Hemi Labs Raises $15M to Expand Bitcoin Programmability

Hemi Labs, the Bitcoin programmability network founded by Jeff Garzik, has raised $15 million in funding to accelerate development and expand its ecosystem.

The round included YZi Labs (formerly Binance Labs), Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, Crypto.com and others, according to an emailed announcement on Tuesday.

The company said the funds will support applications for borrowing, lending, and trading on Bitcoin while further developing its Hemi Virtual Machine (hVM), a layer that embeds a Bitcoin node inside an Ethereum VM - the term for a decentralized system that can execute smart contracts and process transactions on Ethereum.

“Bitcoin doesn’t need to be reinvented; it just needs the right tools around it,” said Garzik, who is one of Bitcoin’s earliest developers. “Hemi provides DeFi protocols with a familiar way to build on Bitcoin, without requiring new skills, compromising on security, or sacrificing decentralization.”

Hemi now counts more than 100,000 verified users and 400,000 community members. Its ecosystem of 70 plus partners includes Sushi, LayerZero, MetaMask and Redstone. Total value locked has climbed to $1.2 billion.

The raise follows Hemi’s mainnet debut in March, which launched with $440 million already committed.

Hemi's ecosystem includes Sushi, LayerZero, MetaMask and Redstone. Total value locked has climbed to $1.2 billion, Hemi said in the announcement.

Hemi’s growth reflects a broader wave of Bitcoin DeFi projects seeking to mobilize BTC’s $2.3 trillion market cap. Competitors like Lombard, with its liquid staking token LBTC, and BOB, a hybrid chain combining Bitcoin and Ethereum, are also building infrastructure to transform Bitcoin from a passive store of value into an active component of decentralized finance.