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State of Crypto Fundraising: 2025
Key Insights
- Total capital raised in 2025 increased 60% YoY to $28.58 billion, while deal count declined 38% to 2,545 deals. The increase in capital raised reverses a two-year downtrend, marking the highest annual fundraising total since 2022.
- M&A activity hit an all-time high in 2025 with 330 deals totaling $22.76 billion in disclosed value, representing a 49% YoY increase in deal count and 73% increase in transaction value.
- Investor participation in 2025, measured by the number of unique investors per year, declined 28% YoY to 3,510. While still well below the 2022 peak of 6,648 unique investors, the decline reflects a broader venture market shift toward established firms with proven track records and away from new entrants.
- Accelerator activity decreased 40% YoY in 2025 to 626 deals, remaining well below the all-time high of 1,040 deals recorded in 2024. Total capital raised through accelerator rounds declined even further, dropping 51% YoY to $34.9 million.
- The total capital raised by newly launched funds in 2025 increased 15% YoY to $7.79 billion, while the number of funds declined 41% YoY to 61.
Funding Rounds
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Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
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