Bitlayer Raises $5M in Oversubscribed Token Rounds

Bitlayer, a Bitcoin infrastructure startup, announced on Wednesday that it has successfully raised $5 million through three oversubscribed token rounds. This funding came from thousands of investors utilizing crowdfunding platforms such as CoinList and Echo. The team highlighted that overwhelming demand led to a complete sell-out of tokens during the limited window on CoinList, attracting over 6,300 verified investors and surpassing subscription targets by 50%. The CoinList token sale for native BTR tokens garnered more than $4 million in commitments, while a community offering on Holdstation sold out in just 28 seconds. Bitlayer positions itself as the first U.S.-accessible token offering in the Bitcoin sector, reminiscent of the early days of initial coin offerings. Founded in October 2023, Bitlayer Labs is developing a Bitcoin Layer 2 network using the Bitcoin Virtual Machine (BitVM) system to enhance application programmability while leveraging Bitcoin’s security. The startup launched its mainnet V1 in early 2024 and introduced its “trust-minimized” BitVM Bridge in July 2024. This new funding will be allocated to operational expansion, team growth, and ecosystem development. Co-founder Charlie Hu revealed that the project has already formed integrations with blockchains including Arbitrum, Base, Cardano, and Sui, with plans to release V2 of its mainnet later this year. Bitlayer had previously secured a $5 million seed round in March 2024 and a $20 million Series A led by Framework Ventures and ABCDE Capital, bringing its overall funding to $29.91 million across both private and public rounds. Disclaimer: The Block is an independent media outlet. As of November 2023, Foresight Ventures is a primary investor, also investing in other crypto companies. The Block operates independently to provide relevant and timely information about the crypto sector.