Hemi, which describes itself as the largest programmability layer on Bitcoin, has raised $15 million in fresh funding to advance development of its network that fuses Bitcoin’s security with Ethereum-style smart contracts ahead of an upcoming token generation event.
The funding arrives as more developers look to bridge Bitcoin’s $2.1 trillion network to higher-throughput, smart-contract rails without diluting its security model. Hemi’s pitch is that it can deliver EVM-level programmability while anchoring finality to Bitcoin, a design it argues will help unlock institutional-grade applications on the world’s largest blockchain.
At the core of Hemi’s stack is the Hemi Virtual Machine or “hVM”, touted as a full BTC node embedded inside an Ethereum Virtual Machine. The team said it includes a set of cross-chain “Tunnels” and a proof-of-proof consensus design attributed to co-founder Maxwell Sanchez. The architecture is designed to enable applications to earn, borrow, and compose assets on Bitcoin, leveraging liquidity and tools from EVM ecosystems.
“Bitcoin doesn’t need to be reinvented, it just needs the right tools around it,” Jeff Garzik, co-founder of Hemi Labs and an early BTC core developer, told The Block. Joseph Naggar, CEO and CIO of Republic Digital, added that introducing scalable asset programmability on Bitcoin should unlock more potential for crypto’s largest blockchain.
Hemi says it now counts over 100,000 verified users, a community of more than 400,000, and integrations or partnerships with 70-plus projects, including Sushi, LayerZero, MetaMask, and Redstone.
The latest growth round was led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital, with participation from Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com, among others. This raise brings Hemi’s total funding to $30 million as it targets a broader ecosystem build-out, the company exclusively told The Block. Previously, the project closed a $15 million funding round in September 2024.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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