The total financing amount in the first half of 2025 was $7.750 billion, showing characteristics such as the concentration of large-amount financing and changes in sector preferences.

In the first half of 2025, the primary crypto fundraising market completed a total financing amount of $7.75 billion, an increase of 40.17% year-on-year and 77.75% month-on-month. In March alone, $2.895 billion in financing was completed, with Binance completing $2.000 billion in financing. If the impact of this financing is ignored, the average monthly financing amount in the first half of the year remained at around $950 million, with an average financing amount of $12.419 million and a median of $5.425 million. In terms of the number of financing events, a total of 463 financing events occurred in the first half of the year, with an average of 77 per month, a year-on-year decrease of 49.72% and a month-on-month decrease of 26.27%. In terms of financing sectors, CeFi took the lead with $2.719 billion, surpassing the previously popular infrastructure sector ($1.87 billion). It is worth noting that M&A events reached 66, an increase of 60.9% compared to 41 in the second half of 2024. In addition, the financing amount of crypto-related listed companies such as Circle and Sol Strategies reached $2.233 billion. Both types of financing data have reached record highs. The most active institutions in the first half of the year were Coinbase Ventures, a16z, and Amber Group, each with more than 20 investments. They were followed by Animoca Brands, GSR, Selini Capital, 1kx, Mirana Ventures and other institutions. The most active angel investors were Raj Gokal, Sam Kazemian, and Balaji Srinivasan. Overall, the financing amount in the primary crypto fundraising market in the first half of 2025 increased significantly, but the number maintained the downward trend of recent years, showing characteristics such as the concentration of large-amount financing, increased M&A activity, and changes in sector preferences. At the same time, more funds began to shift to the more liquid secondary stock market.