Crypto venture funding made a major comeback in the first quarter of 2025, climbing to $4.9 billion, according to a new report by Galaxy Digital. That’s a 40% jump from the previous quarter, backed by 446 deals — up 7% — making it the most active fundraising quarter since late 2022.
A huge portion of this momentum came from MGX’s $2 billion investment in #Binance, one of the biggest institutional crypto deals to date. That single investment accounted for over 40% of all capital raised. Without it, total funding would have been closer to $2.8 billion, actually reflecting a 20% drop from Q4 2024.
Breakdown by Sector
Thanks to the Binance deal, the Trading, Exchange, Lending, and Investing category topped the funding charts with $2.55 billion, growing nearly 48%. If we remove that deal, DeFi would have taken the lead with $763 million in inflows.
On the deal count side, Web3 projects led the way — including gaming, NFTs, DAOs, and metaverse startups — with 73 deals, making up 16% of all activity. #Trading-related firms followed closely with 62 deals.
Where the Money Is Going
Another key #trend? Investor focus shifted toward later-stage companies for the first time since early 2021. Around 65% of total funding went to Series A and beyond, while early-stage rounds like pre-seed and seed saw a slight dip — but still held up well compared to past cycles.
Global Leaderboard
The U.S. dominated the funding landscape with 38.6% of all deals. The UK followed at 8.6%, while Singapore and the UAE came in at 6.4% and 4.4% respectively. The strong U.S. performance likely reflects increasing regulatory clarity and growing institutional interest.
