After months of uncertainty and slow activity, the crypto industry has made a powerful comeback. Venture capital funding in the sector surged to $10.03 billion in the second quarter of 2025, marking the highest total since the early days of 2022. This dramatic rebound reflects a clear shift in investor sentiment, suggesting that confidence in digital assets and blockchain technology is steadily returning.
One of the most striking figures from the quarter was June’s total of $5.14 billion, the largest monthly amount raised since January 2022. The growth, captured in data from CryptoRank, ends a long stretch of relatively flat funding and sets the stage for what could be a strong second half of the year for crypto innovation.
A New Wave of Mega-Funding
The quarter saw several standout fundraises that helped drive the overall numbers. Leading the way was Strive Funds, founded by American entrepreneur and political figure Vivek Ramaswamy, which pulled in $750 million in May. The firm plans to focus heavily on Bitcoin-related investments and aims to create what it calls “alpha-generating” strategies.
Close behind was TwentyOneCapital, raising $585 million in April. Meanwhile, Securitize, a digital asset firm working on regulated token solutions, secured $400 million, rounding out the top three.
Source: CryptoRank
Other notable raises included companies like Kalshi, which brought in $185 million, and Auradine, a tech infrastructure firm that raised $153 million. The continued backing of firms like ZenMEV and Digital Asset, with $140 million and $135 million respectively, shows that the capital is being spread across various parts of the ecosystem from infrastructure to tokenisation tools.
Coinbase Ventures Leads the Charge
On the investment side, Coinbase Ventures proved to be the most active firm in Q2, participating in 25 deals over the three-month period. The company also topped the charts for June, with ten separate investments. This level of activity from a major crypto-native venture arm is a promising sign that the big players believe in the long-term growth of the space.
Following closely were firms like Pantera Capital, Galaxy Digital, and Paradigm, all of which continued to support projects at both the early and growth stages. Traditional heavyweights like Andreessen Horowitz (a16z) and Animoca Brands also remained highly engaged, focusing on emerging areas such as gaming, NFTs, and decentralised finance (DeFi).
Focus Shifts to Infrastructure and DeFi
Much of the fundraising was directed toward blockchain infrastructure and DeFi platforms, which continue to be viewed as essential for scaling and future growth. There was also moderate investment in more consumer-facing areas like centralised finance (CeFi), NFTs, and GameFi. However, the buzz around memecoins didn’t translate into significant capital, despite occasional spikes in popularity.
Source: CryptoRank
Interestingly, seed-stage rounds made up the largest portion of all deals over the past year, accounting for nearly 20% of the 1,673 tracked rounds. This shows that investors are betting heavily on new startups rather than just backing established firms. Strategic rounds, pre-seed deals, and even mergers and acquisitions also played a strong role, suggesting a diverse mix of funding strategies.
New Funds Target the Future
In addition to direct startup funding, several major investment firms announced new venture funds. Notably, Galaxy Digital closed its first-ever external fund, raising $175 million, beating its original $150 million goal. The fund will focus on high-growth areas such as stablecoins, tokenisation, and crypto payment systems.
At the same time, Theta Capital Management raised over $175 million for its fund-of-funds aimed at backing early-stage blockchain startups globally. These fund launches point to long-term confidence in the market and a belief that foundational technologies will drive the next phase of crypto adoption.
