After unveiling its strategic plan earlier this year, Bluesky has now reached a new financial milestone, coupled with a significant internal strategic shift.

A recent announcement, delayed by several months, reveals a focus more on structural organization than on public disclosure…

Funding Announcement Comes One Year Late

In a press release, Bluesky confirmed a $100 million Series B funding round led by Bain Capital Crypto, with contributions from several investors including Alumni Ventures and Bloomberg Beta. The fundraising round was completed in April 2025 but was not disclosed publicly at that time.

This approach is unusual for startups, which typically publicize their funding rounds to boost visibility. Here, Bluesky appears to have prioritized product development and ecosystem structuring over immediate public communication.

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Since its $15 million Series A in 2024, the platform has seen rapid growth, expanding from 13 to over 40 million users by November of the last year.

This growth indicates a rising interest in alternative social networks, particularly in a climate of skepticism towards traditional models.

Leadership Change to Scale Operations

The funding news comes shortly after a significant shift, specifically the departure of Jay Graber from the CEO role. However, the founder remains in a pivotal position, taking on the role of Director of Innovation, focusing on the development of the platform’s technical protocol.

Toni Schneider, former CEO of Automattic, steps in as the interim CEO to facilitate this transition. His role will focus on execution, steering the platform through its next growth phase.

This leadership reshuffle is a typical evolution in the tech industry, moving from an innovation phase to an industrialization phase. While Jay Graber laid the groundwork, the new leadership is tasked with economically capitalizing on these foundations.

The Vision of a Truly Decentralized Social Network

At the heart of Bluesky’s value proposition lies the AT Protocol, an open infrastructure that separates identity, data, and applications. Unlike traditional platforms, users are not reliant on a single service to exist online.

This foundational feature appeals to both users and investors, especially those from the crypto ecosystem, even though Bluesky does not utilize blockchain technology. Currently, the ecosystem boasts over 1,000 active applications and a substantial volume of public data exchange.

However, the economic model remains a question mark. True to its philosophy, the platform relies on subscriptions and paid services rather than targeted advertising. This coherent approach still needs to prove itself on a larger scale against competitors like Meta or X…