Gauntlet receives US$125 million investment from SBI Holdings to accelerate expansion of institution

DeFi risk management and blockchain infrastructure company Gauntlet has completed a US$125 million Series C financing led by Japanese financial services group SBI Holdings, the company\'s largest financing since its establishment in 2018. According to a company announcement, SBI Holdings \'investment was completed in June. Other than the amount raised, other financial terms, including Gauntlet\'s latest valuation, were not disclosed. The company previously completed nearly US$24 million in Series B financing in 2022, led by Ribbit Capital, with a valuation of approximately US$1 billion.

The latest funding comes as institutional investors continue to invest in infrastructure companies that support decentralized finance rather than consumer-oriented cryptocurrency products. As banks and asset management companies expand their blockchain business, risk management, tokenized assets and regulated stablecoin services have become areas of increasing concern.

Gauntlet said on social media: \"We have completed a US$125 million Series C financing led by SBI Holdings. The funds will be used to support us in building infrastructure in traditional capital markets, expanding the coverage of stablecoins, and accelerating the launch of new on-chain products. As institutions move onto the chain, we are providing quantification...\"

Gauntlet announced the completion of a US$125 million Series C round backed by SBI Holdings. The investment will be used to expand traditional capital markets, increase stablecoin support, and accelerate the launch of new on-chain products for institutional customers.

Funding will support infrastructure and stablecoin expansion

Gauntlet said the new funds will be used to expand the infrastructure that supports institutions \'participation in on-chain financial markets. The company plans to focus on the following areas:

Expand infrastructure that connects traditional capital markets with decentralized finance.

Increase support for stablecoins other than US dollar and euro-denominated assets, including more regional currencies.

Accelerate the development of new online financial products.

Expand global businesses by making greater use of AI-assisted workflows.

Gauntlet currently provides risk modeling and capital optimization services to decentralized financial agreements, fintech companies, stablecoin issuers and institutional investors. According to the company, its treasury ecosystem manages more than $1.5 billion in supply assets.

Business strategy goes beyond agreement risk analysis

Founded by former quantitative researcher Tarun Chitra, Gauntlet initially focused on economic modeling and stress testing of decentralized financial protocols, helping developers assess risks associated with lending markets and digital asset liquidity. As institutions \'involvement in digital assets has increased, the company has expanded into revenue infrastructure, developing quantitative strategies to help allocate capital between DeFi lending and liquidity markets, while also monitoring portfolio risk. This shift reflects broader changes in the decentralized finance landscape, with institutional investors increasingly favoring professionally managed investment infrastructure over the governance-driven treasury management model more common in DeFi\'s early growth phases. Gauntlet\'s clients include institutions such as Apollo, Coinbase and Circle, demonstrating the growing demand for institutional-level risk management tools in blockchain-based financial markets.

Gauntlet Financing History

July 9, 2026: Completed a US$125 million Series C financing led by SBI Group, making it the company\'s largest financing to date.

March 14, 2022: Completed a US$23.8 million Series B financing led by Polychain Capital with a valuation of US$1 billion, with Ribbit Capital and Paradigm participating.

June 4, 2021: Obtained US$13.63 million in Series A financing led by Polychain Capital.

October 8, 2020: Received a US$4.3 million undisclosed round of financing led by Paradigm, with participation from Polychain Capital, Standard Crypto, First Round Capital, IA Ventures and Miyuki Matsumoto.

October 25, 2018: Completed a $2.9 million seed round of financing led by First Round Capital, with participation from Polychain Capital, Coinbase Ventures, Dragonfly, IA Ventures and Miyuki Matsumoto.

SBI expands its digital asset portfolio

This transaction further strengthens SBI Holdings \'expanding digital asset portfolio. The Tokyo-listed financial group has invested in a number of blockchain and cryptocurrency companies in recent years, including Ripple, Circle and decentralized lending agreement Morpho. SBI also plans to launch a yen-denominated digital asset, SBI Holdings stablecoin, and expand digital asset investment products as regulatory frameworks develop in Japan and other markets. This investment is in line with a broader trend of traditional financial institutions increasing their exposure to blockchain infrastructure in the context of increased regulatory clarity in major jurisdictions. At the same time, SBI\'s acquisition of Bitbank further highlights the company\'s continued investment in digital asset infrastructure and the broader cryptocurrency ecosystem.

Institutional investment continues to favor market infrastructure

Gauntlet\'s financing occurred during a period of selective investment by venture capital in the cryptocurrency industry. Although overall crypto venture capital activity remains below its highs in the previous market cycle, companies that develop infrastructure for institutional adoption continue to attract significant amounts of capital. As financial institutions explore blockchain-based services, market participants are increasingly focusing on companies that support tokenization, stablecoin issuance, custody, compliance, settlement and risk management. The funding is expected to strengthen Gauntlet\'s position in the space as institutions look for technology providers that can support larger scale on-chain capital while managing financial and operational risks in decentralized markets.