A16z crypto leads Digital Asset's $300m raise

Digital Asset Holdings, a New York-based blockchain firm, is raising about US$300 million in a funding round led by a16z crypto at a valuation of roughly US$2 billion.

The company operates the Canton Network, which is used by banks and trading firms, and the deal is expected to close in the coming weeks.

Digital Asset previously raised US$50 million in late 2025 from investors including Bank of New York Mellon and Nasdaq, while existing backers also include DRW and Citadel Securities.

The fundraising comes as crypto venture funding remains below its peak, with some investors shifting attention to areas such as AI and robotics.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Digital Asset powers large-scale onchain finance for institutions

The Canton Network already handles large financial flows. Canton Strategic Holdings put monthly transaction volume at US$9 trillion in Q1 2026 1.
Live applications drive that activity. Broadridge’s Distributed Ledger Repo (DLR) platform, a blockchain-based financing system for short-term lending backed by securities, processes more than US$4 trillion in monthly on-chain U.S. Treasury repurchase agreement financing on Canton 2.
Privacy sits at the center of the network. It lets regulated firms transact on-chain without widely exposing sensitive data. Ecosystem materials name the Depository Trust & Clearing Corporation (DTCC), a U.S. market infrastructure provider, and Euroclear, a securities settlement group 3, 2. They also name HSBC and Goldman Sachs 3, 2. BNP Paribas, Circle, and BNY also appear 3, 2.
DTCC and Digital Asset plan to tokenize a subset of Depository Trust Company (DTC)-custodied U.S. Treasury securities on Canton in 2026 4.

The funding would back blockchain rails built for institutions

An open question remains around Canton Coin (CC), the native token. Institutions may use the network without holding CC directly, which could weaken the link between usage growth and token value 5.
A webinar summary says dollar-based fees buy “bandwidth credits” through burning CC. It also says rewards are minted for validators, which run the network, plus applications. Some users never need to hold CC 1.
Canton’s privacy model is built for regulated finance. Any direct comparison with Ethereum goes beyond what the cited sources support 2.