NAUT tracks 152 companies in the Coinbase Ventures portfolio, across 172 funding rounds announced between May 2018 and October 2026. The 159 rounds with a verified size add up to $4.45B, the median one is $10.0M, and DeFi is the largest sector group with 33 companies.
Data note. Counted on 25 October 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Coinbase Ventures as a backer. That is 153 stored rows and 152 companies, because 2 of those rows, Momentum and MSafe, are 1 company across a rename and are counted once here. Coinbase Ventures publishes no portfolio count of its own: its page says it has invested in "hundreds of teams" and its portfolio directory shows no total. So read this as NAUT's coverage of the fund rather than the fund's full history.
The round numbers carry 2 more corrections. The fund's own NAUT page counts all 184 stored investment rows; this page counts 172, because 12 of those rows did not stand as rounds of their own: 10 record the same announcement twice, 1 is a token tranche of a round already counted, and 1 is a 6-year lifetime total that a source calls a round. A source check on the 27 largest rows and on every row behind a repeat claim then found 6 of them, $769.8M together, where no source outside an aggregator puts this fund in the round, so their amounts are left out of the $4.45B and the rows are labelled in the tables below. A company's own announcement or a named press report counted as a source for that check; an aggregator never did, because an aggregator is where these rows came from. The other rows were not checked one by one, so read the audit below as the contradictions found in the rows that were, not as the complete list. The fund's own NAUT page, which counts every stored row, shows 184 investments and $5.34B.
7 of the 172 rounds disclose no amount and 48 carry no announcement date, so the 124 dated rounds are the ones that define the window above, and a date is shown only where NAUT holds one. Each company sits in exactly 1 sector group, the first sector tag NAUT holds for it, so the groups add up to 152; 22 companies carry no tag at all and get their own group. Written by NAUT Research.
What is in the Coinbase Ventures portfolio on NAUT?
| Sector group | Companies | Rounds | Median round | Disclosed total |
|---|---|---|---|---|
| DeFi | 33 | 36 | $8.2M | $351.6M |
| Infrastructure | 24 | 30 | $12.5M | $1.08B |
| Layer 1, 2 and 3 | 15 | 16 | $10.0M | $697.3M |
| AI | 15 | 16 | $15.0M | $239.4M |
| Decentralized exchanges | 14 | 18 | $10.0M | $176.1M |
| Tools | 7 | 8 | $12.0M | $86.0M |
| Gaming | 5 | 5 | $3.0M | $12.3M |
| Other sectors | 17 | 20 | $12.5M | $1.46B |
| No sector tag | 22 | 23 | $10.0M | $346.4M |
DeFi, infrastructure and base layers hold 72 of the 152 companies between them. The 15 AI companies carry the highest median round of any group at $15.0M, against $8.2M in DeFi. These Coinbase Ventures investments span 8 years, so the sector mix reads as the fund's history rather than its position today.
Coinbase Ventures portfolio companies by sector
Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. Disclosed totals add every verified round in this set, so a company backed twice shows the sum of both, and a row a source check contradicts carries that note instead of an amount.
DeFi (33 companies)
The largest group, and the one Coinbase Ventures has backed longest.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Celestia |
1 | $55.0M | No date stored |
 EigenCloud |
1 | $50.0M | Series A, Mar 2023 |
 Euler Finance |
1 | $32.0M | Funding round, Jun 2022 |
 ECO |
1 | $26.0M | Series A, Mar 2021 |
 Zebec Protocol |
1 | $21.0M | Private round, Mar 2022 |
 Ondo Finance |
1 | $20.0M | Series A, Mar 2022 (the stored date does not match the cited source) |
 Everclear |
2 | $19.5M | Strategic round, Jun 2023 |
| Zerion | 1 | $12.3M | No date stored |
 BOB |
1 | $10.0M | No date stored |
 Resolv |
1 | $10.0M | Seed, Apr 2025 |
 SSV Network |
1 | $10.0M | Funding round, Feb 2022 |
 Usual |
1 | $10.0M | Series A, Dec 2024 |
 Aurigami |
1 | $9.5M | Funding round, Feb 2022 |
 Maverick Protocol |
1 | $9.0M | Funding round, Jun 2023 |
 Compound |
1 | $8.2M | Seed, May 2018 |
 Nayms |
2 | $7.5M | Funding round, Jun 2021 |
 Chainflip |
1 | $6.0M | Funding round, Aug 2021 |
 hyperbeat |
1 | $5.2M | No date stored |
 o1_exchange |
1 | $4.2M | No date stored |
 Parcl |
1 | $4.1M | Seed, Mar 2022 |
 Contango_xyz |
1 | $4.0M | No date stored |
 Soul Labs |
1 | $4.0M | No date stored |
 Stader |
1 | $4.0M | Seed, Oct 2021 |
 Folks Finance |
1 | $3.0M | Seed, Jan 2022 |
 Fluid |
1 | $2.4M | Seed, Oct 2019 |
 Saffron Finance |
1 | $2.0M | Funding round, Mar 2021 |
 Sats Terminal |
1 | $1.7M | No date stored |
 Goldfinch |
1 | $1.0M | Funding round, Feb 2021 |
 Aevo |
2 | - | No date stored (the fund joined an earlier round, not this one) |
 ArcadiaFi |
1 | - | No date stored |
 Bounce Finance |
1 | - | Funding round, Mar 2021 |
 Kalshi |
1 | - | No date stored (the amount belongs to an earlier round this fund did not join) |
 Tenor Finance |
1 | - | Seed extension, Jul 2026 |
Infrastructure (24 companies)
Chains, bridges, data and node services, plus the lending and consumer teams whose first NAUT tag is this one.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Wormhole |
1 | $225.0M | Funding round, Nov 2023 |
 Aptos |
1 | $200.0M | Strategic round, Mar 2022 |
 LayerZero |
1 | $135.0M | Series A extension, Mar 2022 |
 Chaos Labs |
2 | $75.0M | No date stored |
 Lido |
1 | $73.0M | Funding round, May 2021 |
 Morpho |
2 | $68.0M | Strategic round, Aug 2024 |
 Zora |
2 | $52.0M | Funding round, May 2022 |
 blackbird |
1 | $50.0M | Series B, Apr 2025 |
 Portal to Bitcoin |
2 | $42.5M | Seed, Jan 2024 |
 Starknet / Starkware |
1 | $30.0M | Series A, Oct 2018 |
 Supra (prev. SupraOracles) |
1 | $24.0M | Private round, Sep 2023 |
| Rialo (Subzero Labs) | 1 | $20.0M | No date stored |
 Obol Network |
2 | $18.6M | Series A, Jan 2023 |
 SEDA Protocol (prev. Flux Protocol) |
1 | $10.3M | Seed, May 2021 |
 Socket |
2 | $10.0M | No date stored |
 zkLink |
1 | $10.0M | Strategic round, May 2023 |
 Biconomy |
1 | $9.0M | Funding round, Jul 2021 |
 Jambo |
1 | $7.5M | Seed, Feb 2022 |
 Anoma Network |
1 | $6.8M | Private round, Apr 2021 |
 inconetwork |
1 | $5.0M | No date stored |
 Router Protocol |
1 | $4.1M | Strategic round, Dec 2021 |
 OpenGDP (prev. Karak Network) |
1 | $3.3M | No date stored |
 Audius |
1 | $3.1M | Strategic round, Jul 2020 |
 Covalent |
1 | $2.0M | Strategic round, Mar 2021 |
Layer 1, 2 and 3 (15 companies)
Base layers and rollups, home to several of the biggest cheques in the set.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Sui |
2 | $336.0M | Series B, Sep 2022 |
 Monad |
1 | $225.0M | Funding round, Apr 2024 |
 Evmos |
1 | $27.0M | Token sale, Nov 2022 |
 Terra Luna Classic |
1 | $25.0M | Strategic round, Jan 2021 |
 Puffer Finance |
1 | $18.0M | Series A, Apr 2024 |
 Mina Protocol |
1 | $15.0M | Series A, Apr 2019 |
 pSTAKE |
1 | $10.0M | Strategic round, Nov 2021 |
 Towns Protocol |
1 | $10.0M | Series B, Apr 2025 |
 Redstone |
1 | $7.0M | Seed, Aug 2022 |
 Celo |
1 | $6.5M | Funding round, Jun 2018 |
 Moonbeam |
1 | $6.0M | Strategic round, Mar 2021 |
 Sei Network |
1 | $5.0M | Seed, Aug 2022 |
 Ancient8 |
1 | $4.0M | Seed, Jan 2022 |
 KYVE Network |
1 | $2.8M | Seed, Oct 2021 |
 Aztec Network |
1 | - | Funding round, Sep 2019 (the source names  Coinbase, not the fund) |
AI (15 companies)
The group with the highest median round on this page.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Billions |
1 | $30.0M | No date stored |
 Fleek Network |
2 | $30.0M | Series A, Dec 2022 |
 Recall Network |
1 | $30.0M | Series A, Feb 2022 |
 World |
1 | $25.0M | Series A, Oct 2021 |
 Forta |
1 | $23.0M | Funding round, Sep 2021 |
 Livepeer |
1 | $20.0M | Series B, Jul 2021 |
 OpenMind |
1 | $20.0M | No date stored |
 RSS3 |
1 | $15.0M | Private round, Dec 2021 |
 NEAR Protocol |
1 | $12.1M | Funding round, Jul 2019 |
 OpenGradient |
1 | $8.5M | No date stored |
 Arweave |
1 | $8.3M | Funding round, Mar 2020 |
 Pond AI |
1 | $7.5M | No date stored |
 The Graph |
1 | $5.0M | Strategic round, Jun 2020 |
 vana |
1 | $5.0M | Strategic round, Sep 2024 |
 Kite AI |
1 | - | No date stored |
Decentralized exchanges (14 companies)
Onchain venues and perpetual exchanges.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 HXRO |
1 | $34.0M | Private round, Nov 2021 |
 Hashflow |
1 | $25.0M | Series A, Jul 2022 |
 Orca |
1 | $18.0M | Series A, Sep 2021 |
 Reya Network |
2 | $16.0M | Funding round, Mar 2024 |
 0x |
2 | $15.0M | Series B, Apr 2022 (the sources name Coinbase, not the fund) |
 Synthetix |
1 | $12.0M | Funding round, Feb 2021 |
 Based |
1 | $11.5M | No date stored |
 Variational |
1 | $10.3M | No date stored |
 Momentum |
3 | $10.0M | Seed, Jan 2023 |
 LogX |
1 | $6.1M | Seed, Jan 2022 (the stored date does not match the cited source) |
 Li.Fi (Jumper DEX) |
1 | $5.5M | No date stored |
 DODO |
1 | $5.0M | Funding round, Oct 2020 |
 Vega Protocol |
1 | $5.0M | Funding round, Mar 2021 |
 DerivaDAO |
1 | $2.7M | Strategic round, Jul 2020 |
Tools (7 companies)
Developer and operator tooling, and the marketplaces NAUT tags here first.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 XMTP |
2 | $40.0M | No date stored |
 DeBank |
1 | $25.0M | No date stored |
 Nansen |
1 | $12.0M | No date stored |
 bitsCrunch |
1 | $3.6M | Funding round, Feb 2022 |
 OpenSea |
1 | $2.0M | No date stored |
 Rarible |
1 | $1.8M | Seed, Feb 2021 |
 Unlock Protocol |
1 | $1.7M | Pre-seed, Jun 2018 |
Gaming (5 companies)
Games and consumer NFT teams.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Zentry (prev. GuildFi) |
1 | $6.0M | Seed, Nov 2021 |
 SA World |
1 | $3.0M | Funding round, Feb 2022 |
 Immutable X |
1 | $2.4M | No date stored |
 Guild of Guardians |
1 | $0.9M | Funding round, Jun 2021 |
 Yuga Labs |
1 | - | No date stored (the fund is not in Yuga Labs' own investor list) |
Other sectors (17 companies)
The groups with 2 companies or fewer each: stablecoins, payments, RWA, wallets, prediction markets, social, a neobank, a money market, a privacy team, a data team and 2 exchanges.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 FTX Ventures |
1 | $900.0M | Series B, Jul 2021 (filed against the fund arm, not the company that raised it) |
 BitClout |
1 | $200.0M | Funding round, Sep 2021 |
 Tribal |
2 | $82.7M | Funding round, Apr 2022 |
 MobileCoin |
1 | $66.0M | Series B, Aug 2021 |
 Kaiko |
1 | $57.0M | Series B extension, Sep 2026 |
 Velocity |
1 | $38.0M | Series A, Jul 2026 |
 Farcaster |
1 | $30.0M | No date stored |
 WalletConnect |
2 | $23.5M | Ecosystem round, Nov 2022 |
 Cascade |
1 | $15.0M | No date stored |
 Limitless Exchange |
2 | $14.0M | Seed, Oct 2025 |
 Arkham |
1 | $12.0M | Funding round, Apr 2023 |
 Endaoment |
1 | $6.7M | Funding round, May 2022 |
 creditcoop_xyz |
1 | $4.5M | No date stored |
 Centrifuge |
1 | $4.0M | Strategic round, Nov 2022 |
 Umoja |
1 | $4.0M | Seed, Mar 2024 |
 P2P.me |
1 | $2.0M | No date stored |
 NotionalFinance |
1 | $1.3M | Seed, Oct 2020 |
No sector tag (22 companies)
These rows carry no sector tag in NAUT yet, so no group claims them.
1 of the 22 has no NAUT page yet, a $30.0M seed announced on 8 October 2026, so it is counted in every total on this page and left out of the table. Its only source is an aggregator, so it was not one of the rows checked.
| Company | Rounds | Disclosed | Latest dated round NAUT records |
|---|---|---|---|
 Jeeves |
1 | $110.0M | Series C, Sep 2026 |
 Latitude |
1 | $35.0M | Series A, Sep 2026 |
 OpenReserve |
1 | $25.0M | Seed, Sep 2026 |
 bloXroute |
1 | $19.0M | Series A, May 2019 |
 Nomina (prev. Omni Network) |
1 | $18.0M | Funding round, Apr 2023 |
 FalconX |
2 | $17.0M | No date stored (the fund is in the lifetime backer list, not the round) |
 codex_pbc |
1 | $15.8M | No date stored |
 Alongside Crypto Market Index |
1 | $11.0M | Seed, Feb 2023 |
 Dataline |
1 | $10.6M | Seed, Oct 2026 |
 Galxe |
1 | $10.0M | Funding round, Jan 2022 |
 CatchBack |
1 | $8.0M | Seed, Sep 2026 |
 Alkimiya |
1 | $7.2M | No date stored |
 Umee |
1 | $6.3M | Seed, Jun 2021 |
 Parallel Finance |
1 | $5.0M | Series B, Apr 2022 |
 sharedotxyz |
1 | $5.0M | No date stored |
 Bridgesplit |
1 | $4.3M | Seed, Dec 2021 |
 Glider |
1 | $4.0M | No date stored |
 Time.fun |
1 | $3.0M | No date stored |
 Neptune Mutual |
1 | $1.8M | Seed, Nov 2021 |
 CoFiX |
1 | $0.5M | Seed, Oct 2020 |
 Raven |
1 | - | Strategic round, Sep 2026 |
How big is a round in the Coinbase Ventures portfolio?
The rounds in this set run from $0.5M to $900.0M. The mean is $28.0M and the median is $10.0M, so the average sits close to 3 times the typical cheque. One round explains most of that gap: the $900.0M Series B of July 2021, which is 20% of the $4.45B on its own, and which NAUT files against FTX Ventures, the fund arm of the exchange that failed in November 2022.
The chart adds every verified round per company, so Sui shows both of its rounds. 13 rounds sit in no bar: 7 disclosed no amount and 6 were left out by the source check.
What the source check found
| Company | Amount NAUT stores | What the check found | Treatment here |
|---|---|---|---|
| 0x |
$70.0M | the sources name Coinbase, not the fund |
Left out of the verified total |
| Ondo Finance |
$20.0M | the stored date does not match the cited source | Counted, the amount is not in doubt |
| LogX |
$6.1M | the stored date does not match the cited source | Counted, the amount is not in doubt |
| FTX Ventures |
$900.0M | filed against the fund arm, not the company that raised it | Counted, the amount is not in doubt |
| Aztec Network |
- | the source names Coinbase, not the fund |
No amount stored, so no total rests on it |
| Kalshi |
$185.0M | the amount belongs to an earlier round this fund did not join | Left out of the verified total |
| Yuga Labs |
$450.0M | the fund is not in Yuga Labs' own investor list |
Left out of the verified total |
| Aevo |
$8.8M | the fund joined an earlier round, not this one | Left out of the verified total |
| Aevo |
$6.0M | the fund joined an earlier round, not this one | Left out of the verified total |
| FalconX |
$50.0M | the fund is in the lifetime backer list, not the round | Left out of the verified total |
Every row above stays visible on this page, because hiding a row is how a wrong number survives. The 6 marked as left out keep their place in the company tables and their amounts stay out of the $4.45B, the mean and the median. The date mismatches change no total.
Which companies did Coinbase Ventures back more than once?
16 of the 152 companies appear in more than 1 round that survived the source check, 133 appear in 1, and 3 appear in none, because every round NAUT ties each of those 3 to was contradicted by a source. Counting the stored rows instead would give 19, and the tables below show the gap. Momentum is the only company here on 3 rounds: a seed in January 2023 raised under its former name MSafe, a second round in March 2025 that its own release puts at $5M, and a third in June 2025 that disclosed no amount, with this fund named in each company release. 5 more were checked round by round and hold up, Socket, XMTP, Chaos Labs, Morpho and Reya Network, whose earlier round was raised as Voltz. The other 10 rest on the aggregator rows NAUT ingested and were not checked one by one here.
| Company | Rounds | Disclosed | Round types NAUT records |
|---|---|---|---|
| Momentum |
3 | $10.0M | Seed, Private round, Strategic round |
| Sui |
2 | $336.0M | Series A, Series B |
| Tribal |
2 | $82.7M | Series B, Funding round |
| Chaos Labs |
2 | $75.0M | Seed, Series A |
| Morpho |
2 | $68.0M | Seed extension, Strategic round |
| Zora |
2 | $52.0M | Seed, Funding round |
| Portal to Bitcoin |
2 | $42.5M | Funding round, Seed |
| XMTP |
2 | $40.0M | Series A, Series B |
| Fleek Network |
2 | $30.0M | Series A, Seed |
| WalletConnect |
2 | $23.5M | Series A, Ecosystem round |
| Everclear |
2 | $19.5M | Funding round, Strategic round |
| Obol Network |
2 | $18.6M | Seed, Series A |
| Reya Network |
2 | $16.0M | Seed, Funding round |
| Limitless Exchange |
2 | $14.0M | Strategic round, Seed |
| Socket |
2 | $10.0M | Seed, Strategic round |
| Nayms |
2 | $7.5M | Seed, Funding round |
Who invests alongside Coinbase Ventures?
NAUT records 411 other firms as backers somewhere in these 172 rounds, and 62 of them appear in 5 or more. Pantera Capital is the most frequent at 16 rounds, ahead of Wintermute at 15.
| Firm | Rounds shared | Portfolio companies shared |
|---|---|---|
 Pantera Capital |
16 | 16 |
 Wintermute |
15 | 13 |
 Alameda Research |
13 | 13 |
 a16z crypto |
12 | 11 |
 Dragonfly |
12 | 11 |
 Lightspeed Venture Partners |
12 | 9 |
 Circle Ventures |
11 | 11 |
 ParaFi Capital |
11 | 11 |
 CoinFund |
10 | 10 |
 Digital Currency Group |
10 | 10 |
 Hashed |
10 | 10 |
 Mechanism Capital |
10 | 10 |
 Polychain Capital |
10 | 10 |
 Alliance DAO |
9 | 9 |
 CMS Holdings |
9 | 9 |
The set reaches back to 2018, so it holds firms that no longer operate as they did. Alameda Research sits high on that list and wound down with FTX in November 2022.
What the Coinbase Ventures portfolio tells a BD team
- The median round is $10.0M, not $28.0M. A pitch built around the headline total aims at the wrong company size. Half of these rounds are $10.0M or smaller.
- 16 teams got a second cheque. A company this fund backed twice has a warmer path to it than a first-time name, and its NAUT page names the people on both sides.
- The co-investor list is a second rolodex. 62 firms share 5 or more rounds with the fund, so an introduction through one of them reaches the same table.
- 22 companies carry no sector tag. If you screen by sector alone, those rows never appear in your filter, so work from this list rather than a tag search.
Any crypto VC portfolio list ages from the day it is published, so this page carries the date it was counted and links the row behind every number.
- Start with the sector, not the fundDeFi holds 33 of the 152 companies and infrastructure another 24, so pick the group you sell into and work it top down.
- Aim at the median, not the headlineHalf of these rounds are $10.0M or smaller, so size the pitch to a team that just raised that, not to the $900.0M outlier.
- Go through a co-investor62 firms share 5 or more rounds with Coinbase Ventures, so a warm path through one of them reaches the same table.
- Find the person on the NAUT pageEvery company above links to its page, which lists its team and the ways to reach them that NAUT has verified.
Who runs Coinbase Ventures?
Hoolie Tejwani runs the fund: his own X account describes him as head of Coinbase Ventures. Above him sits Emilie Choi, who has been Coinbase's Chief Operating Officer since June 2019 and its President since November 2020, per the company's own executive page. NAUT stores Tejwani's title as Director, which is the job he was hired into rather than the one he holds.
NAUT holds 10 people against the fund. The other 8 rows are Coinbase operators whose stored titles date from when the rows were created, so check each person's NAUT page for the ways to reach them and treat the title as a starting point.
Coinbase Ventures portfolio FAQ
How many companies are in the Coinbase Ventures portfolio?
NAUT tracks 152 companies backed by Coinbase Ventures as of 25 October 2026, across 172 funding rounds announced between May 2018 and October 2026. Coinbase Ventures gives no figure of its own, saying only that it has backed "hundreds of teams", and third-party trackers put the count higher than NAUT does, so treat this as the part of the portfolio NAUT has verified.
What companies has Coinbase Ventures invested in?
The largest verified cheques in NAUT's set went to FTX Ventures, Sui, Monad, Wormhole and Aptos. By count the portfolio leans on DeFi (33 companies), infrastructure (24), base layers and rollups (15), AI (15) and onchain exchanges (14).
How much does Coinbase Ventures invest in a round?
Across the 159 verified rounds in NAUT's set that disclosed a size, the median round was $10.0M and the mean $28.0M, measured between May 2018 and October 2026. Those are the sizes of the whole round, not the fund's own cheque, which is rarely disclosed.
Which funds invest alongside Coinbase Ventures?
NAUT records 411 other firms in these 172 rounds. The most frequent are Pantera Capital at 16 shared rounds and Wintermute at 15, followed by Alameda Research.
Does Coinbase Ventures lead rounds?
Coinbase Ventures has never said publicly whether it leads rounds, and NAUT does not record it as the lead on any of these 172 rounds. That proves nothing on its own: the lead flag is set on only 1.8% of backer rows across the whole database, so its absence is a gap in the data rather than a fact about the fund. The closest thing to a statement from the firm is Coinbase's own annual report, which describes its venture positions as minority stakes below 20% where it has no significant influence over the company.
Sources
- Coinbase Ventures and its portfolio directory, for the firm's own description of its scope and the absence of a published count.
- Coinbase executive management, for Emilie Choi's title and tenure.
- Hoolie Tejwani on X, for the head of the fund.
- Coinbase's annual report on EDGAR, for the sub-20% language on its venture positions.
- Company announcements and named press reports for each of the 27 largest rounds and for every round behind a repeat claim, checked for this page. 9 of those 27 rows cite an aggregator on NAUT itself, so that check was made off the page rather than from the stored link.
- NAUT's database, read on 25 October 2026. Every count, sum, median and sector group here is computed from those rows, not copied from a tracker.