Follow the Money: Corporate Segment Lull, Kaiko's $57 Million Round, and Several M&A Deals

By: incrypted.com|09/19/2026 09:00:19

From September 12 to September 19, 2026, the Incrypted editorial team recorded 14 investment deals. Details are known for 10 of them, including the amount of funding. Overall, this week, Web3 projects raised $198.25 million.

Incrypted Infographic.

Venture Deals

This week, there were eight rounds in this category, including:

$57 million --- Kaiko. The digital asset data provider raised approximately $57 million in an extended Series B round, increasing the total round size from $53 million to $110 million. It was led by S&P Global, with participation from BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments, as well as existing shareholders. The funds will be used to develop Kaiko's core analytics business and expand the infrastructure for on-chain capital markets. The company provides institutional clients with data, indices, and pricing information on digital assets.

$20 million --- Fin.com. The fintech startup raised $20 million in a seed round led by Expa and Uber co-founder Garrett Camp. They were joined by Coinbase Ventures, Tenet Fund, Figure founders, Mesh founder Bam Azizi, Second Sight Ventures, and other investors. Fin.com is developing a payment infrastructure that connects stablecoins with local banking systems, enabling companies to accept, convert, store, and transfer funds through a single API. The company aims to expand its geographical presence and payment corridors, including through acquisitions.

$15 million --- dtcpay. The payment company raised an additional $15 million in an extended Series A round, bringing the total round size to $25 million. The initial tranche of $10 million was led by Vertex Ventures Southeast Asia & India, with SBI Group joining through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Other investors include Genedant Capital and Kwi Liong Tek. The funds will be directed towards scaling the product line and merchant network, updating the corporate portal, and developing the application. dtcpay creates payment infrastructure for accepting, storing, and transferring stablecoins and fiat currencies.

$13.25 million --- Tare. The platform raised $13.25 million in a seed round led by Blockchain Capital. It also included participation from Strobe Ventures, Janus Henderson, The Venture Dept, Neoclassic Capital, and Avalanche Foundation, with angel investors such as Aave's Stani Kulechov, Tether co-founder Phil Potter, and others. The funds will be used for further product development, hiring employees, and onboarding new lenders and institutional investors. Tare is building blockchain infrastructure for the private lending market, integrating loan issuance, servicing, and financing into a single system.

$10 million --- Velocity. In a comment to Incrypted, company representatives announced an extension of the Series A round, bringing the total to $48 million. The funding included participation from Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital, and Mirana Ventures. As noted by Velocity CEO Eric Kuithe, the new capital will allow the company to respond more quickly to customer requests. The firm is increasing its commercial team to meet demand from banks and enterprises and is also expanding its licensing scope, he stated.

About $10 million --- Finloop. The Hong Kong company closed a Series A+ round of over $10 million with participation from HSBC and People's Capital. The funding will enable continued development of solutions in capital management, artificial intelligence, and tokenization of real assets. Finloop is a platform focused on financial institutions and corporate clients that combines traditional tools, digital assets, and RWAs.

$2.5 million --- Deadstock. The developer of the ATH Labs platform has raised $2.5 million in a seed round led by Bullish Capital. An unnamed group of angel investors also participated. The funds will be directed towards the public launch of Deadstock, expanding storage and procurement operations in Japan, as well as developing infrastructure for custody, oracles, and tokenization. Deadstock is an on-chain marketplace for trading collectible cards, where physical assets are stored with a custodian and receive a digital twin on the Arbitrum network.

It is also noted that some projects do not disclose deal details. This week, there was only one such case:

tZERO. The company closed a funding round led by Mark and Max Kohodes. Participants included Intercontinental Exchange, Bill Fleckenstein, and tZERO partner Dinari, while Neighborhood Intelligence committed to invest after the company announced a certain strategic deal. The funds are intended for further commercialization and expansion of tZERO's infrastructure for tokenized financial markets. The company provides regulated solutions for tokenization, custody, trading, and servicing of digital securities and other assets.

Token Sales

During the specified period, we recorded only one such case, namely:

$500,000 --- Gno.land (GNOT). The project raised $500,000 within the IEO on KuCoin Spotlight. During the token sale, 7.75 million GNOT were distributed at a price of $0.0645 per token with full unlocking after the sale's completion. Gno.land is an L1 blockchain from NewTendermint for launching smart contracts and decentralized applications in the Gno language, which is based on Go.

Infographic Incrypted.

You can follow updates in the relevant section on our website to not miss new cases. Additionally, our team regularly updates the dedicated Telegram channel.

Corporate Deals and Placements

During the specified period, there was a lull in this sector. We identified only two deals in the mentioned category, namely:

$40 million --- USD.AI (CHIP). The project raised $40 million through a revolving credit line from K3 Capital. The financing is secured by sUSDai tokens and can be reused multiple times after debt repayment. The funds will be directed towards launching new credit products and maintaining short-term liquidity. USD.AI is developing on-chain infrastructure for financing AI companies against GPU and other computational assets.

$30 million --- Evernorth. The company has agreed to raise $30 million through a private placement of convertible senior PIK bonds with a 4% interest rate and maturity in 2031. The buyer will be NH Investment & Securities as the trustee manager of Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The closing of the financing depends on the completion of the merger agreement between Evernorth and Armada Acquisition Corp. II, which is expected in Q4 2026. Evernorth is developing a public treasury company focused on XRP and plans to use the capital to participate in the asset ecosystem and develop related infrastructure.

-- Price

Mergers and Acquisitions

This week, we recorded several deals in this category. Among them are the following projects:

OpenZeppelin. S&P Global has agreed to acquire the company OpenZeppelin. After the deal is completed, it will continue to operate as a separate division under the leadership of CEO Damian Brener. The acquisition is expected to strengthen S&P Global's focus on assessing risks of digital assets and help develop tools for analyzing the security of on-chain infrastructure. OpenZeppelin specializes in auditing smart contracts and developing solutions for their secure creation, including the widely used OpenZeppelin Contracts library.

Nomina (NOM). The research organization IRF has acquired the Nomina project along with its technologies, intellectual property, brand, and infrastructure. A key asset of the deal is SolverNet — a protocol for executing intentions that IRF plans to implement in the infrastructure for AI agents interacting with DeFi. The solution enables automation of routing, cross-chain transfers, and gas management, while the Nomina infrastructure has processed over 7.5 million transactions.

LimeWire (LMWR). The BabyDoge ecosystem has acquired the LimeWire platform. Following the deal, project management has transitioned to Abel Chupor, and the LMWR token retains its role as the native asset of the platform. The new owners intend to focus on tools for content creators, decentralized data storage, and AI services. LimeWire is developing a Web3 platform for creating, distributing, and monetizing digital content.

Accelerators, Grants, and DAO Funding

As with token sales, there were no events in this category this week.

Top Investors

Among the participants in this sector, the venture division of the Coinbase exchange and Mirana Ventures stand out. They each have two rounds, while others have one. Infographic by Incrypted.

What Was in Focus?

This week, two categories emerged as leaders — blockchain services and blockchain infrastructure. Infographic by Incrypted.

It is noteworthy that from September 1 to 12, projects in the Web3 sector raised a total of over $804 million.

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Broadcom (AVGO) recently fell with the semiconductor sector, closing down 10.43% at $291.53 on November 5. The shares rebounded more than 4% in premarket trading on November 6. Concerns that election results could lead to tighter AI rules and slower data center approvals contributed to a broad sell-off, with a semiconductor index falling about 12%. The move appears tied mainly to sector sentiment and policy concerns, with no clear company-specific negative catalyst identified.

Institutional trading and AI growth expectations are also in focus. ARK funds sold about $134 million of Broadcom shares over two sessions while adding to SpaceX. Citi maintained its Buy rating and projected that Broadcom’s AI semiconductor revenue could reach $115 billion in fiscal 2027, roughly doubling year over year. Broadcom had approximately $179.2 billion in signed contracts as of the prior quarter, while analysts estimated fourth-quarter AI chip revenue at about $21.7 billion. These forecasts will need to be tested against future results.

Contingent guarantees are another point for investors to monitor. Broadcom is providing guarantees tied to Anthropic’s AI rack-leasing arrangement, involving about $29 billion in the first phase and a second-phase plan of up to $43 billion. Banks plan to issue $21 billion in bonds to support related chip financing. The guarantee amounts are not the same as debt already incurred, but they add a potential risk to assess. Broadcom is scheduled to report its next quarterly results on December 9, when management’s outlook for fiscal 2027 AI demand will be closely watched. This article is for informational purposes only and is not investment advice.

Netflix (NFLX) Stock Rebounds: Insider Sales, Advertising, and Growth Plans

Several Netflix executives sold company shares in early November 2026. Co-CEO Theodore Sarandos sold 27,312 shares from November 3 to 4, valued at about $1.81 million. CFO Spencer Neumann sold shares worth approximately $612,000. Co-CEO Gregory Peters realized about $1.69 million, including transactions related to tax withholding. Chief Legal Officer David Hyman and director Bradford Smith also reduced their holdings. Executive sales can have different reasons and should not be viewed on their own as a measure of the company’s outlook.

After recent pressure, Netflix shares rebounded more than 4% around November 4. Bill Ackman’s Pershing Square Capital Management allocated about 5% of its portfolio to Netflix, while new AI features and positive views on the company’s technology prospects helped sentiment. Netflix reported third-quarter 2026 revenue of $13.44 billion and earnings per share of $0.87, both above expectations, though its forward outlook remains a key focus.

Advertising is one of Netflix’s main challenges. Delays to key ad product features led the company to reduce its annual advertising revenue outlook from $3 billion to $2.7 billion. Viewer engagement has also faced pressure from changes in content appeal and competition from platforms such as YouTube. Netflix is pursuing growth through live events, gaming, and advertising, with plans to expand its ad-supported offering to 15 markets while adjusting its workforce by about 6% to improve margins. Investors may want to monitor advertising growth, engagement, and profitability. This article is for informational purposes only and is not investment advice.

Carvana Earnings: Record Sales, Strong Profit, and Insider Share Sales

Carvana reported third-quarter net revenue of $8.04 billion, up 42.4% year over year and above the $7.7 billion market estimate. Retail units sold reached a record 217,385, an increase of 39.4%. Net income rose to $483 million, while adjusted EBITDA reached a record $800 million, reflecting gains in both revenue and profitability.

Management expects full-year 2026 adjusted EBITDA to reach the upper end of its $2.7 billion to $3.0 billion range. Needham maintained its Buy rating, named Carvana a top pick in transportation technology, and set a $100 price target. Strong results and guidance have drawn investor attention, though continued performance will depend on sales, margins, and operating costs.

Insider transactions are also on investors’ radar. A regulatory filing indicates that CFO Mark Jenkins planned to sell 63,800 shares on November 2, 2026, valued at approximately $4.35 million. Since August, he has planned sales totaling 191,300 shares. An executive share sale alone does not determine a company’s outlook; investors may also consider earnings, cash flow, and future guidance. This article is for informational purposes only and is not investment advice.

FCEL Stock: Data Center Opportunity, Manufacturing Costs, and Lawsuit Risk

FuelCell Energy (ticker: FCEL) provides fuel-cell power solutions. Growing electricity demand from AI data centers could create new business opportunities, while proposed pauses on new data center approvals in some areas have raised concerns about project timelines. A 75-megawatt power project may be affected, and FCEL shares recently fell as much as about 17% in a single session amid policy concerns.

FCEL signed an agreement with Fit Energy to provide up to 380 megawatts of fuel-cell power solutions. Its backlog is approximately $3.6 billion, with about 97% of its sales pipeline related to data centers. The company also drew the second installment under a $49 million financing arrangement backed by an export credit agency, supporting a green energy project and clean-energy exports. Recent leadership changes include Matthew Latino becoming CFO, digital infrastructure executive Peter Hopper joining the board, and John Dansby leading manufacturing scale-up. Converting orders into revenue will depend on production capacity, costs, and project execution.

FCEL reported third-quarter revenue of about $33 million, down approximately 29% year over year, and a net loss of roughly $45.3 million. Product costs and manufacturing overhead for the Fit Energy agreement exceeded the contract pricing, resulting in an approximately $17 million contract impairment charge. Securities class-action allegations concern disclosures about manufacturing capacity and costs; the case remains in the legal process. The deadline to seek appointment as lead plaintiff is November 10, 2026. FCEL’s growth opportunities come with execution, financing, and litigation risks. This article is for informational purposes only and is not investment advice.

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PFE Stock: Pfizer’s Q3 2026 Earnings, Business Strategy, and Dividend Outlook

PFE is the New York Stock Exchange ticker for Pfizer Inc. In the third quarter of 2026, Pfizer reported revenue of $16.58 billion and adjusted earnings per share of $0.87, both above market expectations. The company raised its full-year revenue outlook to $62 billion–$64 billion and its adjusted EPS guidance to $2.95–$3.05, pointing to stronger performance than previously expected.

Although demand for COVID-related products continues to decline, Pfizer’s non-COVID business is growing. Third-quarter sales reached $720 million for the cancer drug Padcev and $2.52 billion for Eliquis, up 25% year over year. Revenue from newer and acquired products rose 32%. Pfizer is expanding its oncology pipeline, entering the weight-loss treatment market through its acquisition of Metsera, and targeting approximately $9.7 billion in net cost savings by 2029. Cecile Guegan has also taken over as chief financial officer.

Investors are also watching Pfizer’s dividend and legal developments. The company declared a cash dividend of $0.43 per share, with an ex-dividend date of November 6, 2026. Analysts raised some earnings estimates and price targets following the quarterly results. Pfizer also faces ongoing legal scrutiny related to statements about COVID vaccine safety, while its subsidiary Mylan has sued Novo Nordisk over generic-drug patent issues involving Wegovy. Pfizer’s outlook depends on new-product growth, cost savings, patent matters, and litigation developments. This article is for informational purposes only and is not investment advice.

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09/19/2026