Blockchain analytics firm Elliptic has raised $120 million in a Series D round, lifting its valuation to $670 million and underscoring a growing shift by large financial institutions toward digital asset compliance technology.
Major banks and market operators join the round
The round was led by growth equity firm One Peak Partners and included new backing from Deutsche Bank and Nasdaq Ventures, the venture arm of Nasdaq. The British Business Bank also participated, alongside returning backers JPMorgan, Evolution Equity Partners, and AlbionVC.
Elliptic said the fresh capital will be used to expand its global operations and drive broader adoption of its transaction monitoring and risk management tools among banks, trading platforms, and public-sector agencies.
What Elliptic does
Founded in 2013 and based in London, Elliptic develops software that tracks cryptocurrency transaction flows and flags potentially unlawful activity such as money laundering, terrorist financing, and sanctions evasion.
The company’s systems analyze more than one billion transactions each week for over 700 organizations across 30 countries. Its data covers 65 blockchains, providing risk scores and forensic tools used for onboarding checks, ongoing monitoring, and investigations.
Strategic motives for Deutsche Bank and Nasdaq
Deutsche Bank’s participation extends its involvement in digital asset infrastructure. The bank has previously offered banking and foreign exchange services to crypto-related businesses, and its backing of Elliptic signals continued interest in building compliance capabilities around blockchain-based products.
Nasdaq Ventures’ role reflects the exchange operator’s broader digital asset strategy, which includes work on tokenized equities and integrations with decentralized finance. Robust analytics and surveillance tools are considered a prerequisite for scaling such offerings under existing market rules.
JPMorgan, which first backed Elliptic in its $60 million Series C round in 2021, remains on the cap table, reinforcing long-term support from one of the largest global banks.
Compliance tools as core market infrastructure
The latest funding does more than strengthen Elliptic’s balance sheet. It highlights how compliance technology is becoming central to the institutional build-out of digital asset markets.
Traditional financial firms responsible for trillions of dollars in daily activity are increasingly focused on risk management frameworks before committing more capital to on-chain assets. On-chain analytics platforms like Elliptic’s are emerging as core components of that infrastructure, alongside custody, trading, and settlement systems.
Rising scale of illicit on-chain activity
The emphasis on surveillance is being driven in part by the growing size of illicit flows in digital assets. One blockchain intelligence report estimated that addresses linked to unlawful activity received $158 billion in 2025, up nearly 145% from the prior year.
Although this represented only about 1.2% of total on-chain transaction volume, the absolute scale of those flows underscores why banks and trading platforms are seeking more advanced monitoring and screening capabilities as they scale digital asset exposure.
Regulatory clarity as the key catalyst
These moves by global banks and market operators come as regulators in the United States and Europe finalize rulebooks for digital asset service providers, including requirements around anti-money-laundering, sanctions compliance, and consumer protection.
In a recent survey of 351 institutional decision-makers, 65% said that increasing regulatory clarity is the primary driver that would lead them to raise their digital asset allocations in 2026.
A separate survey in January 2026 found that 66% of institutional respondents now list regulatory compliance as a top factor when choosing a custodian, up sharply from 25% in 2025. That shift suggests compliance has moved from a box-ticking exercise to a core differentiator in provider selection.
On-chain analytics as a gauge of institutional intent
As more traditional firms consider expanding into tokenized assets, stablecoins, and crypto-related products, demand for on-chain analytics and compliance tools is becoming a key indicator of their intentions.
Rising capital flows into companies like Elliptic point to expectations of larger asset allocations to digital markets over the next several years, contingent on the ability to monitor risk at a level comparable with traditional finance.
With its new funding and broadened roster of backers, Elliptic aims to extend its analytics platform to new regions and customer segments, positioning itself as a central provider of compliance infrastructure for the next phase of digital asset market development.
As institutional interest in compliant crypto grows, learn how traditional finance meets digital assets in Toobit’s TradFi and crypto guide today.
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