Insights into crypto financing in the first half of 2025: Top VCs still dominate the total of 37 billion

The First Half of 2025: Crypto Venture Capital Reaches a Turning Point with Over $37 Billion in Financing The first half of 2025 marks a turning point for cryptocurrency venture capital. After two years of capital contraction and investor caution, funds have surged significantly. As of June 30, disclosed cryptocurrency financing has exceeded $37 billion, with over 150 tracked transactions covering seed rounds, A-C rounds, strategic rounds, and IPOs. Despite regulatory uncertainties and ongoing token price volatility, institutional and venture capital confidence in the industry has strongly rebounded. Key Points: • Disclosed cryptocurrency financing in the first half of 2025 surpassed $37 billion, representing one of the most active periods since the 2021 bull market, with over 150 tracked transactions. • Large-scale financings like Binance's $2 billion strategic funding and Circle's $1.1 billion IPO pushed the average transaction size to $248 million, demonstrating renewed market confidence in mature platforms. • Most funds have shifted from consumer applications and speculative projects towards scaling solutions, compliance infrastructure, and cross-chain protocols. • Approximately $700 million was invested in crypto projects related to AI, indicating investors view this as the next critical innovation frontier. • Top investors like a16z crypto, Paradigm, Pantera, Galaxy Digital, and Sequoia occupied about 40% of the highest valuation rounds, maintaining significant influence over the crypto industry's development direction. The report provides a comprehensive analysis of financing trends, industry segmentation, and notable funding rounds, highlighting the crypto ecosystem's evolving landscape and investor strategies in 2025.