Analysis of Crypto Assets Financing in the First Half of 2025: Trends and Insights

The first half of 2025 will be an important turning point for risk investment in Crypto Assets. After two years of capital tightening, investment enthusiasm has once again surged. By the end of June, the total financing for Crypto Assets exceeded $37 billion, involving more than 150 transactions, including seed rounds, A-C rounds, strategic rounds, and IPOs. Despite the ongoing uncertainty in the regulatory environment and continuous fluctuations in token prices, confidence from institutions and venture capital in the industry has clearly recovered.

Key Findings

• In the first half of 2025, the total amount of financing for Crypto Assets exceeded 37 billion USD, making it one of the most active periods since the bull market in 2021, with over 150 transactions.

• Large-scale financing pushed the average transaction size to $248 million, reflecting the market's confidence in the reconstruction of mature platforms.

• The focus of funds has shifted from consumer applications and speculative projects to scaling solutions, compliance infrastructure, and cross-chain protocols.

• Approximately $700 million flowed into projects that integrate Crypto Assets and AI, indicating that investors see it as the next frontier of innovation.

• Top investment institutions account for about 40% of the high valuation rounds, which has a huge impact on the direction of industry development.

Financing Overview

During the period from January to June 2025, crypto and blockchain startups disclosed about $37.3 billion in funding. The average transaction size reached $248 million, significantly higher than in previous years. This figure was influenced by a few large financings and IPOs. The median size of most financings is close to $50 million, falling into the mid-market range.

The current financing boom has made the first half of 2025 one of the most active periods since the bull market of 2021. It is worth noting that a large amount of capital is flowing into infrastructure and scalability solutions, rather than being limited to consumer application areas.

Monthly and Quarterly Trends

The financing amount shows monthly fluctuations, with March performing the strongest. The estimated financing amount in a single month reached $8 billion, mainly driven by large strategic rounds and pre-IPO financing. The total financing for January and February was $9.4 billion, with a slight slowdown in April to $4.5 billion. Financing activities rebounded in May and June, both exceeding $5 billion, mainly from later-stage transactions and an IPO of a payment company.

In terms of quarters, the financing in the first quarter was nearly 17.4 billion USD, with an increase of 15.9 billion USD in the second quarter. The first quarter was driven by momentum at the beginning of the year, while the second quarter saw a broader range of financing, with large financing distributed across areas such as expansion infrastructure, custody solutions, and DeFi.

This trend indicates that investors tend to make financing decisions at the beginning of the year, possibly to secure valuations in advance.

Industry Segmentation Analysis

The allocation of funds across various industries reflects investors' judgments on long-term value areas:

• DeFi and financial infrastructure attract the largest share, with financing exceeding 6.2 billion USD. Institutional DeFi protocols are particularly favored, especially those focused on compliant lending, derivatives, and liquidity provision.

• Layer 1 and Layer 2 scalability solutions raised approximately $3.3 billion. Protocol-focused projects received significant investment, reflecting that Ethereum scalability and cross-chain interoperability are still seen as important opportunities.

• Custody, security, and compliance solutions attracted over $1.2 billion in funding, highlighting the importance of trusted infrastructure amid tightening regulations.

• Stablecoins and payment networks raised approximately $1.5 billion, indicating ongoing capital support for projects that link fiat currencies and on-chain liquidity.

• The integration of AI and Crypto has become a rapidly growing theme, with approximately $700 million invested in projects that combine large language models, decentralized computing, and token incentives.

• Financing in the NFT and gaming sectors is relatively sluggish, with a total of about $600 million, reflecting the market's shift from speculative collectibles to practical applications.

Overall, capital has clearly shifted from pure consumer hotspots to infrastructure, compliance tracks, and ecosystem expansion.

Key Financing Rounds

A few rounds of large-scale financing have dominated the flow of capital. A certain trading platform's $2 billion strategic financing on January 20 set the tone for the year, indicating that mature platforms still enjoy significant investor confidence. A certain payment company's $1.1 billion IPO became the largest public exit case in the first half of the year, confirming the feasibility and profitability of the stablecoin model. These two rounds of financing rank as the second and third largest financings in the history of Crypto Assets.

Other notable financings include a $400 million strategic financing for a certain public chain, $150 million Series C financing for a certain wallet, and $150 million investment in a certain cross-chain protocol. These financings account for a quarter of the total amount in the first half of the year.

It is worth noting that almost all large financing rounds have attracted participation from top investment institutions, indicating that mainstream venture capital funds continue to concentrate equity in industry-leading companies.