Dapper Labs Valuation, Funding & Investors

Suning Sports is the sports arm of Chinese retail and property conglomerate Suning Holdings Group, headquartered in Nanjing, Jiangsu, and incorporated as Jiangsu Suning Sports Industry Co., a joint venture of Suning Holdings, which owned 90% at the end of 2016, and Suning Appliance Group. It built a business spanning sports media, over-the-top streaming, sports retail and youth training. Its digital platform PP Sports bought Chinese broadcast rights to major football competitions, including the Premier League, La Liga, Serie A, Ligue 1, the Chinese Super League and, from 2018-19, exclusive television and online rights to the Bundesliga for five seasons, along with AFC competitions and WWE, earning revenue from subscriptions and advertising. It opened its first flagship fan store in Nanjing in 2017, planning 152 stores by 2020, and developed grassroots training programmes. Through its Hong Kong subsidiary Suning Sports International, it sits above Great Horizon, the vehicle through which Suning bought a majority stake in Inter Milan in 2016, and the group also owned Chinese Super League club Jiangsu Suning. In July 2018 Suning Sports raised a $600 million Series A led by Goldman Sachs and Alibaba, with Evergrande, Yunfeng Capital, SenseTime, CCB International and others, valuing it at about $2.6 billion. Under financial strain, Suning halted operations at its Chinese football clubs, including champions Jiangsu, in February 2021.

Sorare is a Paris fantasy-sports company founded in 2018. Its platform lets users collect officially licensed digital player cards and enter fantasy competitions based on real-world football, baseball and basketball performance. Scarce cards are recorded using blockchain technology and can be bought and sold by users, while free-entry modes broaden access beyond collectors. The company works with professional leagues, clubs and player associations to license teams and athletes. Revenue comes principally from primary sales of digital cards and marketplace-related economics. Sorare has built an international consumer community and combines gaming, sports data, digital collectibles and licensed entertainment content. Official partnerships with leagues and clubs provide intellectual-property rights that distinguish the platform from unlicensed fantasy products.

FalconX is a San Francisco-based institutional digital-asset prime brokerage offering crypto trading, financing and custody services to professional investors. It was founded in 2018 by Raghu Yarlagadda and Prabhakar Reddy, alumni of Google and Accel, and its first product processed more than $7 billion of transactions in its first ten months. The platform provides spot and derivatives execution, electronic options, ETF-related services, credit and prime brokerage to hedge funds, asset managers, corporate treasuries and other institutions, earning revenue from trading spreads, financing and service fees. FalconX reports more than $2.5 trillion of cumulative trading volume and more than 350 employees globally. It has raised more than $430 million from investors including Accel, Coinbase Ventures, American Express Ventures, Tiger Global, B Capital, Altimeter Capital, Sapphire Ventures, GIC, Thoma Bravo and Wellington Management. Its $150 million Series D, led by GIC and B Capital in June 2022, valued the company at $8 billion, more than double the $3.75 billion valuation of its August 2021 Series C.

Fireblocks is a New York-based digital asset infrastructure company whose platform lets banks, exchanges, fintechs, payment companies and asset managers store, transfer, issue and settle cryptocurrencies, stablecoins and tokenized assets. Its wallet infrastructure combines multi-party computation (MPC) with chip isolation security to remove single points of failure in private-key management, and the Fireblocks Network connects members to the crypto capital markets ecosystem for instant settlement. Customers have included BNY Mellon, Revolut, Galaxy Digital, Crypto.com, eToro and B2C2; by January 2022 the company had grown from 150 to more than 800 customers, supported more than 20 blockchains, had seen $2 trillion in digital assets transferred and held $45 billion of customer assets under custody on its platform. Fireblocks sells its software to institutions rather than holding assets on its own balance sheet. The company was founded in 2018 by Michael Shaulov, Pavel Berengoltz and Idan Ofrat and emerged from stealth in June 2019 with a $16 million Series A. It later raised a $30 million Series B led by Paradigm, a $133 million Series C, a $310 million Series D and a $550 million Series E in January 2022, co-led by D1 Capital Partners and Spark Capital, which valued it at $8 billion.

StarkWare Industries is an Israeli cryptography company headquartered in Netanya that develops STARK zero-knowledge proof technology to scale blockchains, principally Ethereum. Its products include StarkEx, a scaling engine that batches trades and transfers off-chain and settles them on Ethereum with a single validity proof, Starknet, a permissionless zero-knowledge rollup network, and Cairo, a programming language for writing provable programs. StarkEx has been used by applications such as dYdX, Immutable and Sorare, and in 2021 the company said its systems had settled more than USD 200bn of volume and over 50 million transactions. StarkWare was founded in 2018 by Eli Ben-Sasson, a Technion professor and Zcash co-inventor who is now chief executive, his former doctoral student Michael Riabzev, Uri Kolodny and Alessandro Chiesa of UC Berkeley, and employs about 190 people. It has raised venture funding from investors including Paradigm, Sequoia Capital, Greenoaks, Coatue and Tiger Global and was valued at USD 8bn in its May 2022 Series D. The company remains privately held.

Consensys is a software company that builds products and infrastructure for the Ethereum blockchain ecosystem. It was founded in 2014 by Joseph Lubin, a co-founder of Ethereum, and is headquartered in Fort Worth, Texas. Its products include the MetaMask self-custodial wallet, the Infura node and API service for developers, the Truffle smart-contract tooling suite, the Linea layer-2 network and the Besu and Teku Ethereum clients. The company serves individual crypto users, application developers, financial institutions and enterprises that build on public and private blockchains. It earns revenue mainly from usage-based fees such as wallet swap fees and developer API plans, together with subscriptions and professional services. Beyond organic product development the company has grown by acquiring developer-tool, wallet and security teams, and it has invested in early-stage Ethereum projects directly and through its incubation arm, Consensys Mesh.

NYDIG is a New York-headquartered platform offering Bitcoin financial services to institutions, high-net-worth individuals, and banks. Services encompass asset management, custody, trading execution, derivatives, and lending secured by Bitcoin collateral. Compliant with SOC 2 standards, NYDIG provides OTC desks and research reports on network metrics. Launched in 2017 as a Stone Ridge affiliate, it custodies billions in Bitcoin across global clients.

Wealthsimple is a Toronto-headquartered Canadian financial technology company that offers investing, trading, banking and tax products through its mobile and web apps. Its managed investing service builds low-fee portfolios of exchange-traded funds, while its self-directed platform offers commission-free trading of stocks and ETFs and regulated crypto trading, alongside a chequing account with no monthly, foreign exchange or ATM withdrawal fees and a tax-filing service. The company serves retail clients across Canada and earns fees on managed assets and trading services as well as income on client cash. It reached C$50 billion in assets under administration in 2024, doubled that to about C$100 billion by October 2025, and has been profitable since 2024. In October 2025 it announced an equity round of up to C$750 million at a C$10 billion post-money valuation, co-led by Dragoneer and GIC. Power Corporation of Canada is its controlling shareholder with a 52.4% stake held through Power Financial, IGM Financial and Portage Ventures. Wealthsimple was founded in September 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler.

KuCoin is a Chinese cryptocurrency exchange supporting spot, margin, futures trading, and staking for over 700 tokens. It caters to global traders with features like trading bots, API access, and fiat on-ramps via bank cards. KuCoin lists projects from Binance and Coinbase ecosystems. Launched in 2017, the platform maintains offices in Singapore and Hong Kong.

Labs is a Santa Monica, California-headquartered holding company overseeing labs in AI, immersive realities, blockchain, and human enhancement technologies. Restructured in 2025 from LavLabs Inc., it manages entities like Labs Intelligence, Labs Realities, and Labs Crypto, alongside brands such as Yuhmmy for social-taste experiences. The firm supports ecosystems in finance, realty, education, and entertainment through its family of specialized labs.

Alchemy is a blockchain developer platform powering over 70 percent of top web3 applications with APIs for Ethereum, Polygon, Arbitrum, and Optimism. Services include node infrastructure, enhanced APIs, and analytics dashboards used by OpenSea, Uniswap, and Dapper Labs. San Francisco-headquartered since 2020, the company processes 10 billion compute units monthly across 1 million daily active app chains.

Tempo is a Layer-1 blockchain protocol optimized for payment applications. Incubated by Stripe and Paradigm, it supports high-throughput transactions with low fees using a proof-of-stake consensus mechanism. The network enables developers to build decentralized payment rails compatible with existing financial infrastructure.

BitMine Immersion Technologies is a publicly traded digital-asset and blockchain-infrastructure company headquartered in Las Vegas. The business accumulated a large Ethereum treasury and developed staking operations intended to earn network rewards on those holdings. It also operates the Made in America Validator Network, known as MAVAN, as an institutional Ethereum staking platform. BitMine acquired Pier Two in March 2026 to add validator technology, personnel and operating capabilities to that platform. The company also has a history in cryptocurrency mining and infrastructure services. It earns revenue from staking, digital-asset infrastructure, mining and related treasury activities rather than from investment-management fees charged to third-party funds. Its shares trade publicly in the United States, exposing investors to the value and operating yield of its digital-asset holdings and infrastructure.

Binance.US is a privately held United States digital-asset marketplace launched in 2019 and operated by BAM Trading Services. The Miami-based platform provides spot trading, crypto conversion, staking, deposits and withdrawals through web and mobile applications built for United States customers. It supports more than 150 digital assets and serves beginners, active retail traders and institutional market participants. Binance.US uses matching-engine and wallet technology licensed from Binance, but its own support materials identify it as a separate and independent company from the international Binance exchange. The company earns commission and spread-related revenue from trading and other account services, while selected Bitcoin trading pairs are offered without transaction fees. Its compliance program includes federal money-services-business registration and applicable state money-transmitter licensing. The profile refers specifically to the operating exchange at binance.us, not Binance's international platform or investment arm.

OpenSea is a privately held United States marketplace for non-fungible tokens, fungible tokens, and other on-chain assets. Devin Finzer and Alex Atallah founded the company in 2017 and launched a non-custodial marketplace in which users retain control of assets through their own wallets. The service lets people discover, mint, buy, and sell NFTs and trade tokens across multiple blockchains. It serves collectors and traders alongside creators, brands, game studios, and developers that publish digital collections. OpenSea's product suite includes its main marketplace, OpenSea Pro for active traders, and Studio tools for managing collections and drops. The company reports more than two million collections, 80 million NFTs, and USD 20 billion in cumulative volume on its platform. Its business earns transaction fees and related marketplace revenue when users trade supported digital assets.

Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. Its objective is to provide mission critical products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It expanded its product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference.

Sportradar is a Swiss sports technology company headquartered in St. Gallen that supplies sports data, content and related services to bookmakers, media companies and sports organizations. Through its Betradar brand it provides bookmakers with sports data, odds suggestions, managed trading services and streaming, and it also sells integrity services that monitor betting markets for match-fixing, audiovisual distribution, OTT streaming and digital advertising services. Its partners include the NFL, NBA, NHL, NASCAR and the International Tennis Federation, and its customers include hundreds of bookmakers and state lotteries such as Veikkaus, Svenska Spel and Norsk Tipping. It earns subscription and revenue-share income, and reported revenue of 1.29 billion euros and net income of 100 million euros for 2025, with about 3,900 employees in 29 offices across 20 countries. The business began in 2001 in Trondheim, Norway, as Market Monitor AS, founded by Petter Fornæss and Tore Steinkjer to extract betting odds from online bookmakers, with Carsten Koerl, now group chief executive, buying 51%. EQT invested in 2012, and Michael Jordan and Mark Cuban came in through a Revolution-led investment in 2015. Sportradar listed on Nasdaq (SRAD) on 14 September 2021 at a valuation of about $8 billion.

Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications. The company's platform is a full-stack, internet financial platform business, organized around three pillars: Arc Blockchain and Developer Infrastructure, Circle Digital Assets and Services, and Circle Applications.