As crypto prices rallied to record highs last year, venture investors piled into new bitcoin-related startups.
The number of pre-seed transactions in the market climbed 50% in 2024, according to a report published Thursday from Trammell Venture Partners. The data indicates that more entrepreneurs entered the bitcoin arena despite a cautious funding environment for the broader tech startup universe.
Bitcoin more than doubled in value last year, while ethereum rose by more than 40%. Early in the year, the Securities and Exchange Commission approved exchange-traded funds that invest directly in bitcoin and then extended the rule to ethereum, moves that brought a wider swath of investors into the market. The rally picked up steam in late 2024 after Donald Trump’s election victory, which was heavily funded by the crypto industry.
The early-stage startup boom dates back several years. According to the Trammell report, the number of pre-seed deals in the bitcoin-native category soared 767% from 2021 to 2024. Across all early-stage funding rounds, nearly $1.2 billion was invested during the four-year period.
“With four consecutive years of growth at the earliest stage of bitcoin startup formation, the data now confirm a sustained, long-term venture category trend,” said Christopher Calicott, managing director at Trammell, in an interview.
Venture capital broadly has been slow to rebound from a steep drop that followed a record 2021. Late that year, inflation started to jump, which led to increased interest rates and pushed investors out of risky assets. The market bounced back some in 2024, with U.S. venture investment climbing 30% to more than $215 billion from $165 billion in 2023, according to the National Venture Capital Association. The market peaked at $356 billion in 2021.
Trammell’s research focuses on companies that build with the assumption that bitcoin is the monetary asset of the future and use the bitcoin protocol stack to develop their products.
Read more about tech and crypto from CNBC Pro
The numbers weren’t universally positive for the industry. Across all rounds as high as Series B, the total capital raised declined 22% in 2024.
But Calicott said he’s looking at the longer-term trend and the increase in the number of pre-seed deals. He said the renewed interest in building on blockchain is largely due to technical upgrades and increased confidence in bitcoin’s long-term resilience.
“Serious people no longer question whether bitcoin will remain 15 or 20 years into the future,” he said. “So the next question becomes: Is it possible to build what the founder is trying to achieve on bitcoin? Increasingly, the answer is yes.”
Trammell has been investing in bitcoin startups since 2014 and launched a dedicated bitcoin-native VC fund series in 2020. Its portfolio includes companies like Kraken, Unchained, Voltage and Vida Global.
Recent reports show momentum in crypto startup funding more widely. In February, crypto VC deals topped $1.1 billion, according to data and analytics firm The Tie.
PitchBook forecasts that crypto VC funding will surpass $18 billion in 2025, nearly doubling the $9.9 billion annual average from the 2023 to 2024 cycle. The firm expects greater institutional engagement from firms like BlackRock and Goldman Sachs to deepen investor trust and catalyze further capital inflows.
Joe McCann, a former software developer, is launching his third venture fund, and said this one will be “exclusively focused on consumer apps in crypto.”
He draws a direct parallel to the internet’s early days.
“In the 1990s, VCs were investing in physical infrastructure,” said McCann, who runs Asymmetric, a digital asset investment firm managing two hedge funds and two early-stage venture capital funds, with $250 million under management. “Ten years later, it was Groupon, Instagram, Facebook — apps built on top. That’s where we are with Web3 right now.”
President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.
Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.
The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.
The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.
Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.
The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.
Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.
Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.
Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.
On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.
At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.
FTC: We use income earning auto affiliate links.More.
You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.
While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.
“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.
The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.
Advertisement – scroll for more content
Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.
The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.
And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.
The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.
With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.
FTC: We use income earning auto affiliate links.More.
The Kia EV5 is officially heading to North America in early 2026, paving the way for a potential US launch. If so, it could go head-to-head with the Tesla Model Y.
Is Kia launching the EV5 in the US?
On Tuesday, Kia unveiled the new EV5, a global version of its electric SUV that has been sold in China since 2023.
Starting at around $20,000 (149,800 yuan), the EV5 is leading Kia’s comeback in China. It’s also a top-selling EV in Australia, where it’s exported from Kia’s Chinese joint venture, Yueda Kia.
The global version will be made in Korea with a few slight upgrades. For one, it’s powered by an 81.4 kWh nickel-manganese-cobalt (NMC) battery pack, rather than the BYD LFP Blade battery used in the version sold in China.
Advertisement – scroll for more content
In Europe, the EV5 will be initially available in two variants: a baseline model and a GT-Line model. Both are powered by front-wheel drive (FWD) with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque.
Kia EV5 baseline trim (Source: Kia)
The global version is 4,610 mm long, 1,875 mm wide, and 1,675 mm tall, or a bit smaller than the Tesla Model Y. It’s about the size of the Hyundai IONIQ 5.
Inside, you’ll find a setup similar to the EV9 and EV3, featuring Kia’s new ccNC (connected car Navigation Cockpit) infotainment system. The setup features a 12.3″ instrument cluster and a 12.3″ infotainment display in a panoramic format. There’s also an added 5.3″ climate control screen.
Kia EV5 GT-Line interior (Source: Kia)
During the launch event, Kia said the “rollout begins” in Korea and Europe in the second half of 2025, adding North American sales will start in early 2026.
Does that include the US? I wouldn’t get my hopes up. In January, Kia announced the EV5 will be “exclusive to the Canadian market in North America.” It will begin arriving at dealerships in 2026.
Kia EV5 GT-Line (Source: Kia)
However, it might make sense. The EV5 for North America will have a built-in NACS port, unlocking access to Tesla Superchargers. It will be available in both AWD and FWD powertrains. Two battery sizes will be offered, 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).
Kia EV5 GT-Line interior (Source: Kia)
With sales of the EV6 and EV9 slipping nearly 50% each through the first half of the year in the US, the EV5 could complement the two.
Electrek’s Take
Although it’s still unlikely, the EV5 could serve as a potential electric alternative to the Sportage, Kia’s top-selling vehicle in the US.
Through June, Kia has sold over 87,000 Sportage models in the US. In comparison, it’s only sold 4,938 EV9s and 5,875 EV6 models.
Kia is launching the EV4, its first electric sedan, in the US early next year. However, a smaller compact electric SUV may be an even better fit.
It already builds the EV9 and EV6 in Georgia, so it could produce the EV5 in the US to avoid extra tariff costs. Or, it could even potentially be built at Hyundai’s new EV plant in Georgia. However, nothing is confirmed.
Would you buy the Kia EV5 in the US? Prices would likely start at around $50,000. Drop us a comment below and let us know your thoughts.
FTC: We use income earning auto affiliate links.More.