How much has crypto fundraising grown over the past year?

Crypto fundraising increased by about 50% year-on-year between March 2025 and March 2026, according to data from Messari. Despite the rise in total capital raised, the number of deals actually fell sharply. This suggests venture capital is concentrating into fewer but significantly larger funding rounds.

Why are there fewer crypto investment deals despite higher funding?

The drop in deal count is largely due to venture capital firms focusing on late-stage and strategic mega-rounds rather than spreading capital across many smaller startups. According to Messari CEO Eric Turner, investors are concentrating capital into bigger bets on companies seen as more mature or strategic.

How large are crypto funding deals becoming?

The average crypto investment deal reached about $34 million, a 272% increase from the previous year. This reflects a shift toward larger capital injections into fewer projects. It also shows investors prefer backing companies that are already scaling rather than early-stage experiments.

Which major crypto investments recently drove fundraising totals?

Several large deals significantly boosted recent fundraising totals. Tether invested $200 million into the online marketplace Whop. Meanwhile, sports prediction platform Novig raised $75 million in a Series B round led by Pantera Capital, and fintech startup ARQ secured $70 million in funding led by Sequoia Capital.

Why are fewer investors participating in crypto funding rounds?

The number of active crypto investors fell 34.5% to around 3,225, indicating a more selective venture environment. Investors are concentrating resources into larger rounds rather than spreading capital widely. This often happens during market consolidation phases following previous investment booms.

Which venture firms have been most active in recent crypto investments?

According to Messari data, some of the most active investors over the past three months include Coinbase Ventures, QUBIC Labs, and Somnia. These firms continue to support blockchain startups even as the broader venture market becomes more selective.

Are major crypto venture funds still raising new capital?

Turner noted that few major venture firms have recently closed new crypto funds. One exception is Dragonfly Capital, which recently raised new capital. According to Turner, the industry may need fresh venture funds to sustain long-term startup growth.

How does current crypto funding compare with the 2021–2022 boom?

Crypto venture funding remains far below the peak levels seen during the last bull market. In late 2021 and early 2022, monthly funding often exceeded $4 billion. Since then, that level has only been reached a handful of times.

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Crypto funding rises as venture deals concentrate

Written by Liezl GambePublished Mar 9, 2026, 12:00 AM

Crypto fundraising increased nearly 50% between March 2025 and March 2026 even as the number of deals fell sharply, reflecting a shift toward fewer but larger venture investments.

Data from research firm Messari shows the average deal size rose to $34 million during the period, representing a 272% increase compared with the previous year.

At the same time the number of active investors dropped 34.5% to about 3,225 as venture capital became concentrated in large late-stage funding rounds.

“Capital concentration is heavily skewed by late-stage and strategic mega-rounds,”

Messari said in its fundraising overview.

In February alone three funding deals accounted for 44% of the $795 million raised during the month, including a $200 million investment by Tether into online marketplace Whop and a $75 million Series B round for prediction market platform Novig led by Pantera Capital.

Messari chief executive Eric Turner said the sector still requires new venture funding, noting that aside from Dragonfly Capital few major crypto venture firms have recently closed fresh investment rounds.

Despite the recent increase in funding volumes, crypto venture activity remains well below the peaks of 2021 and 2022 when monthly investment frequently exceeded $4 billion.