ParaFi Capital

ParaFi was founded by Ben Forman in 2018 to make institutional investments around blockchain and digital assets. Forman previously worked in credit and private equity investing at firms including KKRKKRKKR (Kohlberg Kravis Roberts) is an investment firm engaged in alternative asset management, capital markets services, and insurance. Jerome Kohlberg, Henry Kravis, and George Roberts co-founded the firm in 1976. Its managed funds invest in private equity, credit, and real assets, and its subsidiary Global Atlantic operates retirement, life insurance, and reinsurance businesses. KKR listed on the New York Stock Exchange in 2010 under the ticker KKR.Open the full entry and TPG, and had been involved in KKR’s blockchain research since 2016. ParaFi later developed into a multi-strategy investment firm covering public and private markets.⁠[1][2]

Uniswap Labs announced an $11 million Series A round led by a16zAndreessen HorowitzAndreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. It invests from the seed stage through the growth stage and provides operational support to its portfolio companies.Open the full entry, with participation from ParaFi along with USV, ParadigmParadigmParadigm is a technology investment firm founded in 2018 by Matt Huang and Fred Ehrsam, investing in crypto assets, artificial intelligence, robotics, and other emerging technologies at stages extending from initial funding to public markets. The firm also conducts protocol research, open-source software development, and company incubation.Open the full entry, Version One, Variant, and others. The funds were to be used to expand the team and develop Uniswap V3, improving the protocol’s flexibility and capital efficiency.⁠[3]

CoinbaseCoinbaseCoinbase is a U.S. operator of crypto asset trading platforms, founded in 2012 by Brian Armstrong and Fred Ehrsam, whose listed parent is Coinbase Global, Inc.; it went public through a direct listing on Nasdaq (ticker COIN) in April 2021 and joined the S&P 500 in May 2025. It provides crypto trading, custody, staking, and stablecoin-related services, launched USDC with Circle, develops the Ethereum layer-2 network Base, and acquired the crypto options exchange Deribit in 2025; its venture investing operates as Coinbase Ventures.Open the full entry, which appears in ParaFi’s public investment record, began trading on NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry through a direct listing under the ticker COIN. ParaFi’s website now lists the company among its exits, but does not state the timing, quantity, or price of any sale of its own shares.⁠[4][5]

The Block announced the completion of a management buyout, becoming a company wholly owned by its employees with no outside shareholder interests; the financial terms of the transaction were not disclosed. ParaFi’s website lists The Block among its exits. This part of the company’s history should be understood separately from the 2023 majority stake transfer, which cannot be treated directly as an exit transaction for ParaFi.⁠[6][5]

RobinhoodRobinhoodRobinhood is a financial services brand co-founded in 2013 by Vlad Tenev and Baiju Bhatt; its publicly listed parent company is Robinhood Markets, Inc., headquartered in Menlo Park, California, United States. The company has grown from commission-free mobile securities trading into crypto assets, retirement accounts, and other financial services, and trades on Nasdaq under the symbol HOOD.Open the full entry priced its initial public offering at $38 per share, offering 55 million shares, of which 52,375,000 were issued by the company and 2,625,000 were sold by existing shareholders. The company expected net proceeds of about $1.89 billion; proceeds from the sale of existing shares went to the selling shareholders. The announcement said trading was expected to begin on July 29 under the ticker HOOD. ParaFi’s website marks Robinhood as exited, but does not disclose whether it took part in that sale of existing shares.⁠[7][5]

Bakkt and VPC Impact Acquisition Holdings completed their business combination, and the combined company was renamed Bakkt Holdings. The agreement announced earlier that year put the enterprise value at about $2.1 billion and provided for existing equity holders to convert all of their interests into interests in the combined company. Although ParaFi’s website marks Bakkt as exited, this stock-for-stock merger itself cannot be treated as ParaFi having received part of a $2.1 billion transaction price.⁠[8][9][5]

Digital asset infrastructure company Fireblocks completed a $550 million Series E round at an $8 billion valuation, co-led by D1 Capital Partners and Spark CapitalSpark CapitalSpark Capital is a U.S. venture capital firm founded in Boston in 2005, with offices in San Francisco, New York and Boston. Its early-stage and growth funds back technology businesses across fintech, enterprise software, AI and consumer products. Investments have included Twitter, Tumblr, Oculus, Plaid and Anthropic.Open the full entry. Fireblocks is listed in the investment directory on ParaFi’s website; this funding announcement reflects the portfolio company’s later development and is not used to establish ParaFi’s individual contribution to the round.⁠[10][5]

Aptos Labs announced $200 million in strategic funding led by a16z crypto, with participation from ParaFi, Multicoin, Haun, Tiger Global, and others, and opened its public devnet at the same time. Aptos develops a blockchain using the Move language, and the funding was for expanding the team and supporting the developer ecosystem.⁠[11]

After UST lost its peg to the U.S. dollar, the prices of UST and other Terraform tokens fell sharply. The SEC reviewed the event in a 2024 case announcement and stated that Terraform subsequently entered bankruptcy proceedings and liquidation arrangements. ParaFi lists Terra among its exits, but the timing, price, and actual loss of its exit are not disclosed in the public directory.⁠[12][5]

Aptos Labs announced $150 million in funding led by FTXFTXFTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried and Gary Wang that operated FTX.com, moved its headquarters from Hong Kong to the Bahamas in 2021 and was valued at $32 billion in January 2022. In November 2022 it filed for U.S. bankruptcy protection amid a liquidity crisis, and Bankman-Fried was later convicted of fraud and related charges. Its reorganization plan took effect in January 2025, after which the FTX Recovery Trust began paying creditors in stages.Open the full entry Ventures and Jump Crypto, and stated that its cumulative funding over the preceding months was $350 million. This cumulative amount consists of $200 million in March and $150 million in July; ParaFi’s participation in the March round is confirmed by a company announcement, while the July announcement does not separately confirm any new investment by ParaFi.⁠[13][11]

Uniswap Labs completed a $165 million Series B round led by Polychain, with existing investors listed in the announcement including a16z, Paradigm, SV AngelSV AngelSV Angel is a San Francisco venture capital firm cofounded in 2009 by angel investor Ron Conway and former Google executive David Lee. It typically writes small follow-on checks in seed rounds and has invested in companies such as Airbnb, Pinterest, and Dropbox; in 2018 it said it would no longer raise new funds from outside investors, and from 2022 it set up growth funds.Open the full entry, and Variant. ParaFi participated in the 2020 Series A, and its website now marks Uniswap Labs as exited; the Series B amount is company funding, and trading of the Uniswap protocol token and disposition of company equity are also separate matters.⁠[14][3][5]

BlockFi and eight affiliated companies filed for Chapter 11 reorganization in New Jersey and said they would pursue amounts owed by counterparties including FTX. ParaFi’s website lists BlockFi as an exited project but does not disclose its final investment recovery; distributions to clients and creditors cannot substitute for repayments to equity investors.⁠[15][5]

The Block confirmed that Foresight Ventures had completed the acquisition of a majority stake. The transaction valued the company at $70 million, with the funds mainly used to buy out the shares of former chief executive officer Mike McCaffreyMichael McCaffreyMichael McCaffrey is the former chief executive of the crypto media company The Block, who succeeded founder Mike Dudas in April 2020 and led a 2021 management buyout; he resigned on December 9, 2022, the day it became public that companies he controlled had secretly received about $43 million in loans from Alameda Research.Open the full entry. Because the company announced in 2021 that it had eliminated outside shareholder interests, this transaction cannot be used directly to calculate ParaFi’s investment return.⁠[16][6]

ParaFi and Greenfield co-led Centrifuge’s $15 million Series A round, supporting real-world asset tokenization, fund management, and institutional-grade DeFi. Centrifuge also proposed building a real-world asset lending market on the Base network and integrating Coinbase Verification to improve institutional access and on-chain liquidity. The announcement described these as planned product directions.⁠[17]

Securitize completed a $47 million funding round led by BlackRockBlackRockBlackRock is a publicly traded investment management company headquartered in New York, founded in 1988 by Larry Fink and seven others and listed on the New York Stock Exchange (ticker BLK); its businesses include the iShares family of exchange-traded funds and the Aladdin investment and risk management platform. As of June 30, 2026, its assets under management totaled $15.3 trillion.Open the full entry, with participation from ParaFi, Hamilton Lane, Tradeweb, and others. Securitize provides infrastructure such as transfer agency services for BlackRock’s BUIDL tokenized fund. The funding is for product development, market expansion, and partnerships with financial institutions, reflecting ParaFi’s positioning in digital securities infrastructure.⁠[18]

PolymarketPolymarketPolymarket is a prediction market platform founded by Shayne Coplan in 2020, on which users buy and sell shares in the outcomes of political, sports, financial, cultural, and other events, with trading prices regarded as the market’s estimate of the probability that an event will occur. It rose to prominence during the 2024 US election, returned to the US market in 2025 by acquiring a licensed exchange and clearinghouse, and received a major investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, while facing gambling-regulation and insider-trading scrutiny in US states and several countries.Open the full entry announced a $45 million Series B round with participation from ParaFi, Founders FundFounders FundFounders Fund is a venture capital firm founded in San Francisco in 2005 by Peter Thiel and his former PayPal colleagues Ken Howery and Luke Nosek. Run by partners who were entrepreneurs themselves, it argues that founders should keep more control and is known for betting on difficult technology projects in areas such as space, defense, and artificial intelligence. It was Palantir’s first institutional investor, has invested in SpaceX many times since 2008, and its other notable investments include Facebook, Airbnb, Stripe, and Anduril; as of March 2026 it had raised nine early-stage funds and four growth funds.Open the full entry, 1confirmation, and others, and also confirmed a previously unannounced $25 million Series A led by General CatalystGeneral CatalystGeneral Catalyst (GC) is an investment firm founded in 2000 and headquartered in San Francisco, United States, created by Joel Cutler, David Fialkow and Bill Fitzgerald, that backs companies from the seed stage through growth.Open the full entry. The two rounds total $70 million and correspond to different funding stages.⁠[19]

ParaFi raised $120 million, with investors including Theta Capital Management and Accolade Partners. Part of the capital was intended for acquiring general partner stakes in other crypto funds across different markets, strategies, and regions. This arrangement is a manager investment strategy extending beyond direct project investments.⁠[20]

ParaFi tokenized a minority of the LP interests in one of its venture funds, which had closed in May of that year, on the Avalanche network through the Securitize platform. Forman explained in an interview that the firm both invests in tokenization infrastructure and has begun using it in its own fund operations. The arrangement covered part of a fund’s interests, not all of the firm’s assets under management being moved on-chain.⁠[21][22]

ICEICEICE (Intercontinental Exchange) is a US financial-market infrastructure company founded in 2000. It operates exchanges and clearing services, fixed-income and data businesses, and mortgage technology. Its businesses include the New York Stock Exchange; founder Jeffrey Sprecher is chair and CEO.Open the full entry announced plans to invest up to $2 billion in Polymarket, corresponding to a pre-money valuation of about $8 billion, and agreed to distribute Polymarket event data to institutional clients and to collaborate on tokenization. The amount is ICE’s investment arrangement and the valuation is pre-money; ParaFi continues to list Polymarket in the investment directory on its own website.⁠[23][5]

ParaFi raised $125 million that month for a new venture fund focused on stablecoins, asset tokenization, and institutional on-chain finance. Separately, the firm had raised $325 million since early 2025 for its ongoing digital asset strategies; the two raises serve different purposes.⁠[24]

ICE announced the completion of a new $600 million direct cash investment in Polymarket and plans to purchase up to $40 million of additional securities from existing holders. ICE stated that its initial direct investment in October 2025 was $1 billion, and that this new investment and the expected secondary purchases would complete its obligations under the original investment arrangement; the valuation for this round is to be disclosed after Polymarket completes its fundraising. The announcement did not name ParaFi as a seller.⁠[25]

ParaFi Capital LP filed an annual amendment to its Form ADV, reporting regulatory assets under management of $1,817,814,710, all managed on a discretionary basis across 15 accounts. The filing’s registration numbers are CRD 294670 and SEC 801-121952; the related private funds are listed separately in the schedules with their gross assets, minimum investment commitments, and number of beneficial owners.⁠[26]

ParaFi’s website lists assets under management of about $1.6 billion as of June 30, 2026, a team of more than 20 people, and New York as its main office. The firm states that the AUM on its website includes regulatory assets under Form ADV and other managed assets; figures from different dates and with different calculation scopes cannot be used directly to infer investment returns.⁠[2][27]

ParaFi’s public markets business combines fundamental and quantitative strategies, investing in digital assets, listed equities, and related instruments; its private markets business supports early- and growth-stage companies, protocols, and blockchain applications. Its engineering and quantitative teams build the data and technology systems needed for research, trading, and portfolio management, and ParaFi Tech separately presents staking and network services for the Solana, EthereumEthereumEthereum is an open, general-purpose smart contract blockchain that launched in 2015, and its native asset is ether (ETH). The project was proposed by Vitalik Buterin and advanced jointly by eight co-founders; the network now uses proof of stake and centers on the EVM, the account model, a rollup scaling roadmap, and the open EIP process.Open the full entry, and Avalanche networks.⁠[2][28]

The website directory contains 161 public investment records, of which 97 are marked Active and 64 are marked Exited. The directory is incomplete and may lag actual transactions; the firm also excludes certain publicly traded assets, investments it is not permitted to disclose, and investments not yet announced. The original project names are kept below, with brief descriptions based on public business records; status is the website’s classification and does not indicate that the funds’ current holdings, sale dates, or investment returns have been verified, and some descriptions refer to a project’s historical products.⁠[5][27]

The public records cover company equity as well as protocol and token projects. A company going public, a protocol token becoming tradable, an acquisition, and a bankruptcy are different types of events and cannot uniformly be interpreted as a fund achieving a profitable exit. ParaFi does not disclose project-level purchase costs, sale amounts, or fund distribution data through this directory, so its realized return on each project cannot be calculated from project funding amounts, valuations, or website status alone.⁠[5][27]