Thatch raises $108M at $1B valuation

The funding headline is less informative than the structure: a nine-figure raise at a unicorn valuation with no disclosed investors or use of proceeds leaves the strategic picture almost entirely opaque. What matters is whether that capital converts into the kind of regulated, distribution-heavy buildout that fintech-adjacent crypto and RWA ventures have struggled to fund at this stage. The open question is who is actually writing the check and what milestone the valuation is anchored to — without that, the number says more about sentiment than about traction.