Unchained Valuation, Funding & Investors
Unchained is valued at $125M as of June 2021.
Last Unchained valuation
$125M
Series A · Jun 2021
Last Unchained funding round
$60M
Series B · Apr 2023
Cumulative funding Unchained raised
$109M
across 5 funding rounds
Key investors in Unchained
Starting Line
NYDIG
Ecliptic Capital
TVP
Ten31
Stronghold Resource Partners
About Unchained
Unchained is an Austin-based bitcoin financial services provider offering multisig vaults, a trading desk, bitcoin-backed loans, and bitcoin IRAs. The company emphasizes user control over private keys and provides expert support for setups across experience levels, accessible at unchained.com.
Founded
2017
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Services
Valuation
$125M (Jun 2021)
Unchained Valuation
Unchained is currently valued at $125M, based on its Series A in June 2021.
The $25M round was led by NYDIG and Stone Ridge Asset Management, with participation from Stronghold Resource Partners, Ten31, Ecliptic Capital, HCM Capital, Starting Line and 1 other investor.
Unchained's valuation has grown 4.3x from $29M at its seed round in June 2018 to $125M in June 2021, across 2 priced rounds.
Unchained valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Series A | $125M |
| Jun 2018 | Seed | $29M |
Unchained Funding History
Unchained has raised a total of $109M across 5 funding rounds.
Unchained's first fundraising round was a $3M seed round in June 2018. The most recent completed round was a $60M Series B in April 2023.
Unchained funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series B | Valor Equity Partners (lead); Highland Capital Partners; Anil Patel; Ecliptic Capital; TVP; Ironwood Ventures; NYDIG | $60M | - | Unchained, a bitcoin-focused financial services company founded in 2016 in Austin, Texas, provides collaborative custody, lending, trading, and IRA products emphasizing private key ownership and non-custodial storage to minimize risks for bitcoin holders. The firm announced a $60 million Series B funding round on April 18, 2023, with initial close on April 11, led by Valor Equity Partners; participants included existing investors NYDIG, Trammell Venture Partners (TVP), Ecliptic Capital, and Highland Capital Partners, building on a prior $15 million round led by Ten31. A spokesperson explicitly declined to disclose the implied valuation. Funds are allocated to expand the client base, enhance core services like collaborative custody, develop new products including mobile apps, dollar-based offerings such as checking accounts and credit cards, and grow headcount from 87 employees in a disciplined manner amid bitcoin adoption and market recovery post-FTX collapse. Unchained differentiates through superior technology, risk management, regulatory compliance, and client service, particularly in lending where it reduces risks for lenders and borrowers, enabling resilience during crypto winter when competitors like Voyager, Celsius, and BlockFi failed. CEO Joe Kelly noted influxes of new customers despite reduced loan demand and trading volumes, positioning the company to capture market share as bitcoin integrates with traditional finance. Vivek Pattipati from Valor Equity Partners, joining the board, highlighted Unchained's trustworthiness in chaotic markets. The round underscores investor confidence in Unchained's model amid broader industry turmoil, with total capital raised reaching $115 million including prior financings. Plans include product upgrades, security enhancements, and bridging bitcoin to dollar ecosystems for credit, trading, and investments, accelerating non-custodial adoption for newcomers and veterans alike. |
| Dec 2022 | Series A | Ten31 (lead); Lightning Ventures | $15M | - | - |
| Jun 2021 | Series A | NYDIG (lead); Stone Ridge Asset Management (lead); Stronghold Resource Partners; Ten31; Ecliptic Capital; HCM Capital; Starting Line; TVP | $25M | $125M | Unchained Capital is a bitcoin financial services company offering collaborative custody solutions, cold storage vaults, trading desk, bitcoin-backed loans, and retirement accounts, emphasizing 'not your keys, not your bitcoin.' The company secured bitcoin holdings for clients through its multisig vault platform, positioning itself as a leader in bitcoin-specific custody versus broader crypto custodians. The company demonstrated traction through product expansions like mobile apps and trust platforms. On June 4, 2021, it raised $25M in a Series A round led by NYDIG and Stone Ridge Asset Management, with participation from Ecliptic Capital, Platform Ventures (likely Starting Line), Stronghold Resource Partners, Ten31, and Trammell Venture Partners. The post-money valuation was $125M. This round contributed to total funding exceeding $129M across 10 rounds by 2023. Subsequent rounds included a $15M Series A-II in July 2022 from Ten31 and Ecliptic Capital, and a $30M Series B in April 2023 led by Valor Equity Partners with returning investors like Ecliptic, Highland Capital, NYDIG, and Trammell Venture Partners. |
| Mar 2021 | Seed | NYDIG (lead); Stronghold Resource Partners; Capital Factory; Ecliptic Capital; LDGR Ventures; Starting Line; TVP | $6M | - | Unchained Capital, a Bitcoin-focused financial services platform, closed a $5.5 million equity seed round on March 2, 2021, led by NYDIG with participation from Ecliptic Capital, Starting Line, Platform Ventures, Stronghold Resource Partners, Trammell Venture Partners’ Bitcoin Venture Fund, and Capital Factory. NYDIG took a minority stake and committed $50 million initially in lending to support Unchained's bitcoin-backed multisig lending platform, later increasing to $100 million alongside a separate $25 million Series A in June 2021. The funding enabled team growth from 25 people, integration with NYDIG, and expansion into bitcoin lending and payments infrastructure. At the time of the seed round, Unchained had secured over $1 billion in bitcoin and originated over $80 million in term loans. The partnership aimed to foster collaborative custody for greater security and attract financial institutions to bitcoin-collateralized lending, which saw a five-fold increase in the prior six months. |
| Jun 2018 | Seed | Starting Line (lead); Ezra Galston; Nick Ducoff; Michael Komaransky; Brian Spaly | $3M | $29M | Unchained Capital is a crypto-finance startup based in Austin that provides loans against digital asset collateral, enabling long-term cryptocurrency holders to access fiat currency while maintaining ownership of their crypto holdings. Founded in 2016 by Joseph Kelly and Dhruv Bansal, the company pioneered crypto-collateralized lending, making its first loan in June 2017 and launching publicly in November 2017. The company initially lent against Bitcoin and expanded to accept Ethereum as collateral. The seed round closed on June 7, 2018, at a post-money valuation of approximately $28.93 million, bringing in $2.995 million in funding composed of $2.4 million in new capital and $595,000 in converting SAFE notes. Key investors included angel investors Michael Komaransky (formerly of Cumberland Mining), Brian Spaly (co-founder of Bonobos and Trunk Club), Mike Erwin and Whurley of Ecliptic Capital, and Ezra Galston of Starting Line, with Komaransky, Erwin, and Galston joining the board. The funding was designated for team expansion and advancement of the company's financial services and wealth management offerings for cryptocurrency investors. |
Who has invested in Unchained?
19 investors have backed Unchained across its funding rounds, including Starting Line, NYDIG, Ecliptic Capital, TVP, Ten31 and Stronghold Resource Partners.
Lead investors include Valor Equity Partners, Ten31, NYDIG, Stone Ridge Asset Management and Starting Line.
Unchained Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Austin, TX | 3 | Participant | Mar 2021 | |
| Chicago, IL | 3 | Lead | Jun 2018 | |
| Austin, TX | 3 | Participant | Mar 2021 | |
| New York City, NY | 3 | Lead | Mar 2021 | |
| Oklahoma City, OK | 2 | Participant | Mar 2021 | |
| New York City, NY | 2 | Lead | Jun 2021 | |
| Lexington, KY | 1 | Participant | Apr 2023 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Ezra Galston | Chicago, IL | 1 | Participant | Jun 2018 |
| Boston, MA | 1 | Participant | Jun 2018 | |
| Anil Patel | San Francisco, CA | 1 | Participant | Apr 2023 |
| Michael Komaransky | -- | 1 | Participant | Jun 2018 |
| Austin, TX | 1 | Participant | Mar 2021 | |
 Shanghai | 1 | Participant | Jun 2021 | |
This data is available for Pro users. Sign up to see all 19 Unchained 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 TrialUnchained Competitors
Unchained competitors include listed companies like Solana and Amber International, and private ones like Gearbox Protocol, BiLira, Klickl and Vatom.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tórtola | Private | - | - | $150M | - | |
 İstanbul | Private | - | - | $125M | - | |
 Dubai | Private | - | - | $125M | - | |
| Los Angeles, CA | Private | - | - | $125M | - | |
| United States | Publicly listed | $6M | ($40M) | $137M | 13.9x | |
 Hong Kong | Publicly listed | $66M | $5M | $139M | 1.5x |
Unchained Public Comps
Unchained is still privately-owned, but its public comps include Finance of America, Maghrebail, Solana, Amber International, FSA Group, Maroc Leasing, Evolve Royalties, Pioneer Credit, Bitcoin Group and Next10.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $412M | $143M | 73.7x | 65.5x | 213.0x | 185.8x | |||
| $443M | - | 3.2x | - | - | - | |||
| $6M | ($40M) | 22.9x | 13.9x | (3.4x) | - | |||
| $66M | $5M | 1.4x | 1.5x | 21.1x | 20.2x | |||
| $5M | ($35M) | 182.5x | - | (24.1x) | - | |||
| $417M | - | 3.1x | - | - | - | |||
| $1M | ($469K) | 96.7x | 22.8x | (214.4x) | 34.3x | |||
| $73M | $36M | 3.1x | 3.2x | 6.3x | 3.9x | |||
This data is available for Pro users. Sign up to see all Unchained competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Unchained
| When was Unchained founded? | Unchained was founded in 2017. |
| Where is Unchained headquartered? | Unchained is headquartered in Austin, TX, United States. |
| Is Unchained publicly listed? | No, Unchained is a private, VC-backed company. |
| What is Unchained's valuation? | Unchained was last valued at $125M in its Series A in June 2021. |
| How much funding has Unchained raised? | Unchained has raised $109M across 5 funding rounds. |
| What was Unchained's last funding round? | Unchained's last funding round was a $60M Series B in April 2023, led by Valor Equity Partners. |
| Who are Unchained's investors? | Unchained's investors include Ecliptic Capital, Starting Line, TVP, NYDIG, Stronghold Resource Partners, Ten31, Highland Capital Partners, Ezra Galston, Nick Ducoff, Anil Patel and 9 others. |
| Which companies are comparable to Unchained? | Companies comparable to Unchained include Gearbox Protocol, BiLira, Klickl, Vatom, Solana and Amber International. |
See companies similar to Unchained
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