Venture capital in crypto remains subdued compared to past bull runs, with Q2 2025 marking one of the weakest quarters since late 2020.
🟠VC investment in crypto startups totaled $1.97bn in Q2 2025 (-59% QoQ) across 378 deals (-15% QoQ)
🟠Later-stage rounds captured 52% of all capital invested—only the second time since 2021 that late-stage has outpaced early-stage
🟠Mining led categories with $500m+ raised, including a $300m Sequoia-led round for XY Miners, driven by AI-related compute demand
🟠U.S. dominance returned, accounting for 47.8% of invested capital and 41.2% of all deals
🟠21 new crypto venture funds raised $1.76bn, but fund count remains near 5-year lows despite slightly larger average fund sizes
🟠Investor sentiment is improving, but deal activity is still far below 2021 peaks, with pre-seed activity trending lower as the industry matures