Share this article
Hemi Labs Raises $15M to Expand Bitcoin Programmability
The Jeff Garzik–backed network adds fresh funding as it pushes to merge Bitcoin’s security with Ethereum’s flexibility for DeFi applications.
Aug 27, 2025, 11:55 a.m.
Make us preferred on Google
What to know:
- Backed by YZi Labs (formerly Binance Labs), Republic Digital, HyperChain Capital, and others.
- Hemi’s “supernetwork” has already attracted over $1.2 billion in total value locked.
- Funding will support more applications for borrowing, trading, and building on Bitcoin.
Hemi Labs, the Bitcoin programmability network founded by Jeff Garzik, has raised $15 million in funding to accelerate development and expand its ecosystem.
The round included YZi Labs (formerly Binance Labs), Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, Crypto.com and others, according to an emailed announcement on Tuesday.
STORY CONTINUES BELOW
The company said the funds will support applications for borrowing, lending, and trading on Bitcoin while further developing its Hemi Virtual Machine (hVM), a layer that embeds a Bitcoin node inside an Ethereum VM - the term for a decentralized system that can execute smart contracts and process transactions on Ethereum.
“Bitcoin doesn’t need to be reinvented; it just needs the right tools around it,” said Garzik, who is one of Bitcoin’s earliest developers. “Hemi provides DeFi protocols with a familiar way to build on Bitcoin, without requiring new skills, compromising on security, or sacrificing decentralization.”
Hemi now counts more than 100,000 verified users and 400,000 community members. Its ecosystem of 70 plus partners includes Sushi, LayerZero, MetaMask and Redstone. Total value locked has climbed to $1.2 billion.
The raise follows Hemi’s mainnet debut in March, which launched with $440 million already committed.
Hemi's ecosystem includes Sushi, LayerZero, MetaMask and Redstone. Total value locked has climbed to $1.2 billion, Hemi said in the announcement.
Hemi’s growth reflects a broader wave of Bitcoin DeFi projects seeking to mobilize BTC’s $2.3 trillion market cap. Competitors like Lombard, with its liquid staking token LBTC, and BOB, a hybrid chain combining Bitcoin and Ethereum, are also building infrastructure to transform Bitcoin from a passive store of value into an active component of decentralized finance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin's Quantum threat is ‘real but distant,’ says Wall Street analyst as doomsday debate rages on
Wall Street broker Benchmark argued the crypto network has ample time to evolve as quantum risks shift from theory to risk management.
What to know:
- Broker Benchmark said Bitcoin’s main vulnerability lies in exposed public keys, not the protocol itself.
- Coinbase’s new Quantum Advisory Council marks a shift from theoretical concern to institutional response.
- Bitcoin’s architecture is conservative but adaptable, according to Benchmark analyst Mark Palmer, with a long runway for upgrades.
Top Stories
