Bitcoin News Today: Plasma Token Sale Raises $373M in 10 Days, Hits $500M Valuation

Plasma, a stablecoin-focused Layer 1 blockchain backed by Bitfinex, has concluded a 10-day public token sale that raised $373 million, exceeding its initial $50 million target by over sevenfold. The offering, which ended on Monday, sold 10% of its 1 billion XPL token supply, valuing the project at $500 million. Participants included 3,000 unique wallets, with an average commitment of $83,629 per address [1]. The project’s founder, Paul Faecks, emphasized that the success reflects demand for a “low-cost, fast, programmable blockchain” designed to facilitate global stablecoin transactions amid regulatory scrutiny of the sector [1].

The token sale occurred as the crypto industry navigates heightened regulatory focus, particularly for stablecoins. On July 18, U.S. President Donald Trump signed the GENIUS Act into law, the first congressional legislation addressing stablecoins [1]. Plasma’s architecture combines Bitcoin’s UTXO model with the Ethereum Virtual Machine to enable fee-free USDT transfers, positioning it as a hybrid solution to expand Bitcoin’s functionality [1].

Plasma’s rapid fundraising follows prior capital injections, including a $3.5 million seed round in October 2024 led by Bitfinex and supported by Split Capital, Anthos Capital, and Tether CEO Paolo Ardoino. A $20 million Series A round, led by Framework Ventures and Peter Thiel’s Founders Fund in February 2025, further underscored institutional confidence in the project [1]. The latest raise, however, marks a significant leap in scale, highlighting the market’s appetite for infrastructure projects addressing scalability and efficiency.

The sale’s success aligns with broader trends prioritizing Layer 1 solutions that reduce transaction costs and network congestion. Plasma’s ability to secure $373 million in a short timeframe reflects investor enthusiasm for protocols bridging Bitcoin’s security with Ethereum’s programmability. However, the absence of disclosed details on token economics, fund allocation, or technical benchmarks leaves room for scrutiny. Analysts note that while the raise signals strong demand, long-term viability will depend on Plasma’s development roadmap and governance transparency [1].

Bitfinex’s role as a backer adds complexity, given the exchange’s history of regulatory challenges. Despite ongoing litigation with U.S. authorities, Bitfinex continues to influence the industry by funding initiatives that align with its operational focus on scalability and cross-chain interoperability. This dynamic raises questions about how Plasma’s governance and architecture might evolve under its parent company’s influence, potentially affecting adoption in decentralized ecosystems [1].

As the crypto sector consolidates in 2025, Plasma’s fundraising serves as a case study in the intersection of institutional backing and market demand. While technical evaluation remains pending, the magnitude of the token sale indicates a vote of confidence in its potential to address infrastructure gaps. Future partnerships, protocol upgrades, and regulatory developments will be critical in determining whether this capital translates into sustained growth.

Source: [1] [title1Bitfinex-backed Layer 1 Plasma raises $373 million in 10-day token sale] [url1https://www.theblock.co/post/364476/bitfinex-backed-layer-1-plasma-raises-373-million-in-10-day-token-sale]