Uranium Digital Raises $6.1M to Accelerate Launch of Cryptocurrency Spot Nuclear Fuel Market

Uranium Digital Raises $6.1M to Accelerate Launch of Cryptocurrency Spot Trading Platform

Founder Alex Doleski argues that there is a need to move faster to meet the extraordinary interest.

Danny Nelson | Edited by Sheldon Reback Updated March 20, 2025 11:32 UTC Published March 20, 2025 12:00 UTC

Key points:

• Uranium Digital has raised an additional $6.1 million to develop a uranium spot trading platform using crypto infrastructure.
• Alex Doleski's startup aims to become the first institutional marketplace for nuclear fuel.
• Global demand for nuclear power is recovering, which is also leading to renewed interest in the accessible spot market for uranium.

Alex Doleski believed his startup, which aimed to “revive” the moribund spot uranium market, would succeed amid a global resurgence in nuclear energy. This tokenized yellowcake is more like gold.

A few months after raising its first $1.7 million from venture investors, Uranium Digital has raised another $6.1 million in a seed round led by Framework Ventures.

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The funds will accelerate the creation of Uranium Digital, a uranium spot trading platform that will use crypto infrastructure on the backend. The company says it is the first institutional marketplace — with or without crypto — for this critical clean energy commodity, which, surprisingly, is not as easily traded as its dirtier counterparts — coal, natural gas, and oil.

A complex mix of strict regulations and weak demand from the primary market has previously prevented a robust spot market for uranium from forming, Doleski said in an interview. While strict rules about who can make decisions about yellowcake, a powdered form of uranium oxide concentrate, will remain in place, growing global interest in nuclear energy will help solve other problems.

Nuclear power is making a comeback. Once criticized for disasters, most recently Fukushima, the energy source is once again becoming a viable solution to rapidly growing electricity needs. This growth is driving new interest from investors and institutions in the accessible spot market.

In the crypto space, Doleski believes he has found an effective way to create a first. He says he is “abstracting” from the traditional challenges of on-chain trading to make Uranium Digital’s platform look and feel familiar to institutional clients.

“Crypto infrastructure to improve efficiency, speed and execution is a unique opportunity,” he said.

As the platform's launch date approaches, Doleski intends to invest more resources into his business and engineering teams.

After the pre-seed campaign, he realized that the company's proposed solution had an even broader range of potential users than he had expected in his most optimistic forecasts. Meeting the excess demand required faster action and additional funding.

“The response we've received from the traditional market has been so positive that we're actually entering the market earlier than planned,” he said.

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