BOB, a bitcoin (BTC) decentralized finance (DeFi) protocol combining the security of Bitcoin with Ethereum’s DeFi capabilities, has raised $9.5 million in a strategic funding round.
The investment bring BOB’s (“Build on Bitcoin”) total funds raised to $21 million, following previous raises in 2024.
The latest raise will be used to fund BOB’s vision of building the “Gateway to Bitcoin DeFi” by launching a mainnet BitVM bridge and enabling Bitcoin finality via staked BTC later this year. This will allow users to bridge BTC from the Bitcoin network and deploy it across DeFi protocols on BOB.
Castle Island Ventures, which led BOB’s $10 million seed round, also contributed to the latest raise, alongside Ledger, RockawayX, IOSG Ventures and Bankless Ventures. Anchorage, Amber Group, and Sats Ventures joined as new investors, according to an emailed announcement on Thursday.
“By combining BitVM and BTC staking, we’re proving how Bitcoin can secure an entire DeFi ecosystem,” said co-founder Alexei Zamyatin. “A bet on BOB is a bet on Bitcoin DeFi itself.”
The mainnet launch is expected by the end of the year.