Data: Crypto VC investment reached $4.59 billion in Q3.
TL;DR
Crypto VC investment hit $4.59B in Q3 2025, the second highest since 2022, with deals stable but concentrated in a few large, later-stage companies. Fundraising declined, driven mainly by two major exchange-linked funds.
Tags
According to a report by Galaxy Research, as cited by Foresight News , cryptocurrency venture capital activity reached $4.59 billion in the third quarter of 2025, the second highest level since the third quarter of 2022. The number of deals remained stable compared to the previous quarter. Notably, while investment increased, it was also relatively concentrated, with only seven deals accounting for half of the total investment.
Furthermore, nearly 60% of investment funds flowed to later-stage companies, the second-highest level since Q1 2021. The only quarter with a higher figure in over four years was Q1 2025, but that quarter's figure was largely due to MGX's $2 billion investment in Binance. The decline in investor interest is clearly evident in venture capital fundraising data. In Q3 2025, 16 new funds raised a total of $3.16 billion, but this was also primarily driven by two large exchange-linked venture capital funds.