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/

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..."

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

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?

@Zebadiah_Carter

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

 
@mastodonmigration