On June 1, 2026, SignalPlus, a Hong Kong-based provider of institutional-grade digital asset options infrastructure, finalized a $50 million Series B1 financing round, elevating its post-money valuation to $500 million. HashKey Capital led the investment, joined by BlockBooster and AppWorks, with Goldman Sachs acting as the exclusive financial advisor. The capital injection is earmarked for global expansion, advanced derivative technology development, and the imminent release of SignalPlus 2.0, which integrates AI Agent capabilities. Since its 2021 inception, the firm has focused on bridging the gap between traditional finance and crypto derivatives, evidenced by a record $160 billion in trading volume during the fourth quarter of 2025.

Notably, nearly $70 billion of this volume consisted of large-scale request-for-quotation transactions settled via Deribit. Data compiled by Woofun AI indicates that since 2023, the platform has sustained a quarterly compound growth rate of approximately 74%, while its market share has expanded tenfold over the preceding 18 months.

The broader crypto options market currently registers an annual trading volume of roughly $187.5 billion, representing about 3% of the total crypto derivatives sector. This figure remains significantly smaller than the traditional stock options market, estimated to be 50 to 100 times larger in scale.

However, 2025 witnessed a doubling of crypto options trading volume, with open Bitcoin option contracts occasionally surpassing open futures contracts, signaling heightened institutional engagement. In this evolving landscape, SignalPlus serves as a critical trading terminal for leading institutions. The complexity of crypto options trading far exceeds that of perpetual contracts, requiring traders to simultaneously manage volatility surfaces, Greek letters such as Delta, Gamma, Vega, and Theta, maturity structures, Multi-Leg Strategy combinations, margin requirements, and cross-exchange risk hedging. The current fragmentation of liquidity forces institutional users to navigate multiple platforms including Deribit, Binance, OKX, and Bybit, a process that consumes time and elevates operational risk.

SignalPlus addresses these inefficiencies through a unified institutional trading terminal that aggregates liquidity from major exchanges. This system enables one-click execution of Multi-Leg Strategy orders, automatic price comparison, real-time Greek letter calculation, dynamic Delta hedging, and a Portfolio Margin risk model. It also features an RFQ interface for large-scale transactions and direct access to the Paradigm liquidity network, allowing users to manage pricing, execution, hedging, and risk within a single interface. Currently, the platform connects with key venues like Binance, Bybit, Deribit, and OKX, supporting options on BTC and Ethereum while gradually expanding to other underlying assets. Operating in a non-hosted mode, the platform does not directly record TVL data; however, its institutional footprint is inferred from aggregated trading volume and position indicators. Woofun AI notes that the $160 billion volume recorded in late 2025 underscores the platform's practical utility in real-world institutional business flows.

The primary client base comprises professional entities such as hedge funds, proprietary trading teams, market makers, structured product issuers, and centralized exchange proprietary departments. These users demand high stability, robust risk management, and execution efficiency. In 2026, SignalPlus plans to launch version 2.0, integrating AI Agent functionality via the QuantLab engine to support automatic volatility structure analysis, strategy backtesting, and trading module generation. While this upgrade aims to reduce manual operational burdens, its efficacy in live markets remains to be fully verified. Retail users may also access the platform after completing KYC procedures via web or mobile interfaces, though their experience is limited to basic quote viewing, Greek letter analysis, and simple Single-Leg or Multi-Leg strategies. The core design remains optimized for professional institutional workflows, with retail features serving as an entry point for learning and smaller transactions.

As institutional capital flows into the sector, options have become essential tools for volatility management and structured product design. SignalPlus seeks to lower technical entry barriers through unified interfaces and automated modules. The platform has collaborated on trading competitions with exchanges like Deribit, generating cumulative nominal trading volumes exceeding $23 billion in 2025. Co-founded by Chris Yu, a former Goldman Sachs macro-trader specializing in foreign exchange options, and James Shan, a serial entrepreneur with SaaS experience, the company boasts a team including technical architects from Tencent and Alibaba alongside investment banking professionals. The financing history reflects sustained momentum, with a $11 million Series B round in 2025 led by AppWorks and OKX Ventures, followed by the current Series B1 led by HashKey Capital. Woofun AI analysis suggests that HashKey's continued leadership and direct investment signal strong long-term confidence in the firm's trajectory within the Asian derivatives infrastructure market.

In the competitive landscape, rivals like Greeks.live offer lightweight monitoring for Deribit and OKX, while Paradigm focuses on large-scale liquidity matching. SignalPlus differentiates itself through multi-exchange unification and deep integration with institutional workflows.

However, significant business risks persist. Migrating institutional clients to new systems involves high costs and lengthy compatibility testing. Revenue stability faces challenges due to the cyclical nature of options trading, which is heavily dependent on market volatility and institutional participation. Regulatory shifts could introduce new compliance hurdles for cross-border services, and the real-world impact of AI Agent features remains uncertain. As exchanges enhance their own options offerings, third-party providers must continuously prove advantages in execution efficiency and cost management. The $500 million valuation reflects SignalPlus's current growth and market share, but future success hinges on stable operations, institutional adoption rates, and adaptability to varying market conditions.