Bluesky, a decentralized social network initially backed by Jack Dorsey, has disclosed that it quietly raised $100 million in Series B back in April 2025 — only now making the round public as the company enters a new phase of leadership and growth.

The team announced Thursday that the raise was led by Bain Capital Crypto, with participation from Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation, and True Ventures. 

Bluesky said it has been deploying the capital over the past year to expand its team and scale infrastructure. "We're excited to share more as we move into a new era of leadership and further growth," the project said Thursday. 

Since the Series A round in October 2024, Bluesky's user base has surged from 13 million to over 43 million globally, while its broader "Atmosphere" ecosystem — comprising developers, apps, and users building on AT Protocol — has expanded in parallel, according to the statement.

The Block has reached out to Bluesky for further information.

The newly disclosed funding follows a leadership transition announced earlier this month. Founder Jay Graber stepped down as CEO to become chief innovation officer, focusing on advancing the protocol's long-term architecture, while Toni Schneider, a partner at True Ventures, took on the role of interim chief executive as the company searches for a replacement.

In a March 9 blog post, Graber described the shift as a move to return to "building new things," while Schneider said Bluesky had achieved what many decentralized projects struggled to do — combining user ownership with a social experience at scale.

Bluesky was initially a project Dorsey kicked off in 2019 while he was CEO of Twitter. Bluesky has operated independently since 2021, and Twitter severed its service agreement with Bluesky in late 2022.

Decentralization

Bluesky's approach to decentralization centers on the AT Protocol, which standardizes how identity, social graphs, and content are structured across applications, according to the protocol's website. 

Unlike traditional social platforms controlled by a single company, the protocol enables multiple apps and services to interoperate under the same network.

Bluesky says this design enables account portability — users can move between services without losing their identity, followers, or data — as well as algorithmic choice and composable moderation. "It is a federated network with account portability," said Bluesky.

The platform likens this to giving users a "passport" for social media, allowing them to carry their relationships and content across different applications within the ecosystem. 

The team said Thursday that more than 1,000 apps built on the AT Protocol are used each week, with monthly software development kit downloads exceeding 400,000. The network also hosts roughly 20 billion public records, including posts, likes, and other interactions.