Mastodawn

Mastodon Migration 2d ago

Bluesky Reveals Massive Hidden Investment

Today #Bluesky revealed that in April 2025 they received a whopping $100M venture capital investment lead by Bain Capital Crypto and that they KEPT IT A SECRET.

https://bsky.social/about/blog/03-19-2026-series-b

So the answer to the big mystery Who Owns Bluesky? (https://mastodon.online/@mastodonmigration/116025246450023071) is finally out. Crypto VCs.

Now, we should be asking why did this company that prides itself on transparency and "decentralization" decide they needed to hide who owned the company?

Mastodon Migration

Here is the TechCruch article on the announcement:

"Social network Bluesky is gearing up for big changes with today’s news that the company raised $100 million in Series B funding. The round, led by Bain Capital Crypto, was closed in April 2025 but had not been disclosed until now."

https://techcrunch.com/2026/03/19/bluesky-announces-100m-series-b-after-ceo-transition/

Bluesky announces $100M Series B after CEO transition | TechCrunch

The additional funds have been used to scale Bluesky's team, while the company continues to develop Bluesky's app and the underlying ATProto that powers it.

TechCrunch

Mastodon Migration 2d ago

More from the TechCrunch article:

"The addition of another crypto-oriented VC firm may give some Bluesky users pause, however, especially since, so far, the company has not integrated cryptocurrencies into its offering..."

"As Graber once told Wired in an interview, “the term Web3 got very associated with cryptocurrency, so it’s not a good word to use for what we’re doing..."

Mastodon Migration 2d ago

So, now that has been revealed that a secret VC cabal does in fact own Bluesky, let's ask how on earth they plan to recoup an investment of over $125M.

It is simply not possible to do so out of revenue. The company has no revenue and little prospect of earning money.

The only real asset that Bluesky has is their user base comprised of the nation's foremost liberals and progressives...

https://mastodon.online/@mastodonmigration/116201871821753838

Mastodon Migration 2d ago

To understand all this better, consider that the Crypto PAC 'Fairshake' spend over $20M in Illinois and $10M of that on a failed attempt to defeat Julianna Stratton. They have over $220M more to spend on influencing the midterms. For these guys the opportunity to achieve some degree of message control over liberal social media is well worth $100M.

How will they do it? Algorithmic manipulation of social media? Quieting critics, amplifying favorable messaging? Has it already begun?

Mastodon Migration 1d ago

The implausible excuse now coming from Bluesky PBC officers as to why they failed to disclose this $100M is that the were "too busy."

Read more here...

https://mastodon.online/@mastodonmigration/116261923081401965

@mastodonmigration If they expect anyone to accept that, it just demonstrates the absolute contempt they have for their users. Amazing.

On the other hand, it was well known from Day One what BS was. Maybe the people using it are the sort that WANT to be treated that way.

Mastodon Migration 1d ago

There is certainly something psychologically binding about parroting something you know to be untrue out of fealty. Explains a lot of society actually.

@mastodonmigration so maybe the BS team had a little yardwork to do, or something in the garage needed tidying up? Perhaps a kid had a ballet recital that interfered with announcements regarding creepy investors.

Ray Gulick, he/him/wtf 🇺🇦 ❌👑1d ago

@timo21 @mastodonmigration

Those sock drawers ain't gonna tidy themselves...

Mastodon Migration 1d ago

@rgulick @timo21

🤣

a.k.a. low-profile 1d ago

@mastodonmigration 12 months don't just 'slip' by. $100,000,000 is something you talk about every day. Something that grabs your attention and places it squarely in your Gantt chart, or whatever AI tool you're using to reduce 'busyness'. And don't be so dismissive with your 15 word social media post, Mike. Do we believe you? Nope.

@mastodonmigration $100 million dollars investment but can't hire a PR Firm. Sure Jen

Steve Hersey 1d ago

@mastodonmigration
EJECT, EJECT!

Zebadiah Carter 2d ago

@mastodonmigration I left BS (haha) for here full time about a month ago. After some entiled chud told me I was invalid because my "Theory of Victory ™️" didn't align with his, I decided that probably wasn't the place for me. Super enjoying this spot though, it actually feels how the web used to in the late 90's. I've missed it...

Firehorseart Lives!2d ago

@Zebadiah_Carter

I'm glad you're enjoying it here. There's a refreshing anti oligarchy & pro alt text vibe in the Fediverse.

@mastodonmigration

Zebadiah Carter 2d ago

@srfirehorseart @mastodonmigration Thanks! The vibes have been overwhelmingly positive so far. I'm almost enjoying being online again 😌

JonChevreau 🇨🇦2d ago

@srfirehorseart @Zebadiah_Carter @mastodonmigration Been on Mastodon since Nov 2022, when Musk bought Twitter/X. Joined BS too after Kamala lost but still prefer Mastodon: it’s usually my first point of call. I think of this place being about quality rather than quantity.

Zebadiah Carter 2d ago

@JonChevreau @srfirehorseart @mastodonmigration That's when I signed up for BS. If I had any idea it was going to shittify that quick, I would have started here to begin with, lol.

Suzanne Aldrich (she/her)2d ago

@mastodonmigration there is no way this doesn’t end in some kind of crypto/AI grift

Mastodon Migration 2d ago

@suzannealdrich

Feel like it is more likely that influencing the midterms through algorithmic manipulation of their users is more what they are up to.

PG1958WILLNOTCOMPLY 🇺🇸🇷🇴🇺🇦🇵🇸2d ago

@suzannealdrich @mastodonmigration well, I'll tell you how it ends for me. I'm out, no telling what info they are harvesting from us so I'm dumping my butterfly account right now. Good luck all!

them#tic 2d ago

@mastodonmigration Broken telephone –game, driven by machines, of course, all over again.

@mastodonmigration ID of the VC owners? You’ve been asking the question for a long time so I’m sure you’re gratified to have the answer

Mastodon Migration 2d ago

@lawyersgunsnmoney

It is just infuriating that such an underhanded and pretty transparent strategy should work so well. And it is not over by a long shot.

@mastodonmigration Yes. We’re dealing with true professionals at grift. It’s what they do. Bain especially and these other VCs in crypto. In contrast, you have the people who PT Barnum was talking about and then the internet “personalities” and “influencers” who care about nothing other than maintaining or building their brand by monetizing their followers. I blocked one of those people a couple of months ago because their behavior was horrible, starkly contradictoring their professed values.

samiamsam 2d ago

@mastodonmigration

we tried to warn them

Mastodon Migration 2d ago

We did. And unfortunately we are going to need to keep warning them.

Jack William Bell 1d ago

@mastodonmigration @samiamsam

People never thank you for warning them and admit they made a mistake not listening to you in the first place. Instead they get incandescently angry at the slightest hint of, "I told you so," or – if you say nothing – either double down and refuse to acknowledge any error or start claiming they always knew, depending on how stubborn they are.

Mastodon Migration 1d ago

@jackwilliambell @samiamsam

Very true.

@jackwilliambell @mastodonmigration @samiamsam So don't say I told you so, even if it is justified. Be a good person, keep your head cool, keep warning people, even if the result is anger.

You S Blues 1d ago

@mastodonmigration Hang on, liberals and progressives use BlueSky? Clout chasing is a drug.

bookandswordblog 1d ago

@patmikemid Its not just clout chasing. Many people today are open that they have careers in culture because they got on Twitter early and networked there. I think that was and is bad ethics and bad tactics but many of them make more money and get more recognition than I do and the conventional ways of making a living in those fields have dried up too.

audioflyer79 1d ago

@mastodonmigration I really saw this coming with BlueSky. Any centralized social media is doomed to be bought by venture capital money and monetized/enshittified. That’s why, as wonky and niche as the Fediverse still is, I really think it’s the only real future for social media. With Big Tech services, people can build careers and post their lives on the platform only to have an Elon Musk jump in and ruin everything. Decentralized social media prevents this by design.

Jan Wildeboer 😷

@mastodonmigration So they are sitting on $100M since almost a year and did more or less nothing with it to grow their business? OK, I guess ...

ikuturso 🇪🇺2d ago

@jwildeboer yeah, raises some eyebrows especially since they've been in decline... wonder what they've been keeping the warchest for and if they'll start spending now with new leadership...

@mastodonmigration