Crypto venture capital investment experienced a significant rebound in the third quarter of 2025, with total capital reaching $4.59 billion to $4.65 billion, according to Galaxy Research. This represents a 290% quarter-on-quarter increase and the second-highest quarter since the FTX collapse in late 2022, though it remains below bull-market peaks.
The capital was highly concentrated, with seven deals capturing nearly half of all investment. Major late-stage rounds dominated, including Revolut raising $1 billion and Kraken securing $500 million. Other notable raises were Erebor at $250 million, Treasury at $146 million, Fnality at $135 million, Mesh Connect at $130 million, and ZeroHash at $104 million. This pushed the median deal size to $4.5 million and median pre-money valuations to $36 million, close to 2021 levels.
Alex Thorn, head of research at Galaxy Digital, noted that sectors like stablecoins, AI, blockchain infrastructure, and trading continued to attract deals, but pre-seed activity is declining as the industry matures. Venture fundraising saw 16 new crypto VC funds raise $3.16 billion, though allocator interest remains weak due to competition from spot ETFs and digital asset treasury companies, as well as higher interest rates.
Geographically, the United States dominated with 47% of capital and 40% of deals, followed by the UK and Singapore. Regulatory changes under the crypto-friendly Trump Administration could further boost US dominance.
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