Morpho closed a $175 million funding round on June 10, 2026, co-led by Paradigm and a16z, valuing the protocol near $2 billion. Major firms like Apollo and Coinbase Ventures are buying tokens, betting on Morpho as institutional infrastructure. The raise is among the largest in decentralized finance to date and reflects growing conviction that onchain infrastructure will eventually upgrade the legacy systems underpinning global finance. The round also included participation from Variant, Wintermute Ventures, Prelude, IOSG, Hashkey, Mirana, NJJ Capital, SBI Group, Bpifrance, and 10+ other strategic partners.