American software firm Movement Labs is nearing the completion of a Series B funding round with a target of a massive $100 million as the broader digital asset market turned bearish in the past two days with leading cryptocurrency Bitcoin (BTC) losing the $100,000 once again.
According to an exclusive report from Fortune, the Series B funding round will put Movement Labs at a massive valuation of $3 billion. Sources with knowledge of the matter told Fortune that this round will be co-led by CoinFund and Nova Fund, part of hedge fund Brevan Howard’s crypto subsidiary.
The sources also confirmed that the investors who participated in the round will receive a combination of equity and MOVE, the token issued by Movement Labs, with a heavier focus on the altcoin that debuted in December. While the amount remained undisclosed, the altcoin ranks 58th on CoinMarketCap with a valuation of $2 billion.
It seems that the inflow of capital in the crypto market has once again soared, similar to what investors saw in 2021. However, digital asset investment firms are more careful in where they put their money this time around. Crypto firms saw skyrocketing valuations after raising money from various sources during the previous bull run, but it is clear that the market has matured since then.
Prior to this, Movement Labs successfully raised a monumental $38 million via a Series A funding round in April 2024, which was led by Polychain Capital. Prominent names like Hack VC, dao5, and Robot Ventures were also a part of this Series A funding round. On the other hand, the Series B funding round is expected to close by the end of this month.
As per an earlier report by Coinspeaker, last year in October, Movement Labs, along with Gate Ventures and Boon Ventures, announced a $20 million fund that was focused on the development and transformation of the Web3 space. Similar funds could be seen in 2025 as well.
MOVE Token Crashes 15%
The announcement from Movement Labs failed to push the price of the MOVE token higher as the altcoin nosedived a whopping 15.15% in the past 24 hours and trades at $0.8800 at the time of writing, down 39.64% from its all-time high of $1.45, witnessed by investors just about a month ago.
The 4-hour chart for the MOVE token provided by TradingView above confirms that the altcoin might continue this downward trajectory, and it seems that the demand for the digital asset has declined significantly.
