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State of Crypto Fundraising: Q2 2025
Key Insights
- Total capital raised in Q2 2025 fell 20% QoQ to $4.99 billion, with deal count down 24% to 640. While this reflects a continued decline from recent highs, the return of public market activity, highlighted by IPOs from Circle and eToro, suggests increasing participation from TradFi.
- M&A activity remained robust in Q2, despite a 6% QoQ decline in deal count to 80 from a record high of 85 in Q1. The six largest disclosed acquisitions of Q2 totaled $5.44 billion, exceeding the total capital raised across all rounds.
- Investor participation in Q2, measured by the number of unique investors per quarter, decreased by 35% QoQ to 1,000. This figure remains significantly below the peak of 3,300 unique investors recorded in Q2 2022 and is also the lowest quarterly investor participation since Q4 2020.
- Accelerator activity increased 26% QoQ in Q2, reaching 172 deals. Total capital raised through accelerator rounds also grew modestly, rising 5% QoQ to $7.3 million.
- The number of newly launched funds in Q2 declined 10% QoQ to 19, and the total capital raised by these funds decreased 21% QoQ to $1.56 billion.
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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