Crypto VC Explodes in Q4 2025: $8.5B Floods Later-Stage Startups
Crypto and blockchain enterprise capital witnessed a pointy rebound in Q4 2025, pushed predominantly by massive late-stage offers. Galaxy Digital’s report, authored by Alex Thorn, Head of Firmwide Research, discovered that enterprise capitalists deployed $8.5 billion throughout 425 offers in the quarter – an 84% improve in capital invested and a 2.6% rise in deal depend in comparison with Q3 2025.
This represents the strongest quarterly funding in the sector since Q2 2022, though deal counts stay properly under 2021-2022 ranges.
Crypto VC Surge in Q4
Thorn reported that later-stage firms captured 56% of complete capital invested, whereas earlier-stage startups accounted for the remaining 44%, a proportion unchanged from the earlier quarter.
Eleven offers in Q4 raised over $100 million every, which collectively represented $7.3 billion, or roughly 85% of the quarterly complete. The largest raises included Revolut at $3 billion, Touareg Group at $1 billion, and Kraken at $800 million.
Other distinguished transactions included Ripple and Tempo at $500 million every, Erebor at $350 million, MegaHoot at $300 million, Rain at $250 million, EXUGlobal and TradeAlgo at $120 million every, and RedotPay at $107 million. Across 2025, enterprise capitalists invested a complete of $20 billion into crypto and blockchain startups by means of 1,660 offers, making it the biggest annual funding since 2022 and greater than double 2023’s complete.
The Trading/Exchange/Investing/Lending class remained the biggest recipient of enterprise capital because it drew over $5 billion, led by Revolut and Kraken, whereas sectors together with stablecoins, AI, and blockchain infrastructure additionally attracted notable funding.
Pre-seed deal counts remained wholesome at 23% of complete offers, which implies continued entrepreneurial exercise, whereas later-stage deal share has steadily elevated because the sector matured. During this quarter, median pre-money valuations climbed to $70 million, and the median deal measurement reached $4 million. Valuation information existed for simply 10% of offers, biased towards larger, later-stage firms.
Global Crypto VC
Geographically, 55% of capital went to US-headquartered firms, adopted by the United Kingdom at 33%, Singapore at 2%, and Hong Kong at 1.7%. An identical sample was seen throughout deal counts as properly, with 43% accomplished by US firms, 6% in the UK, and 4% in Hong Kong.
Fundraising for crypto-focused enterprise funds reached $1.98 billion throughout 11 funds in Q4, which contributed to $8.75 billion raised for the total 12 months, the biggest since 2022. Average fund measurement rose to $167 million, with a median of $46 million.
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