August 21, 2025

BBL

Hi there,

Here is this week's Hot or Not.

Hot: Banks in blockchain

Global banks are making big moves in blockchain. 

For example, in July, JPMorgan partnered with Coinbase to provide crypto services to 80M customers.

The momentum has been building for years. 

From 2020-2024, global banks made 345 investments in blockchain companies based on CB Insights data. 

Download the full report, built in partnership with Ripple and the UK Centre for Blockchain Technologies, for an inside look at how, where, and why banks are investing in blockchain tech. 

Not: AI froth

OpenAI CEO Sam Altman stoked bubble fears in an interview with The Verge published Friday:

“Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes.”

That excitement is clear in CB Insights data: 

• 1 in 2 venture dollars now go to AI startups.
• AI funding in the first half of 2025 already surpassed 2024’s record full-year total.
• Startups are raising at sky-high valuations, with multiples crossing 100x.

The FOMO is real. 

See how the CB Insights platform can help you stay ahead.

Hot: Series E+ rounds

We’re going to need a longer alphabet.

Databricks' rumored Series K is the latest round driving a new high for Series E+ rounds deal share (1.72% of deals in 2025 YTD, GIF below).

With “the hottest” companies staying private longer, mega-rounds are taking the place of public markets for growth capital.

Not: AI companionship

The internet’s having a moment about human-AI relationships. 

OpenAI reversed course on replacing GPT-4o with GPT-5 after user backlash last week. 

Turns out people were more attached to their AI’s emotional intelligence than expected.

We called this back in 2023: AI friendships would explode.

For better or worse, we’re here now.

The +1

Did an intern make this? Look at those real weekly wages. Quite telling.

I love you.

Anand

@asanwal 

Co-Founder & Exec Chair

P.S. This week, smart ring maker Ultrahuman announced it will acquire women’s health tech company viO HealthTech, with plans to launch advanced cycle tracking. Review the femtech landscape with our market map here. 

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