Fomo Raises $75M at $550M Valuation, Strategy Adds Cash, ETHLabs Launches
Fomo, a social-first crypto trading app, raised $75 million in Series B funding led by Index Ventures at a $550 million valuation, with participation from Union Square Ventures and others. The app, founded by ex-dYdX employees, offers non-custodial trading with 30-second onboarding, social features, and multi-chain access. Since its launch in May 2025, it has reached 625,000 users and $4 billion in trading volume. The investment signals growing mainstream VC interest in consumer crypto. Meanwhile, Strategy (formerly MicroStrategy) raised $300 million in cash by selling MSTR stock, but bought only 520 BTC, prioritizing balance sheet strength over Bitcoin purchases amid market concerns. Additionally, BitMine, SharpLink, and Joe Lubin backed ETHLabs, an independent nonprofit R&D lab focused on Ethereum's institutional adoption, staffed by former Ethereum Foundation researchers. The lab aims to enhance settlement, issuance, and cross-chain capabilities, with community backing from key figures like Hayden Adams and Justin Drake. Crypto markets experienced a downturn, with Bitcoin down 3% to $62,300, Ethereum down 6% to $1,660, and Solana down 7% amid broader stock selloffs.
Key facts
- Fomo raises $75M Series B at $550M valuation led by Index Ventures.
- Strategy raises $300M cash via stock sale, buys only 520 BTC.
- ETHLabs launched as nonprofit R&D lab backed by BitMine, SharpLink, and Joe Lubin.
- Crypto majors fall 3-7% amid stock selloff; BTC at $62.3k, ETH at $1,660.
- U.S. Senate passes housing bill with four-year ban on Fed CBDC.