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State of Crypto Fundraising: Q3 2025
Key Insights
- Total capital raised in Q3 2025 increased 47% QoQ to $8.21 billion, while deal count declined 16% to 480 transactions. The increase in capital raised reverses a two-year downtrend, marking the highest quarterly fundraising total since Q1 2023.
- M&A activity remained robust in Q3 with 80 deals, despite a 6% QoQ decline from the record high of 85 deals in Q1. The five largest disclosed acquisitions of Q3 totaled $882.0 million, down 83% from Q2’s $5.26 billion.
- Investor participation in Q3, measured by the number of unique investors per quarter, increased 13% QoQ to 1,200. While the figure remains well below the peak of 3,300 unique investors recorded in Q2 2022, it represents an uptrend from Q2 2025, which marked the lowest quarterly investor participation since Q4 2020.
- Accelerator activity decreased 56% QoQ in Q3 to 88 deals. Total capital raised through accelerator rounds declined even further, dropping 66% QoQ to $2.5 million.
- The total capital raised by newly launched funds in Q3 increased 48% QoQ to $2.31 billion, while the number of funds declined 37% QoQ to 12.
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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