Thetanuts Finance Secures Institutional Funding Round, Raised $17 Million

Thetanuts Finance
3 min readApr 24, 2023

Thetanuts Finance is thrilled to announce the completion of our $17M institutional funding round led by Polychain Capital, Hyperchain Capital and Magnus Capital.

The newly onboarded strategic investors will support Thetanuts Finance’s ambition to push the boundaries for structured products and derivatives in decentralized finance. With their backing, we strive to forge valuable partnerships with prominent L1/L2 projects and founders, liquidity providers, foundations, market makers and major exchanges.

Thetanuts Finance is proud to be an early pioneer of the Decentralized Options Vaults (DOVs) model, which remains a foundational building block in the decentralized cryptocurrency option market. However, to drive meaningful progress in this space, DOVs must evolve to facilitate two-way markets and offer more diverse asset offerings.

To date, existing DOV-based protocols are focused exclusively on the sell-side market for large cap tokens. This, coupled with the lack of decentralized options exchanges and liquidity sources, has left users with almost no ability to buy options, particularly for altcoins. This presents a massive opportunity that Thetanuts Finance intends to fill.

“At Thetanuts Finance, we are dedicated to leading the way in building a thriving altcoin options market for both budding and established ecosystems across different chains, including non-EVMs. Our commitment to innovation and decentralization has never been stronger, and we look forward to driving the DOV model to new heights,” said Sherwin Lee, Advisor at Thetanuts Finance.

The latest fundraise will enable Thetanuts Finance to scale its efforts to deliver the next breakthrough in DOVs where we will:

  • Lead and build a thriving buy-side altcoin options market via DOVs
  • Deliver a novel design that combines our DOV base layer with an AMM and money market that will enable users to access leverage using altcoin options
  • Allow users to purchase options in a permissionless manner 24/7
  • Enable free markets to speculate on altcoin option prices and arbitrage opportunities

We are confident that with the underlying buy-side mechanism and accessible DOV infrastructure, Thetanuts Finance can accelerate the development of altcoin option markets across ecosystems, creating new markets for option users and fee generation opportunities for foundations, DAOs, institutions and other market participants.

“Functional derivatives are a key component of a healthy financial market. We are excited to back Thetanuts Finance in its mission to bring net new, foundational core products to the decentralized options market,” said Josh Rosenthal, Portfolio Manager at Polychain Capital LP.

“Thetanuts Finance continues to bring innovative financial products to the options market and we are thrilled to support their vision of becoming the leading altcoin options market player in the evolving multichain world” said Stelian Balta, CEO of Hyperchain Capital.

“We at Magnus Capital are incredibly excited about Thetanuts Finance’s vision to revolutionize the altcoin options market through their innovative Decentralized Options Vaults. Their commitment to pushing the boundaries of DeFi and expanding accessibility to diverse asset classes aligns perfectly with our own mission. We believe Thetanuts Finance has the potential to transform the options market, unlocking new opportunities for traders, liquidity providers, and the broader Web3 ecosystem” said Ken Bassig, Head of Venture at Magnus Capital.

Thetanuts Finance’s latest buy-side altcoin options market is set to launch soon in beta for users to sign up and trade. So be sure to follow our official channels on Twitter, Discord and Medium for further updates!

About Thetanuts Finance

Thetanuts Finance’s is a multichain decentralized options protocol that offers a range of crypto structured products catering to various market participants, including option traders, DAOs, market makers, and liquidity providers. The platform offers a comprehensive range of products for both major cryptocurrencies like BTC and ETH, as well as popular altcoins, enabling users to earn yield on their tokens, provide liquidity, and trade long and short cryptocurrency options.

The platform is founded by a team of expert programmers, hedge fund managers, and financial analysts with a wealth of experience in building financial crypto products. Backed by Deribit Exchange, QCP Capital, Jump Crypto, Borderless Capital, Tribe Capital, Mirana Ventures, Crypto.com Capital, Hyperchain Capital, Raptor Group, GSR, Defi Capital, the Executives of Goldentree Management, MEXC, Comma Ventures and other prominent market makers, exchanges and institutional investors, Thetanuts finance aims to develop first in class infrastructure for crypto derivatives market participants.

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Thetanuts Finance

Thetanuts Finance is building a decentralised on-chain options protocol focused on altcoin options 🥜❓