State of Crypto Fundraising: Q2 2025

In Q2 2025, crypto fundraising followed the same split seen a quarter earlier: venture funding cooled while strategic buyers stayed active. Venture rounds raised $4.99 billion (down 20% QoQ) across 516 transactions (down 24%), the third consecutive quarterly decline and the lowest count since late 2023. By contrast, M&A volume slipped only 6% to 80 deals, and the six largest disclosed acquisitions, led by Coinbase/Deribit ($2.9 billion) and Ripple/Hidden Road ($1.25 billion), totaled $5.44 billion, exceeding all capital raised by startups. Investor participation narrowed further: the count of unique backers fell 35% QoQ to 1,000, the lowest quarterly investor participation since Q4 2020. Public-market exits re-emerged, with Circle’s $1.10 billion and eToro’s $500 million IPOs accounting for more than half of the quarter’s $2.86 billion in top ten raises. Fund formation also slowed, with 19 newly launched funds (down 10%) securing $1.56 billion (down 21%), signaling that LPs remain selective even as late-stage liquidity options improve.