Andre Cronje’s Flying Tulip Raises $200M at $1B Valuation, Plans Public Token Sale

Andre Cronje's new venture, Flying Tulip (FT), has secured $200 million in a private funding round, valuing its token at $1 billion fully diluted. The raise, structured as a SAFT, saw participation from Brevan Howard Digital, CoinFund, DWF Labs, FalconX, and Susquehanna Crypto. The project now aims to raise an additional $800 million through a public token sale at the same valuation.

Flying Tulip introduces an innovative "onchain redemption right," allowing investors to reclaim their original principal at any time. Cronje describes it as a downside hedge with upside potential. Instead of deploying investor capital directly, FT plans to allocate up to $1 billion into onchain yield strategies, targeting a 4% annual return to fund growth, incentives, and token buybacks.

The project aspires to be a full-stack onchain exchange, integrating spot trading, derivatives, lending, a stablecoin (ftUSD), and insurance within a cross-margin system. Cronje positions it as a comprehensive financial rebuild, merging AMMs, order books, and money markets. Launching on Sonic with zero fees, FT will later expand to Ethereum, Solana, Avalanche, and BNB Chain.

Cronje's return with Flying Tulip marks a stark contrast to his earlier "crypto is dead" remarks, signaling renewed confidence in the space.