Blockworks Raises Series A Extension at $192M Valuation Amid Push for Crypto Market Transparency

Crypto data and media firm Blockworks has raised a Series A extension at a $192 million valuation, marking an increase from approximately $135 million in 2023. The funding reflects continued investor interest in infrastructure providers supporting institutional activity in digital asset markets, despite broader volatility across the sector.

The round was co-led by ParaFi Capital and Reciprocal Ventures, with participation from Coinbase Ventures, MoonPay, Sfermion, Moonrock Capital, Auros and Flowdesk, among others. The company also reported that its annual recurring revenue increased more than fivefold over the past year, with absolute figures undisclosed.

Broad Industry Participation Signals Alignment

In addition to venture firms, the round included participation from more than 20 founders and operators across the crypto sector. Contributors are linked to projects such as LayerZero, Pyth Network, EigenLayer, Jito, Celestia and Kraken.

Their participation points to closer alignment between data infrastructure providers and blockchain ecosystems that generate trading and onchain activity. It also reflects a broader trend of crypto-native operators backing service platforms they rely on.

Focus on Data Infrastructure and Disclosure Standards

Blockworks operates across data aggregation, investor communication tools, and disclosure frameworks. Its platform compiles blockchain and exchange data used by funds, trading firms and crypto projects for analytics and reporting. This positioning places the company within a growing category highlighted in recent Web3 fundraising updates, where capital is increasingly directed toward data infrastructure and transparency tools.

A key initiative is its Token Transparency Framework (TTF), which aims to standardize disclosures across digital asset issuers. The framework currently covers more than 30 issuers, including networks such as Solana, and is projected to expand to over 200 by the end of 2026.

The company has presented elements of the framework to regulators including the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. It is also in discussions with crypto exchanges regarding potential integration of standardized disclosures.

Use of Funds and Strategic Direction

Proceeds from the round are expected to be used to expand data coverage, improve analytics capabilities, and further develop investor-facing tools. The company is also focusing on consolidating fragmented datasets across the crypto ecosystem, where inconsistent reporting and data quality remain persistent challenges.

The investment highlights a shift in venture capital allocation toward infrastructure and services that support institutional participation, rather than retail-focused applications.

Market Context: Push Toward Standardization

The funding comes as digital asset markets continue to evolve toward greater institutional involvement. Growth in areas such as stablecoins, tokenized assets and derivatives has increased demand for standardized data and transparent reporting.

However, the sector remains fragmented, with varying disclosure practices and regulatory approaches across jurisdictions. This lack of consistency has limited participation from large institutional investors, which typically require audited data and comparable metrics.

As a result, companies providing data, analytics and disclosure frameworks are gaining attention as potential intermediaries between token issuers and capital allocators, similar to the role played by firms such as Bloomberg and Moody’s in traditional finance.

While demand for such services is increasing, widespread adoption will depend on coordination between exchanges, regulators and market participants, as well as the development of consistent global standards.