Soter Insure, the Abu Dhabi-based insurtech company focused exclusively on digital asset coverage, announced the initial closing of its Series B funding round on July 29. Galaxy Digital led the tranche, doubling down on a relationship that started when the Mike Novogratz-led firm spearheaded Soter’s Series A back in February 2025.

The round brought in some notable new names. Coinbase Ventures and Franklin Templeton both participated, joining existing backers Brevan Howard Digital and other returning investors.

The numbers and the structure

The Series B is structured across multiple tranches, with a total capital target of $23.5 million in fiat. The raise also includes more than 500 BTC and over 2,000 ETH expected by final closure.

Soter plans to use the capital to enhance its underwriting capabilities and expand its suite of risk-assessment technologies. The company’s product lineup already covers a range of scenarios: asset loss, directors and officers (D&O) insurance, smart contract failures, and validator slashing events.

A track record of firsts

Soter launched what it calls the world’s first Ethereum-denominated slashing insurance in March 2026, built in collaboration with Galaxy Digital. Slashing is the mechanism by which proof-of-stake networks like Ethereum penalize validators for misbehavior or extended downtime by confiscating a portion of their staked tokens.

Before that, in July 2025, Soter partnered with Dubai Insurance P.S.C. and Deus X Capital to create hybrid BTC/USD policies.

The company holds full regulatory licensing from the Dubai Financial Services Authority.