Crypto VC Funding Soars to $4.65B in Q3 2025, Driven by Big Deals

Crypto VC funding surged to $4.6–$4.65B in Q3 2025, up 290% from Q2. Seven major deals drove half the total, with most capital going to established firms. The US led in both capital and deal count.

Crypto venture capital funding rebounded sharply in the third quarter of 2025, reaching approximately $4.6–$4.65 billion, the second-highest level since the FTX collapse in late 2022. This surge marked a 290% increase from the previous quarter, with seven major deals—including Revolut ($1 billion) and Kraken ($500 million)—accounting for nearly half of the total capital raised. While the number of deals remained steady at over 410, most funding went to established companies, though startups founded in 2024 secured the highest deal count. The focus of investment shifted toward stablecoins, AI, blockchain infrastructure, and trading technology, reflecting a maturing market that values sustainability and practical use cases over speculative hype. Pre-seed activity declined as investors favored later-stage firms and liquid products. The United States led in both capital invested (47%) and deal count (40%), followed by the UK and Singapore. Despite the rebound, funding levels remain below the 2021–2022 bull market highs, and fundraising for new crypto-focused venture funds continues to face challenges. The market shows cautious optimism, with large late-stage rounds driving momentum and ongoing early-stage innovation.