TRM Labs, Inc.

TRM Labs, Inc., a self-certified small disadvantaged business headquartered in San Francisco, California, delivers blockchain intelligence software and cryptocurrency tracing tools to federal law enforcement and financial regulatory agencies as a prime contractor on 83% of recent awards and as a subcontractor to larger defense and mission-support primes on the remainder.

TRM Labs operates as a for-profit corporate entity with one named subsidiary, TRM Labs Usg, Inc. The vendor competes predominantly in full-and-open procurements (no set-aside designations on most awards), though the two largest parent IDVs were awarded under Total Small Business set-aside authority. Recent work centers on virtual currency tracing, blockchain analytics, Cryptocurrency Network Surveillance and Investigation System (CNSIS) licenses, forensic software subscriptions, de-mixing services, non-fungible token analysis, and professional services including expert witness and litigation support. Representative prime awards include a $94.7 million definitive contract from Immigration and Customs Enforcement (July 2026) for analytical support services to the DHS Homeland Security Investigations Cyber Disruption Center, a $3.8 million definitive contract from the Internal Revenue Service Criminal Investigation division (September 2025) for comprehensive blockchain analytics, tracing, data, and training solutions, a $4.7 million sole-source definitive contract from IRS Criminal Investigation (September 2023) for web-based subscriptions supporting cryptocurrency investigation, and a $1.06 million purchase order from the Financial Crimes Enforcement Network (March 2023) for the TRM Cyber Tool.

Customer concentration sits with two dominant federal law enforcement and financial regulatory agencies. Immigration and Customs Enforcement leads by dollar value with 14 awards totaling $116.7 million combined potential value, driven by a $12.7 million single-award IDV awarded in August 2022 (ceiling raised multiple times; currently extending through August 2027) that has generated nine delivery orders exceeding $6.59 million in cumulative value as of March 2025 for forensic software, concurrent user licenses, and blockchain analytics services. The Department of Justice Federal Bureau of Investigation Headquarters Division ranks second with 24 awards totaling $37.1 million combined potential value, anchored by a $25 million multiple-award Total Small Business IDV awarded March 2022 (extending through March 2027) from which 23 task orders have been issued carrying $12.2 million in combined potential value for CNSIS software, virtual asset tracing, blockchain analytics, de-mixing, and related services. Together, these two customers account for 69% of all awards and 99% of combined potential value. The IRS Criminal Investigation, U.S. Secret Service, and Financial Crimes Enforcement Network follow as secondary customers. TRM Labs operates under two named parent contract vehicles (the FBI IDV and the ICE IDV) and participates in government-wide vehicles including ASTRO, One Acquisition Solution for Integrated Services, and Alliant II, though the two specialized IDVs drive the overwhelming majority of execution.

Activity has grown from 13 awards in 2022 to a peak of 20 in 2025, with 11 awards issued to date in 2026. In the next twenty-four months, 20 awards (combined potential value $109.9 million) face ultimate completion dates and recompete risk. Across SCI-reportable federal service contracts (a subset above the $150,000 threshold), TRM Labs reported $2.6 million in FY2022, $6 million in FY2023, and $6.4 million in FY2024 — data that capture only prime service contracts above the reporting threshold and exclude goods, software perpetual licenses, and non-federal work. The vendor reports zero sub-hours share on those SCI-reportable prime contracts, indicating it performs the full scope of work internally on those engagements rather than subcontracting labor. As a subcontractor, TRM Labs delivers cryptocurrency tracing support, forensic license renewals, and blockchain analytics services to PAE Government Services, HII Mission Technologies, Salient, ManTech Advanced Systems International, CACI NSS, and Peraton, typically supporting operational planning, emerging-threats analysis, and ship repair task orders where blockchain intelligence is a component rather than the primary scope.

TRM Labs ('TRM') provides the next generation blockchain analytics software for cryptocurrency transactions. TRM help government agencies, cryptocurrency businesses, and financial institutions trace the source and destination of funds in any digital asset, monitor transactions, and create cross chain profiles for crypto-related entities like exchanges. TRM's groundbreaking approach analyzes the blockchain for patterns (signatures) of behavior indicative of money laundering to assist investigators in tracing illicit financial flows in real time.

TRM is also the most advanced analytics tool for traditional blockchain analytics having created the largest and fastest growing database of high risk addresses, ingesting 10 million web posts scanned daily in 76 languages across 230 countries. Finally, TRM has created the first and only customizable, cross-chain risk engine, providing a comprehensive view of the flow of funds across different cryptocurrencies.