Robinhood is investing in Talos, an institutional trading technology provider for digital assets, through an extended Series B round that values the New York-based firm at approximately $1.5 billion. The valuation marks a 20% increase from the $1.25 billion set during Talos' initial Series B in May 2022. The extension brings the total Series B raised to $150 million, the company announced Thursday.
New Strategic Investors: Robinhood, Sony Innovation Fund Join
New participants include Robinhood Markets, Sony Innovation Fund, IMC, QCP, and Karatage, with existing backers a16z crypto, BNY, and Fidelity Investments also contributing. “We extended our series B round to accommodate interest from strategic partners who recognize Talos’s role in providing core institutional infrastructure for digital assets,” said Anton Katz, CEO and co-founder of Talos, in emailed comments. “At a time when traditional asset classes are increasingly migrating to digital rails, these partners wanted to be more closely aligned with our growth.”
Robinhood Deepens Liquidity via Talos, Builds Own Crypto Ecosystem
Johann Kerbrat, SVP and GM of Crypto at Robinhood, stated: “Talos’s flexibility and rapid adaptability allow us to deepen our liquidity and deliver even more advanced features to Robinhood Crypto customers.” Beyond external investments, Robinhood is building its own blockchain network on Arbitrum, rolling out tokenized stock trading and crypto products in Europe, along with staking and perpetual futures. The firm recently reported strong growth in prediction markets and increased trading volumes amid these strategic moves.
Talos by the Numbers: 35 Countries, $21 Trillion in AUM
Talos provides institutional-grade infrastructure covering the entire digital asset trading lifecycle. Its platform pools liquidity from exchanges, OTC desks, and prime brokers, offering trade execution, risk management, and post-trade settlement via a single interface or API. Traditional finance firms now account for 60% to 70% of new customers over the past year. CEO Katz told Jefferies in a November client call that asset managers using Talos collectively represent roughly $21 trillion in assets under management. The firm serves hundreds of clients across approximately 35 countries.
Acquisition Spree: Coin Metrics Bought for Over $100M
Talos has been aggressively expanding through M&A. Its largest deal to date — acquiring Coin Metrics for more than $100 million — brought onchain analytics, market data, and benchmark indexes. Earlier acquisitions include D3X Systems, Cloudwall, and Skolem. The initial Series B in 2022 was led by General Atlantic, with participation from BNY, Citi, Wells Fargo Strategic Capital, DRW Venture Capital, and crypto-focused investors such as SCB 10x and LeadBlock Partners.
Robinhood's investment in Talos signals a broader strategy: secure a foothold in institutional trading infrastructure while simultaneously building proprietary blockchain rails and crypto-native products.