2025年二季度加密风险投资趋势（英）2025

EMERGING TECH RESEARCH Crypto VC Trends VC activity across the crypto ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Crypto landscape3 Institutional Research Group Crypto VC ecosystem market map 4 Analysis VC activity5 Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Crypto VC deal summary22 Data Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’Malley,Drew Sanders, andChloe Ladwig Published on August 19, 2025 Cryptolandscape Blockchain networksInfrastructure & developer toolsAccessWeb3DeFi Crypto VC ecosystem market map VC activity Public crypto markets posted a strong Q2, with major cryptocurrencies achieving significantgains behind heightened institutional interest, the emergence of digital asset treasury companies,supportive US regulation, and overall positive macroeconomic signals. Despite this momentumin public markets, crypto VC investment notched one of its weakest quarters, with deal countdropping to 304, the lowest total since Q4 2020, and funding down 55% QoQ to $1.5 billion(excluding Binance’s $2 billion round last quarter). This downturn reflects growing investorselectivity, a trend seen across the venture ecosystem, as well as the ongoing normalization of thecrypto landscape. While deal counts declined, deal sizes and valuations reached new highs. The median deal sizerose to $4 million, up from $3.5 million in 2024, while the median pre-money valuation soaredfrom $29.9 million in 2024 to $64.1 million. Pre-seed/seed and early-stage deals saw the largestvaluation gains, with medians up 67% and 159%, respectively, showing that investors are willing topay a premium for established teams and promising technologies. Despite diminished investment activity, the quarter brought several positive signals for the cryptoVC ecosystem. Circle’s IPO provided much-needed liquidity and signaled a cautious reopeningof the IPO window, which has been firmly shut for the past three years. Circle’s share price rose168% on the first trading day, demonstrating strong investor appetite for stablecoin exposureand boosting valuations expectations for payments and infrastructure technologies. Additionally,with stablecoin circulation reaching all-time highs and an established US regulatory frameworkthrough the GENIUS Act, startups in the space are starting to see increased investor interest. Forinstance, Plasma, a layer 1 blockchain purpose-built for stablecoins, raised $50 million at a $500million valuation through a public token sale that was oversubscribed by 7x, attracting more than $370 million in committed capital from investors ($320 million in overcommitments wasreturned to investors).1The company previously raised $24 million over two VC rounds. Goingforward, the continued materialization of stablecoin applications, a bullish public crypto market,and the upcoming US Senate vote on the CLARITY Act, which proposes an established regulatoryframework for digital assets, are expected to further boost crypto startup valuations and driveinvestor interest in the vertical. Exit activity Exit activity was strong, with 31 exits totaling $10.4 billion—the highest since Q2 2021, whenCoinbase went public. With more than 30 exits in the past three quarters, a threshold previouslyreached only once, crypto exit activity has entered a period of sustained momentum, reflecting thesector’s maturation and ongoing consolidation. High-profile public listings from Circle and eTorosignaled a reopening of the IPO window after three years of muted activity. Circle raised $1.1 billionat a $6.9 billion valuation, marking a down round from its previous Series F in April 2022. However,share prices surged after the IPO, rising 168% on the first day of trading, and the company’s marketcap rose to more than $37.6 billion by the end of Q2. The strong performance has reset valuationexpectations for the vertical, providing much-needed momentum for the growing backlog ofmature startups awaiting exit opportunities. Areas of investment and notable deals Key investment areas in Q2 included blockchain networks, which captured $391 million across30 deals, followed by infrastructure & developer tools, which raised $270.3 million across28 deals. Despite a strong incumbent presence, layer 1 blockchains continue to attract largeamounts of capital, offering purpose-built alternatives to existing solutions. The largest dealwas Digital Asset’s $135 million Series E for its permissioned layer 1 blockchain designed forfinancial institutions. The startup, founded in 2015, has now raised more than $400 million in VCfunding. Zama, a privacy-first blockchain development platform, became a unicorn with a $57million raise at a $1 billion valuation. Other notable deals included Gaudily, a Japan-based Web3community and marketplace, which raised $69.4 million, and Alpaca Security, which raised a $50million Series C. The su