Elliptic closes $120M Series D at $670M valuation — Deutsche Bank and Nasdaq back crypto compliance infrastructure!

Blockchain analytics firm Elliptic has closed a $120 million Series D round at a $670 million valuation, with Deutsche Bank and Nasdaq Ventures joining as new backers. The raise cements Elliptic's position as the go-to compliance layer for institutions navigating on-chain risk.

Deutsche Bank and Nasdaq's participation is the headline, but the deeper signal is the cap table itself: JPMorgan has been on it since Elliptic's 2021 Series C. Three of the most systemically significant names in global finance are now co-investors in crypto compliance infrastructure — that's not a trend, it's a structural commitment.

As regulators tighten AML and sanctions-screening requirements across crypto markets, the firms building the rails for institutional-grade compliance are becoming indispensable. Elliptic's valuation trajectory reflects exactly that thesis.