Crypto VC Explodes in Q4 2025: $8.5B Floods Late Stages

US-headquartered companies accounted for 55% of Q4 crypto VC capital.

Crypto and blockchain venture capital saw a sharp resurgence in Q4 2025, driven mainly by large late-stage deals. The Galaxy Digital report, written by Alex Thorn, Head of Firmwide Research, found that venture capitalists spent $8.5 billion on 425 deals in the quarter – an 84% increase in capital invested and a 2.6% increase in the number of deals compared to Q3 2025.

This represents the strongest quarterly investment in the sector since Q2 2022, although deal numbers remain below 2021-2022 levels.

Crypto VC Surge in Q4

Thorn reported that early-stage companies accounted for 56% of the total investment, while early-stage startups made up the remaining 44%, an unchanged share from last quarter.

Eleven deals in Q4 raised more than $100 million each, representing $7.3 billion, or nearly 85% of the quarter’s total. The largest raises included Revolut at $3 billion, Touareg Group at $1 billion, and Kraken at $800 million.

Other prominent transactions included Ripple and Tempo at $500 million each, Erebor at $350 million, MegaHoot at $300 million, Rain at $250 million, EXUGlobal and TradeAlgo at $120 million each, and RedotPay at $107 million. Throughout 2025, venture capitalists invested a total of $20 billion in crypto and blockchain startups through 1,660 deals, making it the largest investment of the year since 2022 and more than double that of 2023.

The Trading/Exchange/Investing/Lending category remains the largest recipient of capital spending as it attracted more than $5 billion, led by Revolut and Kraken, while sectors including stablecoins, AI, and blockchain infrastructure also attracted significant investment.

The number of pre-seed deals has remained healthy at 23% of total deals, which means continued business, while the latter’s share has grown as the sector matures. During the quarter, median pre-money deals rose to $70 million, and the median deal size reached $4 million. Valuation data were available for only 10% of deals, biased towards large, late-stage companies.

You may also like:

Global Crypto VC

Geographically, 55% of the money went to US-headquartered companies, followed by the United Kingdom with 33%, Singapore with 2%, and Hong Kong with 1.7%. A similar pattern was seen across all deal rates, with 43% completed by US companies, 6% in the UK, and 4% in Hong Kong.

Crypto-focused venture capital funding reached $1.98 billion across 11 funds in Q4, contributing to $8.75 billion raised for the full year, the largest since 2022. The average fund size rose to $167 million, with a median of $46 million.