Venture capital investment in crypto rebounded in the second quarter of 2025, with companies raising $10.03 billion over the three-month period ending June. It was the strongest quarter since Q1 2022, at $16.64 billion.
June accounted for the lion’s share, pulling in $5.14 billion, the highest monthly figure since January 2022, according to data from CryptoRank. The surge followed months of relative stagnation, suggesting that the appetite for crypto is recovering.
Leading the pack, Strive Funds, an asset manager founded by American entrepreneur and politician Vivek Ramaswamy, secured $750 million in May to establish “alpha-generating” strategies through Bitcoin (BTC)-related purchases.
TwentyOneCapital secured $585 million in funding in April, making it the second-largest raise of the quarter. Securitize ranked third in Q2 2025 with a $400 million raise, followed by other notables including Kalshi ($185 million), Auradine ($153 million), ZenMEV ($140 million) and Digital Asset ($135 million).
Related: VC Roundup: DeFi, AI, hybrid exchanges showcase resilient month for crypto
Coinbase Ventures dominates investments in Q2
Coinbase Ventures led Q2 activity with 25 deals between April and June, topping the list of active investors. Animoca Brands, Andreessen Horowitz (a16z) and Pantera Capital also ranked high, helping drive the quarter’s surge in deal volume.
In June, Coinbase Ventures again topped the chart with 10 investments, followed by Pantera Capital with eight, Galaxy with five, and Paradigm (which led in the number of lead investments) with four deals. Other active firms included Animoca Brands, a16z, Cyber Fund and GSR.
Fundraising activity was spread across various sectors, with blockchain infrastructure and DeFi drawing significant interest. CeFi, NFT and GameFi categories also saw moderate activity, while memecoin funding remained muted despite occasional spikes.
Over the past year, seed-stage deals accounted for the largest share of crypto fundraising rounds, making up 19.43% of the total 1,673 tracked deals. Strategic rounds followed at 14.23%, reflecting sustained interest in long-term ecosystem plays.
Pre-seed and M&A activity were also notable, representing 9.26% and 9.44%, respectively. Series A rounds comprised 6.34% of the total, while incubation deals made up just 3.35%, according to data from CryptoRank.
Related: $250M Ondo Catalyst fund signals ‘arms race’ for RWA tokenization
Galaxy Digital raises $175 million in first external fund
Last month, Galaxy Digital closed its first external venture fund, raising $175 million, which surpassed its initial $150 million target. The fund will focus on high-growth crypto sectors including stablecoins, tokenization and payments, along with the infrastructure supporting them.
In May, Amsterdam-based Theta Capital Management also raised over $175 million for its latest fund-of-funds, which is aimed at supporting early-stage blockchain startups.
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