of data across more than 100 pipelines, ingesting from nearly 100 sources. Fully indexed blockchains. Direct feeds from more than a dozen of the major exchanges. Hundreds of companies and funds build their workflows on top of it today.

Investor Relations. At DAS this year, we launched Blockworks IR, the first full-stack investor relations platform built for onchain businesses. Branded investor portals, curated analytics, quarterly reports and calls, and a command center for managing end-to-end investor engagement. Solana, BNB Chain, and Jito are live. More coming soon.

Disclosures. The Token Transparency Framework has become the standard disclosure framework for crypto. 30+ issuers rated today, scaling to 200+ by year end. We’ve presented this framework to both the SEC and CFTC. We're in active integration conversations with every major exchange. TTF is positioned to be the template for what mandated token disclosures look like.

Who's backing us

More than 20 of our customers wrote personal checks into this round. Founders and operators from Solana, MegaETH, LayerZero, Pyth, EigenLayer, Canton, Zora, ZKsync, Ellipsis, Kraken, Pudgy Penguins, Jito, Arbitrum, Celestia, MFV, Squads, Berachain, Baxus, Dawn, Polygon, Katana, InfStones, Steakhouse, and others.

That matters more to us than any other single fact about this round. The people closest to our product, the ones who stress-test it every day, chose to own a piece of the company. In a business where our entire premise is trust, that signal is the one that matters most to us.

ParaFi and Reciprocal Ventures co-led. They were joined by Coinbase Ventures, Advancit Capital, MoonPay Ventures, Firestreak, Modular, Moonrock, Auros, Flowdesk, EV3, Equilibrium, 6ixth Event, EVG, Sfermion, The Rollup, Milk Road, and more.

We also brought in several angels whom we deeply respect.

Every person in this round shares one conviction with us. Onchain capital markets are about to look a lot more like traditional capital markets. The infrastructure layer underneath them is one of the biggest opportunities in crypto.

2026 is where the real work begins

As we've been saying for the past twelve months, 2025 was a line-in-the-sand year for crypto. 2026 is where the real work begins.

We're more optimistic on crypto as both a technology and an asset class than ever before. And we're convinced that trust is the thing standing between this industry and the scale it deserves.

Onwards,

Jason and Michael