One whale wallet received $375M in stablecoins from top crypto companies, originating from some of the biggest crypto holders and influencers. The receiver reportedly performed one of the biggest direct on-chain raises.
A mysterious new wallet received $375M in stablecoins within just a few hours. The entity, still unnamed by Arkham Intelligence, kept receiving funds from exchanges, as low as 20 USDT from the Binance hot wallet. The biggest single transaction was for 3M from the Mantle Eco Fund, followed by 2.8M USDT from Coinbase Prime.
The inflow of stablecoins on the Ethereum chain also suggests the potential for financing another ETH treasury company. Hours after the inflows, the stablecoins were not swapped or moved.
The entity has received inflows from Coinbase Prime, the Mantle Eco Fund, as well as individual crypto investors. On-chain investigators identified inflows from Galaxy Digital, Josh Fraser, and Robert Leshner. Hypersphere Ventures is also among the investors.
🚨BREAKING: A COMPANY JUST RAISED 375 MILLION DOLLARS ON-CHAIN
An ethereum address received $375M in USDT and USDC via multiple different entities, some of which being Galaxy Digital, Josh Fraser (@joshfraser), Hypersphere Ventures, Robert Leshner (@rleshner) and other notable… pic.twitter.com/pi96fiAZof
— Emmett Gallic (@emmettgallic) September 10, 2025
The entity that raised the large-scale sum is still not identified, as a publicity unveiling may be coming. Speculations include Sharplink Gaming or Plasma. SharpLink remains probable, since Hypersphere Ventures participated in the post-ICO raise for the company, for a total of $425M.
Crypto companies shift to private rounds
The direct inflow of stablecoins into wallets coincides with the trend of undisclosed rounds. Currently, there are no known deals of this size.
The direct on-chain inflows ranged between large-scale sums and transfers of 10-20 USDT. At this point, fundraising for crypto companies switched back to the IPO model, expecting significant rounds in 2025.
Fundraising rounds currently use available reserves and involve vetted, later-stage companies, instead of early-stage crypto startups.
Is on-chain fundraising coming?
The recent transaction showed crypto reserves could be raised within hours. While the event remains anonymous and unannounced, it coincides with a recent expectation for an easier fundraising process.
At this point, the raise for $375M is unprecedented and almost matches some of the biggest ICOs.
The raise follows a recent statement by SEC Chairman Paul Atkins on the ability to raise funds on-chain without additional regulatory weight.
‘We must ensure that entrepreneurs can raise capital on-chain without endless legal uncertainty. And we must allow for “super-app” trading platform innovation that increases choice for market participants,’ said Atkins at the Inaugural OECD Roundtable on Global Financial Markets.
Currently, permissionless raises still exist, but the scale of tapping some of the biggest investors remains unprecedented.
