November 2024 Crypto Fundraising Report

Key Insights

• Fundraising volume surged 22.6% MoM to $2.16 billion, marking a significant recovery. However, deal count fell 35.8% MoM to 181, the lowest in a year, after a two-month increase from September to October.
• The most notable deals included Tether's $600 million strategic funding round, 0G Labs with a $40 million seed round, and StakeStone’s $22 million seed round.
• The infrastructure sector saw the most activity, accounting for 48.3% of total fundraising volume with an aggregate $1.07 billion in funding.
• Marathon Digital’s $850 million post-IPO debt funding round adds to a trend of miners raising funds to stay competitive amid rising energy costs and compressed margins.

Deal volume in November 2024 increased 22.6% MoM, rising to $2.16 billion. The number of deals decreased 35.8% MoM, falling to 181, marking the lowest monthly count of 2024. The infrastructure sector saw the highest activity, with an aggregate of $1.07 billion in funding, accounting for 48.3% of the month's total deal volume. This was driven by two Bitcoin mining operations debt financing rounds. The stablecoins sector saw the second-highest volume, with a 29.6% fundraising volume of $654 million, driven by Tether's $600 million strategic equity round. The financial and network sectors ranked third and fourth, accounting for 7.9% and 3.5% of the month's fundraising volume, respectively.