Elliptic, the London-based blockchain analytics firm, has closed a $120M Series D round at a $670M post-money valuation, with Nasdaq Ventures and Deutsche Bank named as backers. The raise was first reported through CoinMarketCap's news feed on May 13, 2026, citing public statements from the company. Bitcoin traded at $80,934 (up 0.1% on the day) and ether at $2,300 (up 0.5%) at the time of writing, with the Fear and Greed index sitting at a flat 50.
The size is notable, but the cap table is the story. A US exchange operator and one of Europe's largest universal banks both putting capital into a crypto-surveillance vendor is a clear read on where regulated finance thinks the next wave of crypto revenue lives: not in tokens, but in the compliance layer that sits underneath them.
Cap table, not headline price
Elliptic has been quietly building since 2013, mostly known for tracing illicit flows for law enforcement and exchanges. Earlier rounds came from venture funds with a crypto focus. This one is different. Nasdaq Ventures is the strategic arm of the same parent that runs the Nasdaq Stock Market and a long list of regulated market-data and surveillance products. Deutsche Bank, despite its public hesitation on retail crypto, has steadily been adding tokenization, custody, and stablecoin-related work to its institutional book.
When a strategic from a regulated exchange and a strategic from a globally systemic bank co-anchor a Series D, the signal is structural. They are not buying a thesis. They are buying a vendor.
Analytics as the wedge
Three pressure points have pushed compliance budgets into the foreground:
- The US CLARITY Act markup is moving through Senate Banking, with a record 100-plus amendments filed pre-markup. Whatever final shape it takes, on-chain monitoring requirements are unlikely to soften.
- North Korea-linked actors stole roughly $2.1B in crypto in 2025, about 60% of all losses by CertiK's count. That number alone forced exchanges, custodians, and card issuers to tighten transaction monitoring.
- Tether's recent freeze of $344M in USDT tied to Iran's central bank ran on analytics-provided wallet attribution. Without third-party tracing tools, that action does not happen at that speed.
Each of those incidents lands directly in Elliptic's product surface area: wallet attribution, transaction screening, sanctions list overlays, and case management for investigators.
What the round funds
The company has not published a detailed use-of-proceeds document, but the public commentary points in three directions. The first is staffing in the US, where the SEC and CFTC are both expected to lean harder on registered intermediaries to evidence their transaction screening. The second is product depth around stablecoins and tokenized assets, which now make up a growing share of on-chain volume. The third is the application of machine learning to typology detection, an area where competing firms like Chainalysis and TRM Labs have been investing aggressively.
At $670M post-money, Elliptic still sits well below Chainalysis on paper, the latter having last raised at an $8.6B valuation in 2022 before a markdown round. The gap leaves room for a multiple expansion if compliance regulation in the US and EU lands the way most banks expect.
Read-through for crypto card issuers
For card programs that move user funds between self-custodial wallets and fiat rails, analytics is not optional. Every on-ramp, every off-ramp, every top-up from an external wallet needs a screening decision before it clears.
Issuers that lean on self-custody flows for funding (Gnosis Pay, MetaMask Card, Ledger, Tria) generally rely on third-party analytics for source-of-funds and counterparty checks before the card debit posts. Custodial programs like Coinbase Card, Bitget Card, and Crypto Dot Com use similar tooling at the deposit layer. As compliance expectations rise, the line item for analytics on a card-issuer P&L gets bigger, not smaller. A larger, better-capitalized Elliptic is one fewer single-vendor risk for that part of the stack.
There is also a quieter implication for stablecoin spending. As regulators push for more visibility into stablecoin issuers and the wallets they touch, the analytics tier becomes load-bearing. Card programs that settle directly in USDC or USDT depend on the issuer's ability to evidence clean rails. The cost of that evidence shows up in fee schedules eventually.
The wider funding picture
Compliance and infrastructure capital is one of the few segments still pricing up. L1 tokens are down 49% since 2025 by VanEck's count, while crypto-adjacent equities are up 48% over the same window. Within private markets, money keeps rotating toward firms that sell into banks, brokers, and regulators rather than retail. Canton Network is targeting a $2B valuation in an a16z-led round. Circle just raised $222M for its Arc blockchain at a $3B mark. Ripple's prime brokerage Hidden Road pulled $200M from Neuberger Berman for margin trading.
Elliptic's round fits the same pattern. Capital is flowing to the providers that make the system legible to regulators.
Overview
Elliptic raised $120M in a Series D at a $670M valuation, with Nasdaq Ventures and Deutsche Bank backing the round. The price tag is mid-cap, but the strategic composition signals that regulated exchanges and global banks are still buying into the compliance layer of crypto rather than the assets themselves. Card issuers, stablecoin programs, and exchanges all sit downstream of this tooling. A larger Elliptic raises the floor on what the industry's analytics infrastructure can carry.
