TRM Labs valuation doubles to $2 billion in Series C expansion

TRM Labs valuation — Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following an expansion of its Series C funding round led by Blockchain Capital.

The company did not disclose the size of the latest investment but announced that its annual recurring revenue has quadrupled over the past three years. This expansion follows a $70 million Series C round in February, which was also led by Blockchain Capital and valued the company at over $1 billion.

TRM provides blockchain investigation software used by more than 600 government agencies and private-sector institutions across 75 countries. The firm said its AI-powered tools are used to investigate fraud, money laundering, and sanctions evasion, with criminal adoption of AI rising 40% year-over-year in 2026 according to its internal index.

The new valuation comes about two months after US Immigration and Customs Enforcement awarded TRM a roughly $95 million, one-year contract for forensic software and support services, a decision rival Chainalysis has challenged in federal court.