About Token Bay Capital
Token Bay Capital is a venture capital firm founded in 2021. It is primarily based out of Hong Kong, China. As of Apr 2025, Token Bay Capital has invested in 20 companies. It primarily invests in Seed round in China based startups. Its investments are spread across a wide range of sectors from Blockchain Technology to High Tech and FinTech. Most recently it participated in the $***** Series B round of Ika Overall, Token Bay Capital portfolio has seen 2 unicorns and 1 acquisition, namely Animoca Brands, Yuga Labs and Moongate. A lot of funds co-invest with Token Bay Capital, with names like Coinbase sharing a substantial percentage of its portfolio. Token Bay Capital has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Seed, Series A & 1 more
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Token Bay Capital's List of Top Investments
Token Bay Capital has a portfolio of 20 companies, including 2 unicorns. Their most notable investments are in Taiko and Animoca Brands.Their portfolio spans across China, Singapore, United States and 4 more locations. They have invested in Blockchain Technology, High Tech, FinTech and 6 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Token Bay Capital:Web3 technology investment and venture-building company. It builds, invests in, and accelerates businesses and ecosystems focused on digital ownership. Its activities span blockchain, digital assets, gaming, identity, education, stablecoins, real-world assets, and related Web3 infrastructure, with investments and portfolio companies across the global digital economy.
Key facts about Animoca Brands
- Founded Year: 2006
- Location: Hong Kong (China)
- Annual Revenue: $100M - $500M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $998M
- Employee Count: 314 as on Aug 31, 2026
- Investors: Harmony Partners, Backstage and 126 Others
- Latest Funding Round: Series C, Nov 11, 2024, $*****
- Highlight: Editors' Pick
2. Hex Trust
Custodian service for digital assets. It offers an enterprise grade multi currency custody platform. It provides cold, frozen, and ZeroKey wallet services to secure cryptocurrency. It offers APIs, on-chain segregation for transactions, multiple-factor authentication, real-time monitoring, and KYC, AML validation service. It offers fully regulated institutional digital asset custody, staking and markets services to builders, investors and service providers.
Key facts about Hex Trust
- Founded Year: 2018
- Location: Hong Kong (China)
- Stage: Series B
- Total Funding till date: $104M
- Employee Count: 114 as on Aug 31, 2026
- Investors: Primavera, Tessera Venture Partners and 32 Others
- Latest Funding Round: Series B, Feb 07, 2025, $*****
- Highlight: Editors' Pick
3. Taiko
Developer of a decentralized protocol for scaling the Ethereum network. This software infrastructure extends functionality to facilitate increased transaction capacity. The protocol utilizes a fork of existing software to maintain functional alignment with the base layer.
Key facts about Taiko
- Founded Year: 2022
- Location: Shanghai (China)
- Stage: Series A
- Total Funding till date: $37M
- Employee Count: 35 as on Aug 31, 2026
- Investors: Skyland Ventures, WAGMI Ventures and 19 Others
- Latest Funding Round: Series A, Mar 02, 2024, $*****
4. MANTRA Chain
Permissionless blockchain infrastructure solutions. It allows the building of Web3 applications on a scalable blockchain architecture. It provides a toolkit for developers to create applications on its platform. It provides access to DEXs, yield-bearing vaults and RWA tokenization platforms.
Key facts about MANTRA Chain
- Founded Year: 2020
- Location: Switzerland
- Stage: Series C
- Total Funding till date: $31M
- Employee Count: 110 as on Aug 31, 2026
- Investors: Inveniam IO, Three Point Capital and 17 Others
- Latest Funding Round: Series C, Aug 05, 2025, $*****
- Highlight: Editors' Pick
Blockchain analytics platform for cryptocurrency risk and threat detection. It offers tools for identifying suspicious transactions and preventing fraud. It helps with compliance regarding regulations. The platform also provides forensic analysis of cryptocurrency transactions. It assists in tracking stolen funds and investigating illicit activities.
Key facts about Merkle Science
- Founded Year: 2018
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1M - 10M as on Oct 31, 2022
- Stage: Series B
- Total Funding till date: $25.6M
- Employee Count: 54 as on Aug 31, 2026
- Investors: BECO Capital, CoinHako and 35 Others
- Latest Funding Round: Series B, Aug 05, 2022, $*****
- Highlight: Editors' Pick
Token Bay Capital's Year-on-Year Investment Trends
Token Bay Capital has invested in 20 companies over the last 5 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 2 investments. Its most recent first time investment was in Ika and most recent follow-on round was in Taiko.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 2 | 0 | 2 |
2024 | 2 | 1 | 3 |
2023 | 1 | 0 | 1 |
2022 | 6 | 0 | 6 |
2021 | 5 | 1 | 6 |
Token Bay Capital's Investments by Stage
Token Bay Capital has made 8 investments in Seed stage with an average round size of $5.81M, 5 investments in Series A stage with an average round size of $6.92M and 3 investments in Series B stage with an average round size of $27.3M.Stage of entry | No. of Investments |
|---|---|
Seed | 8 |
Series A | 5 |
Series B | 3 |
Note: We have considered here, only first round of investments
Token Bay Capital's Investments by Sector
Token Bay Capital has a diverse portfolio, with companies operating in the Blockchain Technology, High Tech, FinTech, Blockchain - Industry Applications and Enterprise Applications. Notably, it has invested in 19 Tech companies, 16 Blockchain companies, 12 Enterprise (B2B) companies and at least 11 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Blockchain Technology | 14 |
High Tech | 11 |
FinTech | 10 |
Blockchain - Industry Applications | 9 |
Enterprise Applications | 7 |
Others | 13 |
Note: We have considered here, only first round of investments
Token Bay Capital's Investments by Geography
Token Bay Capital has made most investments in China (6), followed by Singapore where it has made 3 investments.Country | No. of Investments |
|---|---|
China | 6 |
Singapore | 3 |
Israel | 1 |
Montenegro | 1 |
Switzerland | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Token Bay Capital's recent investments
Token Bay Capital has not made any investment in 2026 so far.Here are the most recent investments by Token Bay Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 29, 2025 | - | Series B | 4361 | [+30] | |
Feb 13, 2025 | - | Series A | 6105 | [+3] | |
Apr 02, 2024 | China | Seed | 5476 | [+5] | |
Mar 19, 2024 | Switzerland | Series B | 2336 | [+9] | |
Mar 02, 2024 | China | Series A | 1068 | [+9] |
Unicorns in Token Bay Capital's Portfolio
Token Bay Capital has 2 unicorns in its portfolio - Yuga Labs and Animoca Brands. The most recent unicorn in their portfolio is Yuga Labs. It became a unicorn in 2022, 4 years before Token Bay Capital first invested in it.Here is a list of unicorns in Token Bay Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
55 | Non-fungible token collection built on the Ethereum blockchain | 2021 | Coral Gables | Seed | yeyvhrt | ||
77 | Web3 technology investment and venture-building company | 2006 | Hong Kong | Series C | gpuldci |
Acquired companies in Token Bay Capital's Portfolio
1 company from Token Bay Capital's portfolio has been acquired. The most recent acquisition was Moongate in Jun 2025 by Humanity Protocol for $*****.Here are Token Bay Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 10, 2025 | Apr 02, 2024 | Seed | 6339 |
Team profile of Token Bay Capital
Token Bay Capital has a team of 1 member located in United Kingdom. Token Bay Capital's team does not sit on the board of any company as of now.Co-investors of Token Bay Capital
Over the past 5 years, 267 investors have co-invested in Token Bay Capital's portfolio companies. This includes funds and angels.
- Invested before Token Bay Capital: Animoca Brands, Kingsway Capital and 67 others have invested in rounds before Token Bay Capital. There are 2 companies where Animoca Brands has invested before Token Bay Capital and 1 company where Kingsway Capital has invested before Token Bay Capital.
- Top Co-investors of Token Bay Capital: 129 investors entered a company along with Token Bay Capital. These include investors like Coinbase (3 companies).
- Invested after Token Bay Capital: A total of 69 investors have invested in Token Bay Capital's portfolio after their investments. Top Investors include Summer Capital (2 companies), CMCC Global (1 company) and GameFi Ventures (1 company).
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