Crypto VC fundraising hit $39.95B in 2025 as larger late-stage and undisclosed deals surged
In 2025, crypto VC-backed fundraising climbed to $39.95B, rising from roughly $11.5–$13.5B in 2024 and marking a strong recovery in capital deployment. According to monthly data for 2025, there were fewer overall rounds, but deal sizes grew, with late-stage and undisclosed funding dominating activity. Sector focus shifted away from GameFi and NFTs toward on-chain infrastructure, DeFi, AI, and RWA tokenization, while ICO and IDO volumes on Solana and BNB Chain exceeded the 2021 peak.