Author | Wu Says Blockchain
According to RootData statistics, in July 2025, there were a total of 61 risk investment projects publicly disclosed by Crypto VC, representing a month-over-month decrease of 7.6% (from 66 projects in June 2025) and a year-over-year decrease of 46.5% (from 114 projects in July 2024). The number of small financing deals continues to decline. Note: Since not all financing is announced within the month, the above statistical figures may increase in the future. The number of projects in various sectors is as follows:
Among them, CeFi accounts for approximately 26.2%, DeFi accounts for approximately 13.1%, NFT/GameFi accounts for approximately 13.1%, L1/L2 accounts for approximately 4.9%, RWA/DePIN accounts for approximately 6.6%, Tool/Wallet accounts for approximately 11.5%, and AI accounts for approximately 19.7%.
The total financing amount in July 2025 reached $5.361 billion, setting a historical high, an increase of 88.4% month-over-month (from $2.846 billion in June 2025) and an increase of 426.6% year-over-year (from $1.018 billion in July 2024). The top 10 rounds by amount are as follows:
Strategy (MSTR) raised $2.521 billion through its fourth preferred stock product "Stretch (STRC)", with net proceeds of approximately $2.474 billion after deducting issuance expenses, which have been fully used to purchase 21,021 BTC at an average price of $117,256 per coin. After the transaction, Strategy's BTC holdings increased to 628,791 coins, with a market value of approximately $74 billion. On August 1, Strategy co-founder Michael Saylor announced plans to issue another $4.2 billion in preferred stock to purchase BTC.
MARA Holdings has completed a $950 million issuance of 0.00% convertible bonds, maturing in 2032. The bonds were privately placed to institutional investors and include an oversubscription right of up to $200 million. The company expects to use the remaining raised funds to purchase more BTC and for general corporate purposes, including acquisitions and asset expansion. This financing is also used to repurchase some convertible bonds maturing in 2026.
Pump.fun issued 125 billion PUMP tokens, accounting for 12.5% of the total supply, selling out in less than 12 minutes. This sale raised $500 million, with funds distributed among on-chain trades and major exchanges like Kraken, KuCoin, and Bybit.
Mill City Ventures III completed $450 million in private placement financing and has initiated its SUI asset reserve strategy. Currently, it has accumulated 76,271,187 SUI through OTC agreements and physical capital contributions with the Sui Foundation, at an average cost of $3.6389. Participants in this round of financing include Big Brain Holdings, Galaxy Digital, Pantera Capital, Electric Capital, GSR, and others.
Upexi (NASDAQ: UPXI) has reached a stock financing agreement of up to $500 million with A.G.P. to accelerate its Solana treasury strategy. The financing terms include no commitment fee, with Upexi deciding the issuance pace independently; the funds will be used for general corporate purposes and to increase its SOL holdings. Upexi has recently increased its treasury to 1.9 million SOL.
Public company Satsuma Technology PLC (Tao Alpha PLC) has completed a second round of private placement financing for convertible bonds, raising an amount significantly exceeding the originally planned minimum size of £100 million. Satsuma stated that this financing will be used to expand its business and strengthen its BTC adoption and decentralized AI strategy, with the relevant convertible bond shares to be applied for listing on the London main market post-conversion.
MEI Pharma (NASDAQ: MEIP) completed a $100 million financing plan to purchase LTC as a financial reserve asset. It has been reported that this move makes MEI the first company listed on a national exchange to hold LTC. LTC founder Charlie Lee joined the MEI board, and digital asset firm GSR was hired as a financial management advisor. This financing issued approximately 29.24 million shares at $3.42 each, with participants including the LTC Foundation and several investment institutions.
UK cloud mining platform TWL Miner successfully completed a Series B financing round, raising $95 million to support the integration of artificial intelligence technology with cloud mining business.
Gamesquare Holdings, Inc. (NASDAQ: GAME) has completed a $70 million underwritten public offering, selling 46.7 million shares at $1.50 each. According to the announcement, the funds raised are intended to support the company's ETH accumulation strategy developed in collaboration with the crypto-native asset management company Dialectic, with a significant portion of the raised funds being used to increase its ETH holdings.
