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- Flying Tulip
Flying Tulip Revenue, Valuation, Funding & Investors
Flying Tulip is valued at $1B as of September 2025, a 10.0x multiple on its last reported $100M revenue.
Last Flying Tulip valuation
$1B
Seed · Sep 2025
Last Flying Tulip funding round
$26M
Series A · Jan 2026
Flying Tulip revenue
$100M
Seed · Sep 2025
Key investors in Flying Tulip
Paper Ventures
CoinFund
Lemniscap
Hypersphere Ventures
DWF Labs
Nascent
About Flying Tulip
Flying Tulip is a decentralized finance protocol founded by Andre Cronje, with integrated trading, lending and ftUSD products. Its native token is FT. Qualifying primary-allocation positions carry a perpetual PUT redemption right under the protocol’s terms.
Founded
2025
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$100M (Sep 2025)
Valuation
$1B (Sep 2025)
Flying Tulip Valuation
Flying Tulip is currently valued at $1B, based on its seed round in September 2025.
The $200M round included BH Digital, Nascent, Paper Ventures, FalconX, Susquehanna Crypto and 7 other investors.
Flying Tulip valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2025 | Seed | $1B | 10.0x |
Flying Tulip Revenue
Flying Tulip's latest recorded revenue is $100M, as of its seed round in September 2025. At a $1B valuation, that implies a 10.0x revenue multiple.
Flying Tulip revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $100M | $1B | 10.0x | Seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Flying Tulip Funding History
Flying Tulip has raised a total of $226M across 2 funding rounds.
Flying Tulip's first fundraising round was a $200M seed round in September 2025. The most recent completed round was a $26M Series A in January 2026.
Flying Tulip funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series A | Paper Ventures; Amber International; Fasanara Capital | $26M | - | Flying Tulip is a full-stack onchain financial marketplace and exchange founded by Andre Cronje, unifying spot trading, derivatives, credit, a native stablecoin (ftUSD), and onchain insurance in a single cross-margin system focused on capital efficiency, transparent risk management, onchain settlement, segregated reserves, and safety mechanisms like a circuit breaker. Flying Tulip emphasizes verifiable onchain market structure with auditable risks, reserves, and incentives, positioning for long-term sustainability in DeFi. The project launched public sale around early February 2026 via platforms like Coinlist, targeting a maximum fundraising cap of $1 billion USD, with funds deployed into low-risk yield strategies like Aave and Lido, allowing unconditional redemptions; all fees, revenue, and yields generated buy back FT tokens for distribution to users. Post-launch traction includes total funds raised reaching $183.9M by February 20, 2026, and $225.5M overall, with TVL at $126.1M pre-launch and cumulative yield of $85.63K; as of March 12, 2026, community retention was strong, operating income exceeded cash burn, and the first product was live generating revenue despite weak markets. |
| Sep 2025 | Seed | BH Digital; Nascent; Paper Ventures; FalconX; Susquehanna Crypto; Hypersphere Ventures; Selini Capital; Lemniscap; Tioga Capital Partners; DWF Labs; CoinFund; Republic Digital | $200M | $1B | Flying Tulip, founded by DeFi pioneer Andre Cronje, is a full-stack onchain exchange integrating spot trading, derivatives, lending, stablecoins, money markets, options, and onchain insurance within a single cross-margin, volatility-aware system designed for capital efficiency. The platform operates across multiple chains including Ethereum, Avalanche, BNB Chain, Sonic, and Solana, with initial zero-fee trading on Sonic. It emphasizes institutional-grade market structure with onchain guarantees and alignment between users, investors, and the team through tokenomics where the team receives no initial allocation but buys exposure via open-market purchases funded by protocol revenues. On September 29, 2025, Flying Tulip closed a $200 million seed funding round structured as a SAFT at a $1 billion post-money valuation. Investors included Brevan Howard Digital (BH Digital), CoinFund, DWF Labs, FalconX, Hypersphere Ventures, Lemniscap, Nascent, Paper Ventures, Republic Digital, Selini Capital, Tioga Capital Partners, Susquehanna Crypto, Sigil Fund, and Virtuals Protocol. The proceeds will fund development of the exchange's trading, lending, derivatives, stablecoins, and insurance features, as well as operational growth. Alongside the private raise, Flying Tulip announced an onchain public sale of its $FT token at the same $1 billion valuation, featuring a programmable redemption right protecting principal while preserving upside. The public sale targets up to $800 million, bringing total funding across phases to $1 billion, hosted across multiple chains with details on supported assets, circulating supply, and smart contracts to be announced. This innovative structure provides downside protection and ties incentives to real usage and long-term performance. The round highlights strong early momentum, closing just a month after launch in a month where Web3 fundraising reached $7.2 billion across 160 deals. Flying Tulip's unicorn seed valuation stands out amid seed-stage activity boosted primarily by this deal, positioning it as a market highlight in DeFi infrastructure. |
Who has invested in Flying Tulip?
14 investors have backed Flying Tulip across its funding rounds, including Paper Ventures, CoinFund, Lemniscap, Hypersphere Ventures, DWF Labs and Nascent.
Flying Tulip Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Jan 2026 | ||
| 1 | Participant | Sep 2025 | ||
This data is available for Pro users. Sign up to see all 14 Flying Tulip investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFlying Tulip Competitors
Flying Tulip competitors include listed companies like BTCS, Sharplink and BitMine, and private ones like Credit Sesame, Farther and Masterworks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $16M | ($30M) | $73M | 2.2x | ||
| Publicly listed | $28M | ($734M) | $1.8B | 39.9x | ||
| Publicly listed | $6M | ($364M) | $14B | 97.4x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - |
Flying Tulip Public Comps
Flying Tulip is still privately-owned, but its public comps include Bravura Solutions, HashKey Holdings, Tiger Brokers, Monex Group, BitGo Holdings, OSL Group, Indokripto Koin Semesta, Rhino Bitcoin, Flow Traders and Securitize.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $201M | $55M | 4.9x | 4.9x | 17.9x | 17.0x | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $612M | $284M | 0.4x | 0.4x | 0.9x | 1.2x | |||
| $577M | $189M | 2.7x | 3.1x | 8.2x | 28.9x | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
This data is available for Pro users. Sign up to see all Flying Tulip competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Flying Tulip
| When was Flying Tulip founded? | Flying Tulip was founded in 2025. |
| Where is Flying Tulip headquartered? | Flying Tulip is headquartered in New York City, NY, United States. |
| Is Flying Tulip publicly listed? | No, Flying Tulip is a private, VC-backed company. |
| What is Flying Tulip's valuation? | Flying Tulip was last valued at $1B in its seed round in September 2025. |
| How much funding has Flying Tulip raised? | Flying Tulip has raised $226M across 2 funding rounds. |
| What was Flying Tulip's last funding round? | Flying Tulip's last funding round was a $26M Series A in January 2026. |
| Who are Flying Tulip's investors? | Flying Tulip's investors include Paper Ventures, BH Digital, Nascent, FalconX, Susquehanna Crypto, Hypersphere Ventures, Selini Capital, Lemniscap, Tioga Capital Partners, DWF Labs and 4 others. |
| What is Flying Tulip's revenue? | Flying Tulip's latest recorded revenue is $100M (September 2025). |
| What is Flying Tulip's revenue multiple? | Flying Tulip's latest valuation implies a 10.0x revenue multiple ($1B valuation on $100M of revenue). |
| Which companies are comparable to Flying Tulip? | Companies comparable to Flying Tulip include BTCS, Sharplink, BitMine, Credit Sesame, Farther and Masterworks. |
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