Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round, which was led by Blockchain Capital. The company announced the milestone on Wednesday, though it did not disclose the specific financial size of the latest investment.
The expansion builds upon a $70 million Series C round in February, which was also led by Blockchain Capital. According to data compiled by Traxcn, TRM was valued at $930 million prior to that February round, eventually surpassing the $1 billion threshold with backing from investors that included Citi Ventures and Galaxy. TRM stated that its annual recurring revenue has quadrupled over the past three years.
TRM provides blockchain intelligence and investigation software utilized by more than 600 government agencies and private-sector institutions across 75 countries. The company's artificial intelligence-powered tools are deployed to investigate fraud, money laundering, sanctions evasion, and other digital crimes. Citing its AI-in-Crime Adoption Index, TRM reported that criminal adoption of AI increased by 40% year-over-year in 2026. Data from the FBI’s Internet Crime Complaint Center indicates that reported digital crime losses rose to $21 billion in 2025, up from $16 billion in 2024.
The valuation update follows a contract awarded to TRM by US Immigration and Customs Enforcement (ICE) approximately two months prior. The roughly $95 million, one-year contract covers forensic software and support services for Homeland Security Task Force investigations. Rival firm Chainalysis challenged the sole-source award in federal court later that month, filing a legal complaint alleging that the decision by ICE was arbitrary, capricious, and unreasonable.
