2025 Crypto VC Report: $25B+ Raised as Market Roars Back
A comprehensive analysis of crypto venture capital funding in 2025, featuring $25.37 billion raised across 868 deals, marking a remarkable +163% YoY surge from 2024.
Annual Report 2025
Crypto VC Funding Surges to $25.37 Billion
A record-breaking year as institutional capital floods back into crypto, marking a +163% increase from 2024.
$25.37B
Total Raised
868
Funding Rounds
$29.2M
Average Deal Size
+163%
YoY Growth
Executive Summary
2025 has proven to be a watershed year for crypto venture capital. After the challenging conditions of 2022-2023 and the gradual recovery in 2024, the industry has witnessed a remarkable resurgence in investor confidence and capital deployment.
With $25.37 billion raised across 868 funding rounds, 2025 represents not just a recovery but a powerful statement about the long-term viability of blockchain technology and digital assets. The year-over-year growth of +163% from 2024 total of $9.62B demonstrates that institutional investors are once again bullish on crypto infrastructure.
"The median deal size of $6M indicates healthy seed and early-stage activity, while the average of $29.2M reflects several mega-rounds that captured headlines throughout the year."
Quarterly Performance
The funding landscape showed interesting dynamics across each quarter:
Q1 2025
$5.84B
251 rounds · $23.3M avg
Q2 2025
$4.54B
190 rounds · $23.9M avg
Q3 2025
$7.82B
218 rounds · $35.9M avg
Q4 2025
$7.17B
209 rounds · $34.3M avg
Q3 emerged as the strongest quarter, with $7.82B raised across 218 deals. September alone saw $3.25B in funding, making it the single best month of the year. This surge coincided with renewed institutional interest following regulatory clarity in several major markets.
Sector Analysis: Where the Money Flowed
The distribution of capital reveals clear investor preferences and emerging narratives:
Top Funded Categories
Key Sector Insights
Centralized Exchanges dominated fundraising with $4.40B across just 15 mega-rounds, averaging a staggering $293.7M per deal. This reflects the continued importance of compliant, institutional-grade trading infrastructure.
Betting and Prediction Markets emerged as a surprise leader, capturing $3.15B. The success of platforms like Polymarket during the 2024 US election cycle sparked renewed interest in decentralized prediction markets.
DeFi remains a cornerstone of crypto innovation with $3.04B raised across 214 deals—the highest deal count of any category. This underscores continued innovation in lending, DEXs, and yield optimization.
Monthly Funding Breakdown
| Month | Raised | Rounds | Avg Deal |
|---|---|---|---|
| January | $1.27B | 85 | $15.0M |
| February | $1.02B | 81 | $12.5M |
| March | $3.56B | 85 | $41.8M |
| April | $1.40B | 64 | $21.8M |
| May | $624M | 54 | $11.6M |
| June | $2.52B | 72 | $35.0M |
| July | $2.67B | 69 | $38.7M |
| August | $1.90B | 72 | $26.4M |
| September ⭐ | $3.25B | 77 | $42.2M |
| October | $3.88B | 90 | $43.1M |
| November | $2.60B | 65 | $40.0M |
| December (YTD) | $694M | 54 | $12.9M |
Looking Ahead: What This Means for 2026
The remarkable recovery in 2025 sets the stage for what could be an even more significant 2026. Key trends to watch:
- Institutional Infrastructure: Continued investment in compliant exchanges and custody solutions
- RWA Tokenization: Real-world asset tokenization attracted $1.1B and is poised for mainstream adoption
- AI + Crypto: The intersection of artificial intelligence and blockchain is attracting significant attention
- Regulatory Clarity: Clearer frameworks in major markets should accelerate institutional participation
Explore the Live Dashboard
Dive deeper into the data with interactive charts, real-time updates, and granular filtering.
View Full 2025 Report →Data sourced from DeFiLlama. This report is auto-generated based on publicly announced funding rounds and is updated in real-time. Last updated: December 2025.
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