State of Crypto Fundraising: Q1 2025

Key Insights

• M&A deal count hit an all-time high of 85 in Q1 2025, an 18% QoQ increase from Q4 2024. The six largest disclosed acquisitions of Q1 totaled $3.23 billion, exceeding the combined value of the quarter’s ten largest funding rounds and more than half of the total capital raised across all rounds in Q1.
• The total amount raised in Q1 declined by 19% QoQ to $6.32 billion, with deal count decreasing by 29% to 640 transactions. Despite this decline, Q1 still represents the second-highest quarterly funding total over the past two years, following Q4 2024.
• Investor participation in Q1, measured by the number of unique investors per quarter, increased by 4% QoQ to 1,600. Although this remains significantly below the peak of 3,300 unique investors recorded in Q2 2022, recent quarters have demonstrated a clear rebound from the low of 1,200 investors reached in Q3 2023.
• In Q1, accelerator activity dropped significantly to 113 deals, declining 64% QoQ from the all-time high of 310 accelerator deals in Q4 2024. As a result, total capital raised through accelerator rounds decreased by 66% QoQ, falling from $21.3 million to $7.2 million.
• The number of newly launched funds in Q1 declined 13% QoQ to 21; however, the total capital raised by these funds more than doubled compared to Q4 2024. Newly launched funds in Q1 secured $1.98 billion from limited partners, surpassing the $991 million raised by 24 funds in the previous quarter.

Funding Rounds