Bluesky is entering a new era of commercial expansion, announcing a $100 million Series B funding round. Led by Bain Capital Crypto, the capital injection actually closed in April 2025 but was kept confidential until now. The round saw participation from a diverse group of investors, including Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and the Knight Foundation.
This latest milestone follows a Series A round led by Blockchain Capital and an earlier seed round backed by Neo. While the company has not disclosed its new valuation, the funding marks a massive leap from its initial stages.
Leadership in Transition
The news arrives on the heels of a major leadership reshuffle. Jay Graber, who has led the platform since its inception, recently announced she is stepping down as CEO to become the Chief Innovation Officer. This move allows Graber to focus on technical building while the company searches for a new executive capable of driving Bluesky toward long-term commercial success.
The Growing “Atmosphere”
Since its Series A, Bluesky’s user base has exploded from 13 million to over 43 million global users. This growth is supported by the AT Protocol (ATProto), the underlying technology that enables an interoperable ecosystem of apps known as the “Atmosphere.”
The network now hosts approximately 20 billion public records, including posts and interactions. Developers are flocking to the platform, with SDK downloads exceeding 400,000 per month. Key players in this ecosystem include:
- Skylight: A dedicated video application.
- Flashes: An image-centric alternative to Instagram.
- Surf: An open social app developed by Flipboard.
- Blacksky: A community-driven space supporting Black social media users.
Decentralization Without Blockchain
Despite heavy investment from crypto-focused venture firms, Bluesky remains distinct from traditional blockchain projects. The platform does not use a blockchain or native cryptocurrency. Instead, it focuses on a decentralized design inspired by open protocols.
Graber has described the mission as an evolution of the social web—moving away from centralized corporate silos toward an open, distributed model. The new funds will be used to grow the internal team and further refine both the consumer app and the ATProto infrastructure that powers the next generation of social networking.
