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Elliptic, the blockchain analytics firm, has closed a $120 million Series D at a $670 million valuation, led by One Peak, with Nasdaq Ventures, Deutsche Bank and the British Business Bank participating. Existing backers AlbionVC, Evolution Equity Partners and J.P. Morgan also continued in the round.
The company said in a statement on Tuesday that it will use the capital to extend its AI-native compliance platform and push further into serving large financial institutions as stablecoins and tokenised assets become more embedded in mainstream finance. Stablecoins processed $33 trillion in transactions in 2025, a figure that has made real-time compliance at scale a live operational requirement rather than a future consideration for the exchanges and payment firms handling that volume.
Elliptic screens more than one billion transactions per week across 65-plus blockchains and counts more than 700 customers in 30 countries. The company says two thirds of global crypto volume runs through exchanges that use its platform.
"As digital assets become more embedded in the global financial system, institutions need trusted infrastructure to manage compliance and risk at scale," said Gary Offner, head of Nasdaq Ventures.
Deutsche Bank's participation is the more notable signal. The bank has been building out its digital asset operations, and its investment suggests that the compliance tooling layer – not just the trading and custody layer – is where it sees infrastructure gaps worth backing. "The sustainable growth of digital assets depends on strong, institutional-grade risk and compliance foundations," said Sabih Behzad, Deutsche Bank's global head of digital assets and currencies transformation.
Founded in 2013, Elliptic raised a $60 million Series C in October 2021. The new $670 million valuation sits well below market leader Chainalysis, which was valued at $4.2 billion in 2021, but above TRM Labs, which reached a $1 billion valuation more recently. The Series D is Elliptic's largest single raise.
"Financial systems are being rebuilt on-chain," said CEO Simone Maini. "The institutions leading that transition need an on-chain analytics partner that matches their scale, their sophistication, and their ambition."
The fundraise arrives as regulators in the US, EU and UK push harder for compliance standards in crypto. For Elliptic, that regulatory backdrop is structural tailwind – every new compliance requirement in a new jurisdiction expands the addressable market for its platform.
