Crypto Fundraising Overview
Track key fundraising metrics, spot top investors, and uncover emerging trends
Key Metrics
Capital Raised
$2.77B-56.68%
Number of Rounds
94+40.30%
Avg Deal Size
$70.63M-37.95%
M&A Deals
17+240.00%
Active Investors
335+50.90%
Most Active Sector
CeFi
Recent Trends
Crypto Fundraising Insights — Rolling 30 Days (Aug 30 – Sep 29, 2026)
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Capital is heavily concentrated in a handful of mega-rounds. Roughly $5.9B was raised across 89 rounds, but the single largest deal — Clean Spark's $2.28B raise on September 25 — alone accounted for ~39% of all capital, and the top five rounds together captured ~76% of the total 1. The other top rounds were Poly Market ($1.0B, backed by 1789 Capital, Donald Trump Jr., and Ice), Payward ($800M, Citadel Securities), Ajaib Investasi ($270M, SBI), and Brahma AI ($150M, Cantor Fitzgerald & Co. and Multiples Alternate Asset Management) 1. This skew means headline capital totals are driven by a very small number of transactions rather than broad-based activity.
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Median deal size sits far below the average, underscoring how mega-rounds distort the picture. The average round size was ~$66.4M versus a median of just $8M 1 — an ~8x gap that signals the typical deal is an early-stage raise, while the mean is pulled upward by a few outsized financings. For allocators benchmarking deal flow, the median is the more representative measure of where most capital is actually deployed.
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Investor participation is broad but shallow, with a small cohort driving repeat activity. 321 unique investors were active over the period, of which 57 participated in more than one round 1. Coinbase Ventures was by far the most active with 8 deals, followed by a16z (5) and CB Ventures (4), while Archer Capital, Gemhead Capital, Ice, Maelstrom, Mirana Ventures, Pantera Capital, and Ripple each participated in 3 rounds 1. The presence of repeat backers like Ice — which appeared in the Poly Market mega-round — suggests a concentrated set of funds is anchoring the largest deals.
Note: The 30-day window is complete through September 29, so these figures reflect a full rolling month rather than a partial-month comparison.
Company
Date
Raised
PaywardMiscellaneous
Sep 2
$800M
Brahma AIMiscellaneous
Sep 23
$150M
KaikoMiscellaneous
Sep 14
$110M
PaywardMiscellaneous
Sep 10
$100M
CircleMiscellaneous
Sep 22
$100M
Weekly Roundup
Quarterly Roundup
Funding Trends
Crypto Fundraising FAQ
What are the methods of Fundraising in Crypto?
Crypto projects raise funds through various methods, including public and private token sales such as Initial Coin Offerings (ICOs), Token Generation Events (TGEs), and Simple Agreements for Future Tokens (SAFTs); equity financing via venture capital or angel investors in seed and series rounds; debt financing, particularly for large-scale operations like mining; exchange-facilitated offerings such as Initial Exchange Offerings (IEOs) and launchpads; decentralized approaches like Initial DEX Offerings (IDOs) and launchpools; strategic and private rounds with select investors; public listings through Initial Public Offerings (IPOs); NFT sales for gaming and art projects; and community-driven fundraising via Decentralized Autonomous Organizations (DAOs), each offering unique benefits and regulatory considerations for both projects and investors.
What legal considerations are there for crypto fundraising?
Crypto fundraising involves a complex legal landscape that requires careful attention to regulatory compliance, including Know-Your-Customer (KYC) and Anti-Money Laundering (AML) requirements, securities and commodities laws, and tax obligations, all of which vary by jurisdiction and fundraising method. Projects must determine whether their tokens are classified as securities or utilities, as this affects registration, disclosure, and reporting duties, and they should document all legal obligations to avoid future disputes. Regulatory frameworks such as the EU’s MiCA require detailed white papers for token sales, while the U.S. environment remains uncertain and subject to evolving legislation. Additionally, cross-border fundraising introduces further complexity, as issuers must restrict participation from certain regions and comply with local laws. Due diligence, investor protection, and transparent disclosures are essential, and failure to comply can result in significant legal and financial risks for both projects and investors.
Which companies are included in Blockworks' Fundraising database?
The database encompasses a broad spectrum of companies including crypto and NFT projects, metaverse platforms, and gaming entities. Also featured are service-focused firms and key infrastructure entities ranging from mining services to exchanges, wallets, and market makers. It's important to note that the database omits companies with only a tangential link to blockchain or those where crypto is not a core aspect of their business.
How does the current state of Crypto Fundraising compare to 2022?
In 2022, crypto fundraising reached a record $44.5 billion, driven by robust venture capital activity despite market turbulence and major events like the collapse of LUNA and FTX. By comparison, 2024 saw a significant drop to $23.6 billion, with the market focusing on fewer but larger deals, increased institutional participation, and a more rational investment approach emphasizing long-term value and technological innovation. In 2025, fundraising has continued to evolve, totaling $21.1 billion so far, but with notable shifts: the first half of 2025 alone surpassed all of 2024 in pace, and the sector now accounts for a larger share of global venture capital. Investors are favoring quality over quantity, with most projects raising capital without tokens and a strong focus on infrastructure, AI, and finance-related projects. M&A activity has also surged, reflecting industry consolidation. Overall, while the total capital raised in 2025 is below the 2022 peak, the market is more mature, selective, and strategically focused, with larger average deal sizes and a preference for sustainable business models over speculative token launches.
How does the fundraising team track investment activity?
Our Fundraising team leverages a variety of sources to track investors and funded projects. We monitor official announcements from prominent news outlets such as CoinDesk and Bloomberg, alongside US-specific filings like Edgar Form D. Additionally, updates may come directly from the projects or participating investors through blogs, forums, Twitter, and other direct channels. Blockworks analysts collaborate closely with investment teams and funded entities to maintain data accuracy. If you're an investor or a project that has recently secured funding, we encourage you to .
What is the difference between a token sale and equity round in crypto?
In crypto, a token sale involves selling digital tokens to investors, typically to raise funds for a blockchain project or protocol, and these tokens may provide utility within the platform or represent governance rights but do not confer ownership in the company. An equity round, on the other hand, is a traditional fundraising method where investors receive shares in the company, giving them ownership stakes and potential claims on future profits or voting rights. The main difference is that token sales offer digital assets tied to the project's ecosystem, while equity rounds provide actual ownership in the underlying business.
About Blockworks Fundraising
Blockworks' Fundraising dataset gives you the full-stack view of crypto capital flows—venture rounds, token sales, M&A, and fund raises—under one roof. Unlike point-solution databases that only scrape press releases, our coverage is rooted in the Dove Metrics acquisition and has since been super-charged by a dedicated analyst team that manually back-fills every deal, converts amounts into USD, and cross-checks multiple primary sources.
Key Metrics
Capital Raised
$2.77B-56.68%
Number of Rounds
94+40.30%
Avg Deal Size
$70.63M-37.95%
M&A Deals
17+240.00%
Active Investors
335+50.90%
Most Active Sector
CeFi
Funding Trends
Recent Trends
Crypto Fundraising Insights — Rolling 30 Days (Aug 30 – Sep 29, 2026)
-
Capital is heavily concentrated in a handful of mega-rounds. Roughly $5.9B was raised across 89 rounds, but the single largest deal — Clean Spark's $2.28B raise on September 25 — alone accounted for ~39% of all capital, and the top five rounds together captured ~76% of the total 1. The other top rounds were Poly Market ($1.0B, backed by 1789 Capital, Donald Trump Jr., and Ice), Payward ($800M, Citadel Securities), Ajaib Investasi ($270M, SBI), and Brahma AI ($150M, Cantor Fitzgerald & Co. and Multiples Alternate Asset Management) 1. This skew means headline capital totals are driven by a very small number of transactions rather than broad-based activity.
-
Median deal size sits far below the average, underscoring how mega-rounds distort the picture. The average round size was ~$66.4M versus a median of just $8M 1 — an ~8x gap that signals the typical deal is an early-stage raise, while the mean is pulled upward by a few outsized financings. For allocators benchmarking deal flow, the median is the more representative measure of where most capital is actually deployed.
-
Investor participation is broad but shallow, with a small cohort driving repeat activity. 321 unique investors were active over the period, of which 57 participated in more than one round 1. Coinbase Ventures was by far the most active with 8 deals, followed by a16z (5) and CB Ventures (4), while Archer Capital, Gemhead Capital, Ice, Maelstrom, Mirana Ventures, Pantera Capital, and Ripple each participated in 3 rounds 1. The presence of repeat backers like Ice — which appeared in the Poly Market mega-round — suggests a concentrated set of funds is anchoring the largest deals.
Note: The 30-day window is complete through September 29, so these figures reflect a full rolling month rather than a partial-month comparison.
Company
Date
Raised
PaywardMiscellaneous
Sep 2
$800M
Brahma AIMiscellaneous
Sep 23
$150M
KaikoMiscellaneous
Sep 14
$110M
PaywardMiscellaneous
Sep 10
$100M
CircleMiscellaneous
Sep 22
$100M
Weekly Roundup
Quarterly Roundup
Crypto Fundraising FAQ
What are the methods of Fundraising in Crypto?
Crypto projects raise funds through various methods, including public and private token sales such as Initial Coin Offerings (ICOs), Token Generation Events (TGEs), and Simple Agreements for Future Tokens (SAFTs); equity financing via venture capital or angel investors in seed and series rounds; debt financing, particularly for large-scale operations like mining; exchange-facilitated offerings such as Initial Exchange Offerings (IEOs) and launchpads; decentralized approaches like Initial DEX Offerings (IDOs) and launchpools; strategic and private rounds with select investors; public listings through Initial Public Offerings (IPOs); NFT sales for gaming and art projects; and community-driven fundraising via Decentralized Autonomous Organizations (DAOs), each offering unique benefits and regulatory considerations for both projects and investors.
What legal considerations are there for crypto fundraising?
Crypto fundraising involves a complex legal landscape that requires careful attention to regulatory compliance, including Know-Your-Customer (KYC) and Anti-Money Laundering (AML) requirements, securities and commodities laws, and tax obligations, all of which vary by jurisdiction and fundraising method. Projects must determine whether their tokens are classified as securities or utilities, as this affects registration, disclosure, and reporting duties, and they should document all legal obligations to avoid future disputes. Regulatory frameworks such as the EU’s MiCA require detailed white papers for token sales, while the U.S. environment remains uncertain and subject to evolving legislation. Additionally, cross-border fundraising introduces further complexity, as issuers must restrict participation from certain regions and comply with local laws. Due diligence, investor protection, and transparent disclosures are essential, and failure to comply can result in significant legal and financial risks for both projects and investors.
Which companies are included in Blockworks' Fundraising database?
The database encompasses a broad spectrum of companies including crypto and NFT projects, metaverse platforms, and gaming entities. Also featured are service-focused firms and key infrastructure entities ranging from mining services to exchanges, wallets, and market makers. It's important to note that the database omits companies with only a tangential link to blockchain or those where crypto is not a core aspect of their business.
How does the current state of Crypto Fundraising compare to 2022?
In 2022, crypto fundraising reached a record $44.5 billion, driven by robust venture capital activity despite market turbulence and major events like the collapse of LUNA and FTX. By comparison, 2024 saw a significant drop to $23.6 billion, with the market focusing on fewer but larger deals, increased institutional participation, and a more rational investment approach emphasizing long-term value and technological innovation. In 2025, fundraising has continued to evolve, totaling $21.1 billion so far, but with notable shifts: the first half of 2025 alone surpassed all of 2024 in pace, and the sector now accounts for a larger share of global venture capital. Investors are favoring quality over quantity, with most projects raising capital without tokens and a strong focus on infrastructure, AI, and finance-related projects. M&A activity has also surged, reflecting industry consolidation. Overall, while the total capital raised in 2025 is below the 2022 peak, the market is more mature, selective, and strategically focused, with larger average deal sizes and a preference for sustainable business models over speculative token launches.
How does the fundraising team track investment activity?
Our Fundraising team leverages a variety of sources to track investors and funded projects. We monitor official announcements from prominent news outlets such as CoinDesk and Bloomberg, alongside US-specific filings like Edgar Form D. Additionally, updates may come directly from the projects or participating investors through blogs, forums, Twitter, and other direct channels. Blockworks analysts collaborate closely with investment teams and funded entities to maintain data accuracy. If you're an investor or a project that has recently secured funding, we encourage you to .
What is the difference between a token sale and equity round in crypto?
In crypto, a token sale involves selling digital tokens to investors, typically to raise funds for a blockchain project or protocol, and these tokens may provide utility within the platform or represent governance rights but do not confer ownership in the company. An equity round, on the other hand, is a traditional fundraising method where investors receive shares in the company, giving them ownership stakes and potential claims on future profits or voting rights. The main difference is that token sales offer digital assets tied to the project's ecosystem, while equity rounds provide actual ownership in the underlying business.
About Blockworks Fundraising
Blockworks' Fundraising dataset gives you the full-stack view of crypto capital flows—venture rounds, token sales, M&A, and fund raises—under one roof. Unlike point-solution databases that only scrape press releases, our coverage is rooted in the Dove Metrics acquisition and has since been super-charged by a dedicated analyst team that manually back-fills every deal, converts amounts into USD, and cross-checks multiple primary sources.