According to a research report published by Galaxy Digital on Monday, in the third quarter of 2025, the total amount of venture capital invested in the crypto industry reached $4.65 billion, an increase of 290% compared to the previous quarter, setting the second highest record since the FTX crash in 2022 (the highest record was $4.80 billion in Quarter 1 this year). A total of 414 transactions were completed in the quarter, of which 7 large transactions such as Revolut's $1 billion financing and Kraken's $500 million financing accounted for half of the total financing. US companies received 47% of the investment amount, while Singapore and UK companies received 7.3% and 6.8% respectively. Research director Alex Thorn pointed out that stablecoins, AI, blockchain infrastructure, and other fields continue to gain favor from capital, but as the industry matures, the proportion of pre-seed investment is gradually decreasing.
The active level of venture capital in the past two years is still lower than the bull market level in 2021-2022. According to Thorn's analysis, the decline in popularity in gaming, NFT and other fields, the diversion of funds from AI tracks, and the interest rate environment have all contributed to the stagnation of venture capital. At the same time, compliance investment channels such as spot ETFs are competing with traditional venture capital for institutional funds.
Crypto industry venture capital in Q3 reached $4.65 billion, the second highest since the FTX crash
2025-11-25 06:28:40
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