Across 1,660 deals: the largest year since 2022 and more than double 2023.
Galaxy Research · Full year 2025- Home
- Ventures
Crypto ventures
Who funds crypto, how much and where. 60 venture firms and investors, funding by quarter, the largest rounds and the investors writing the most cheques. Figures checked 4 Nov 2026.
744 deals, on pace to match 2025 with fewer, larger cheques.
Galaxy Research · H1 2026An all-time high, up from $4M in Q4 2025.
Galaxy Research · Q2 2026Pre-seed and seed were 40% of deals but got only about 7% of the money.
Galaxy Research · Q2 2026But only 39.1% of deals: US rounds are much larger on average.
Galaxy Research · Q2 2026The most since 2022. Q2 2026 saw about $3.9B across just 5 funds.
Galaxy Research · 2025Worth $8.6B or more. Acquisition is now a main exit route.
PitchBook via Unlock · 2025, to 20 NovCoinbase Ventures followed with 12. Big lead investors averaged 2.0 deals a month in Q3, down from 3.7.
Tiger Research (RootData data) · Q3 2026Latest funding announcements
Raises reported in crypto news, collected automatically every six hours from public news feeds. Headline amounts as reported; follow each link for the full story. Updated .
| Date | Company | Amount | Type | Named investor | Source |
|---|---|---|---|---|---|
| 29 Oct 2026 | Kalshi Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B | $1.0B | Round | — | Cointelegraph ↗ |
| 27 Oct 2026 | Luxor Luxor raises $16M from CMT Digital amid AI-Bitcoin miner convergence | $16.0M | Round | CMT Digital | Cointelegraph ↗ |
| 24 Sep 2026 | HIFI HIFI raises $37M to expand stablecoin payments, tokenized markets | $37.0M | Round | — | Cointelegraph ↗ |
| 18 Sep 2026 | dtcpay Stablecoin payments firm dtcpay closes $25M round with SBI backing | $25.0M | Round | — | Cointelegraph ↗ |
| 19 Aug 2026 | Ripple Ripple raises $275M for US prime brokerage to meet institutional demand | $275.0M | Round | — | Cointelegraph ↗ |
| 14 Jul 2026 | Velocity Velocity raises $38M to build stablecoin treasury infrastructure for enterprises | $38.0M | Round | — | Cointelegraph ↗ |
| 9 Jul 2026 | Paradigm Crypto VC Paradigm raises $1.2B to push into AI | $1.2B | New fund | — | Cointelegraph ↗ |
| 7 Jul 2026 | EDX Institutional crypto exchange EDX lands $76M from SBI Holdings | $76.0M | Round | SBI Holdings | Cointelegraph ↗ |
$5.7B went into crypto startups in 2026 Q2
Disclosed venture capital per quarter, in billions of US dollars, across 384 deals in the latest quarter. Highlighted: the largest quarter in the period. Source: Galaxy Research quarterly reports; Q3 2026 is added when Galaxy publishes it.
Show the numbers
| Quarter | Capital | Deals | Source |
|---|---|---|---|
| 2024 Q1 | $2.5B | 603 | Galaxy Research |
| 2024 Q2 | $3.2B | 577 | Galaxy Research |
| 2024 Q3 | $2.4B | 478 | Galaxy Research |
| 2024 Q4 | $3.5B | 416 | Galaxy Research |
| 2025 Q1 | $4.8B | 446 | Galaxy Research |
| 2025 Q2 | $2.0B | 378 | Galaxy Research |
| 2025 Q3 | $4.7B | 414 | Galaxy Research |
| 2025 Q4 | $8.5B | 425 | Galaxy Research |
| 2026 Q1 | $4.0B | 355 | Galaxy Research |
| 2026 Q2 | $5.7B | 384 | Galaxy Research |
Most active investors
Disclosed deals joined in the first half of 2026. CryptoRank data via Cointelegraph; in Q3 2026 YZi Labs (14) and Coinbase Ventures (12) led.
- Coinbase Ventures30
- Animoca Brands19
- a16z Frontier (formerly a16z crypto)18
- Tether15
What gets funded
Disclosed capital by sector in recent quarters. Trackers group sectors differently, so each figure links to its source.
- Trading, exchanges, investing and lending
- ≈$11.6B over Q4 2025 – Q2 2026
- Payments and stablecoin payments
- $2.39B in Q1 2026; $791M in Q3 2026
- Prediction markets
- $1.72B in Q1 2026
- Finance and banking
- $835M in Q1 2026
- Wallets
- ≈$270M in Q1 2026
Investor directory
Crypto venture firms, corporate venture arms and accelerators. Sort any column; filter by type. Fund sizes are the latest public figure and are left blank when undisclosed.
| Investor | Type | Headquarters | Founded | Assets managed | Deals, H1 2026 | Focus | Notable portfolio |
|---|---|---|---|---|---|---|---|
| Corporate venture arm | US | 2018 | — | 30 | Onchain ecosystem, DeFi, infrastructure, consumer | OpenSea, Compound, BlockFi, Dapper Labs | |
| Corporate venture arm | Hong Kong, HK | 2014 | — | 19 | Gaming, digital property, stablecoins, AI, DeFi | The Sandbox, Sky Mavis, Dapper Labs, OpenSea, Yuga Labs | |
a16z Frontier (formerly a16z crypto) ↗ a16z crypto Fund V, $2.2B, 2026 |
VC fund | Menlo Park, US | 2018 | — | 18 | Crypto infrastructure, DeFi, consumer, AI, robotics | Coinbase, Uniswap, EigenLayer, Kalshi, Ornn |
| Corporate venture arm | SV | 2014 | — | 15 | Bitcoin mining, AI, energy, media, payments | Rumble, Northern Data, Bitdeer, Blackrock Neurotech | |
| VC fund | San Francisco, US | 2018 | $12.0B | — | Crypto protocols, DeFi, infrastructure, AI, robotics | Uniswap, Optimism, Flashbots, Blur, Farcaster | |
| Family office | — | 2018 | $10.0B | — | Web3, AI, biotech; incubation | Ethena, BitGo, Polygon, 1inch | |
 |
VC fund | Menlo Park, US | 2003 | $3.5B | — | Venture equity, early-stage tokens, liquid tokens | Circle, Ripple, Polkadot, 0x, TON |
| VC fund | Shanghai, CN | 2015 | $1.6B | — | Blockchain infrastructure, cryptography research | Ethereum | |
 |
VC fund | New York, US | 2018 | $1.6B | — | Stablecoins, tokenization, prediction markets, DeFi | |
| VC fund | Singapore, SG | 2017 | $500.0M | — | DeFi, infrastructure, Web3 M&A advisory | ||
| VC fund | Amsterdam, NL | 2017 | $500.0M | — | DeFi, payments, financial infrastructure | Celestia, Ethena, Maple Finance, Movement, Gensyn | |
| VC fund | San Francisco, US | 2016 | — | — | Protocols, infrastructure, DeFi | Compound, Avalanche, Celestia, DFINITY | |
 |
VC fund | Austin, US | 2017 | — | — | Solana ecosystem, DeFi, DePIN, onchain credit | Solana, Helium, Jito, Render |
| VC fund | US | 2018 | — | — | Payments, stablecoins, DeFi, privacy, tokenization | Polymarket, Ethena, Rain, Mesh, Conduit | |
 |
VC fund | Palo Alto, US | 2018 | — | — | Crypto infrastructure, cryptography, AI, distributed systems | NEAR, Aave, Monad, Mysten Labs, Kraken |
 |
VC fund | San Francisco, US | 2019 | — | — | DeFi, onchain finance, AI, robotics | Chainlink, Aave, Hyperliquid, Jito Labs, Sky |
| VC fund | New York, US | 2017 | — | — | Crypto networks, protocols, Solana ecosystem | Eclipse | |
| Corporate venture arm | — | — | — | — | Web3 infrastructure, DeFi, ecosystem projects | ||
| VC fund | Seoul, KR | 2017 | — | — | Crypto, AI, gaming, consumer | Aptos, Berachain, Ethena, Axie Infinity, The Sandbox | |
 |
VC fund | New York, US | 2018 | — | — | Payments, stablecoins, tokenization, onchain infrastructure | |
| Corporate venture arm | Chicago, US | 2021 | — | — | Infrastructure, trading, validator clients | Wormhole, Pyth Network, Firedancer | |
| Corporate venture arm | New York, US | 2015 | — | — | Crypto financial services, asset management, mining, infrastructure | Grayscale, Foundry, Luno, Coinbase | |
| VC fund | New York, US | 2020 | — | — | Ownership economy, crypto, AI, autonomy | Phantom, World, Uniswap, Honcho | |
 |
VC fund | San Francisco, US | 2022 | — | — | Stablecoins, payments, crypto finance, AI agents | |
| VC fund | — | 2018 | — | — | Token networks, onchain finance, infrastructure | Arweave, Matter Labs, Nexus Mutual, Cryptio | |
| VC fund | — | — | — | — | Crypto, AI, deep tech | ||
 |
VC fund | Hong Kong, HK | 2018 | — | — | Blockchain infrastructure, institutional adoption | |
| VC fund | Menlo Park, US | 1972 | — | — | Crypto infrastructure and fintech (generalist firm) | StarkWare, Polygon, Fireblocks | |
| VC fund | US | 2022 | — | — | Seed and Series A across the crypto stack | ||
 |
VC fund | US | — | — | — | Early-stage crypto, DeFi, AI | |
 |
VC fund | San Francisco, US | 2013 | — | — | Crypto across all stages and sectors | Coinbase, Kraken, Ripple, Anchorage, OpenSea |
| VC fund | — | 2017 | — | — | Web3, fintech, AI | ||
| VC fund | US | 2017 | — | — | DeFi, infrastructure, AI agents, DePIN | Berachain, Wormhole, ether.fi, Moonwell, Space and Time | |
| VC fund | New York, US | 2015 | — | — | Decentralized AI, onchain finance, prediction markets | ether.fi, Prime Intellect, Ondo, Gensyn, Superstate | |
 |
VC fund | US | 2018 | — | — | Public blockchains, TradFi-crypto intersection, payments | |
| VC fund | Palo Alto, US | 2012 | — | — | Fintech and crypto (generalist fintech firm) | Coinbase, Robinhood, Nubank | |
| VC fund | New York, US | 2003 | — | — | Crypto networks, web infrastructure (generalist firm) | Coinbase, Protocol Labs, Algorand | |
| VC fund | San Francisco, US | 2005 | — | — | Frontier tech including crypto (generalist firm) | Polymarket | |
 |
VC fund | London, GB | — | — | — | Web3, open economy, AI, fintech | Kash, Robin Markets, Lexifina, Poll |
| VC fund | San Francisco, US | — | — | — | Crypto infrastructure, DeFi, AI | Bybit, io.net, Eclipse | |
| VC fund | US | — | — | — | DeFi, crypto infrastructure | ||
| VC fund | — | — | — | — | Crypto, deep tech | ||
| VC fund | US | 2018 | — | — | Protocols, DeFi, gaming, Web3 infrastructure | OpenSea, 1inch, Hashflow, RedStone, Particle Network | |
 |
VC fund | US | 2022 | — | — | Open internet infrastructure, stablecoins, identity | Celestia, M0, World, Turnkey, Scroll |
 |
VC fund | US | — | — | — | Crypto, AI, automation, cryptography | Aave, Phantom, Telegram, StarkWare, Morpho |
| VC fund | Hong Kong, HK | 2016 | — | — | Blockchain infrastructure, trading, finance | ||
| Corporate venture arm | — | 2013 | — | — | Market infrastructure, DeFi, liquid and venture investments | ||
| VC fund | — | — | — | — | Crypto, AI, fund-of-funds | ||
| VC fund | US | — | — | — | Pre-seed blockchain startups | ||
| VC fund | — | — | — | — | Early-stage Web3 infrastructure | ||
| VC fund | US | — | — | — | Onchain infrastructure, DeFi, payments, crypto AI | Monad, Privy, Farcaster, Relay, Ritual | |
| Accelerator | — | — | — | — | Crypto and fintech startups, all stages | ||
| Accelerator | London, GB | 2014 | — | — | Web3 accelerator programs, tokenomics | Fetch.ai, Ocean Protocol | |
| VC fund | — | — | — | — | Crypto infrastructure, Asia-focused Web3 | ||
| Corporate venture arm | — | 2022 | — | — | Token investments, market making, liquidity | ||
 |
VC fund | Berlin, DE | — | — | — | Decentralized infrastructure, DeFi, privacy | 1inch, Arcium, Arweave |
| VC fund | US | — | — | — | Payments, onchain finance, emerging markets | ||
| Corporate venture arm | New York, US | — | — | — | Stablecoin ecosystem, USDC adoption, payments | ||
| VC fund | — | — | — | — | Crypto infrastructure, research-driven | ||
| VC fund | — | — | — | — | Ethereum ecosystem, early-stage infrastructure |
No investor matches that search.
Largest rounds of the last 12 months
Disclosed amounts only. Each round links to the announcement or data source.
| Company | Amount | Round | Date | Lead investors | Sector |
|---|---|---|---|---|---|
| Revolut | $3.0B | Secondary share sale | Nov 2025 | — | Fintech / exchange |
| Kalshi | $1.0B | Series F, $22B valuation | May 2026 | Coatue | Prediction market |
| Polymarket | $1.0B | Reported, $21B post-money | Aug 2026 | 1789 Capital | Prediction market |
| Kalshi | $1.0B | Series E, $11B valuation | Dec 2025 | Paradigm | Prediction market |
| Kraken (Payward) | $800.0M | Strategic, $20B valuation | Nov 2025 | incl. Citadel Securities | Exchange |
| Polymarket | $600.0M | Strategic | Mar 2026 | ICE | Prediction market |
| Ripple | $500.0M | Strategic, $40B valuation | Nov 2025 | Fortress, Citadel Securities | Payments |
| Crypto.com | $400.0M | Strategic | Jul 2026 | Citadel Securities | Exchange |
| Erebor | $350.0M | — | Q4 2025 | — | Banking |
| Rain | $250.0M | — | Q4 2025 | — | Stablecoin payments |
New funds raised
The largest crypto venture funds closed in 2025–2026.
- a16z crypto Fund V · May 2026
- $2.2B
- Paradigm, fourth fund · Jul 2026
- $1.2B
- Haun Ventures, two funds · May 2026
- $1.0B
- Dragonfly Fund IV · Feb 2026
- $650.0M
- Galaxy Ventures Fund I · Jun 2025
- $175.0M
Notable acquisitions
Mergers and acquisitions in crypto, 2025–2026.
- Naver Financial → Dunamu (Upbit) · Nov 2025
- $10.3B
- Coinbase → Deribit · 2025
- $2.9B
- Mastercard → BVNK · Mar 2026
- $1.8B
- Kraken → NinjaTrader · 2025
- $1.5B
- Ripple → Hidden Road · 2025
- $1.3B
- Kraken (Payward) → Reap · May 2026
- $600.0M
Questions founders ask
- How much venture money goes into crypto?
- About $20 billion in 2025 across 1,660 deals, according to Galaxy Research, and $10 billion in the first half of 2026. Other trackers that include strategic rounds, debt and M&A report higher totals, so always compare figures from the same source.
- Which crypto VCs are the most active right now?
- By deal count in Q3 2026, YZi Labs (formerly Binance Labs) and Coinbase Ventures led, followed by funds such as Animoca Brands, a16z crypto and Galaxy. Corporate and exchange-backed investors often follow rather than lead rounds.
- Which crypto investors lead rounds?
- Funds such as Paradigm, Polychain, Pantera, Hack VC and a16z crypto most often lead, but they did fewer deals in 2026: about 2 a month in Q3 against 3.7 earlier. Check each fund's recent leads before pitching, not just its portfolio size.
- Is it harder to raise a seed round in 2026?
- Yes for most founders. Pre-seed and seed made up about 40% of deals in Q2 2026 but received only around 7% of the capital, as money concentrated in a few large later-stage rounds. The median deal was about $4.9 million.
- What should I watch for in a crypto term sheet?
- Token terms that bind the network long after the round: fixed, non-dilutable token allocations, short insider lock-ups, fees paid in tokens and investor vetoes over a token launch. Market-maker loans deserve the same scrutiny.
- How do I get an introduction to a crypto VC?
- A warm introduction from a founder in the fund's portfolio still works best. Some funds take cold pitches through a form; others only by referral. Use the investor directory here to find funds that match your stage and sector, then look at who they backed recently.
Method and sources
- Quarterly totals and sector shares come from the published research named beside each figure. Totals count disclosed amounts only; many rounds are announced without a figure.
- Investor profiles are compiled from each firm's own website and filings, checked by hand. “Deals, H1 2026” counts disclosed rounds the investor joined, led or followed in January–June 2026, where a public count exists.
- A firm that manages your money is not vetted by appearing here. Read our methodology, and see how founders raise from crypto VCs.
- Spotted an error or a missing investor? Add or correct an entry.