• Loading stock data...
Wednesday, July 9, 2025

Tech Company Powering Top NFTs Hits $3.5B Valuation

  • Alchemy, which creates technology for building apps on blockchains such as Ethereum, raised $250 million at a $3.5 billion valuation.
  • The round was led by Andreesen Horowitz.
Alchemy/Design: Alex Brooks

The company that created software tools underlying NBA Top Shot and other forces driving the NFT movement saw its revenue grow “15 times in the last six months.”

Alchemy, which creates technology to help developers build applications on Ethereum and other blockchains, raised $250 million in a Series C round led by Andreessen Horowitz. The San Francisco-based company is now valued at $3.5 billion.

Lightspeed Venture Partners and Redpoint joined the round, as did existing investors Coatue, Addition, DFJ, and Pantera.

Alchemy provides technological infrastructure underlying companies such as Top Shot creator Dapper Labs, leading NFT marketplace OpenSea, and NFT-based video game “Axie Infinity.”

  • The company raised $80 million in its Series B round in April at a valuation of roughly half a billion dollars.
  • The company is profitable, according to co-founder and CEO Nikil Viswanathan.

Co-founder and chief technology officer Joe Lau said that Alchemy has not spent any of the $80 million it raised in April. 

“We didn’t need the money, but we saw the value in bringing on great partners such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space,” said Lau.

Alchemy is now partnering with Adobe to incorporate the ability to create NFTs into its Photoshop software.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Nike

Nike Accused of ‘Misleading’ NFT Scheme In Lawsuit

Nike pulled the rug out from under investors, the complaint says.
July 9, 2009; Auburn Hills, MI, USA; Detroit Pistons president Joe Dumars during the press conference to introduce their new head coach John Kuester at their practice facility.

Joe Dumars Leaving NBA League Office to Run Pelicans

Joe Dumars was the architect of the 2004 champion Pistons.
Mar 20, 2025; Providence, RI, USA; Arkansas Razorbacks forward Karter Knox (11) controls the ball against Kansas Jayhawks during the first half at Amica Mutual Pavilion.

Men’s March Madness Sets Opening-Day Viewership Record

CBS Sports and TNT Sports scored big with Arkansas–Kansas.

Callaway’s LIV Deal Shows How Much Golf Has Shifted

The company has signed a first-of-its-kind club contract.

Featured Today

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
July 5, 2025

Baseball’s Celebrity Row: Behind MLB’s First-Pitch Ritual

Often planned, sometimes spontaneous, the ritual throw is baseball’s celebrity row.
July 4, 2025

3,000 Hot Dogs, $20K in Prizes: Behind the Nathan’s Eating Contest

Nathan’s serves up thousands of hot dogs and $20,000 in prize money.
July 3, 2025

Geoffrey Esper Can’t Catch a Break at Nathan’s Hot Dog Eating Contest

“Hot dogs is not one of my favorite competitions of the year.”
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.