TRM Labs Hits $2B Valuation in Series C Expansion Led by Blockchain Capital

Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion through an expansion of its Series C funding round, led by Blockchain Capital. While the company did not disclose the size of the latest investment, it reported that its annual recurring revenue has quadrupled over the past three years. The expansion follows a $70 million Series C round in February, also led by Blockchain Capital, with prior investors including Citi Ventures and Galaxy.

TRM provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector institutions across 75 countries. Its AI-powered tools are designed to investigate fraud, money laundering, sanctions evasion, and other forms of digital crime. According to the company, criminal adoption of AI has risen 40% year over year in 2026, citing its AI-in-Crime Adoption Index. The firm noted that digital crime losses reported to the FBI's Internet Crime Complaint Center climbed to $21 billion in 2025, up from $16 billion in 2024.

The new valuation arrives roughly two months after US Immigration and Customs Enforcement (ICE) awarded TRM a approximately $95 million, one-year contract for forensic software and support services tied to Homeland Security Task Force investigations. Rival Chainalysis subsequently challenged the sole-source award in federal court, alleging ICE's decision was "arbitrary, capricious, and unreasonable." Prior to the February round, TRM was valued at $930 million, according to data compiled by Traxcn, before crossing the $1 billion threshold with that raise.