Elliptic raises $120M Series D at $670M valuation

Blockchain analytics firm Elliptic closed a $120 million Series D at a valuation of roughly $670 million, One Peak Partners leading, with Deutsche Bank, Nasdaq Ventures, and the British Business Bank joining. Existing backers including JPMorgan also participated. The round was first reported by Bloomberg.

Why it matters

Founded in 2013, Elliptic sells transaction monitoring, AML, and sanctions-screening tools to banks, crypto firms, and law enforcement — the compliance layer institutions plug in before they can touch digital assets. The investor list reads like a future customer pipeline: Deutsche Bank, Nasdaq, and JPMorgan all buy the kind of infrastructure Elliptic builds, and writing the cheque is the strongest non-public signal they can send that the on-chain analytics category is now a procurement priority rather than a crypto-native cost centre.

Market impact

The raise lands while the major US and EU banks are still working out how to bank crypto clients under MiCA, the new FinCEN rules, and the FATF travel-rule guidance. A well-capitalised Elliptic with TradFi's backing makes the compliance stack itself a more investable category — and tightens the moat around the firms incumbents pick as their default vendor.