Venture capital funds directed at Crypto startups totaled $4.5 billion in the second quarter, down 22% from the past three months.
According to data from Defilama, the second quarter breakdown shows the monthly flow of around $12.9 billion in April, $624 million in May and $2.5 billion in June.
June figures are more than four times larger than May’s funds, ranking the second-largest month of 2025, tracking only the $3.5 billion spike in March, driven by Binance’s $2 billion MGX investment.
Despite the late quarter rebounds, the second quarter totals were not consistent with nearly $6 billion invested in Crypto startups between January and March.
Nevertheless, it’s twice the amount of venture capital money flowing to Crypto in the second quarter of last year.
Outstanding Q2 Transactions
Large checks remained selective in the second quarter. Twenty One Capital received the largest funding round of $585 million in the last quarter.
Plus, Eigen Labs I received $70 million I purchased an additional unique token from Andreessen Horowitz’s A16Z.
Other significant funding rounds from the second quarter include a two-way $40 million round and a symbiotic $29 million.
Although contract counts fell to a multi-year low of just 62 rounds in May, the median round size for the quarter exceeded $10 million, indicating that investors continued to fund late-stage and infrastructure projects.
Sector Mix and Geographical Notes
Defi Infrastructure, Restaking, and AI-related middleware capture the biggest tickets and reflects the rotation of public market narratives.
North American companies attracted most of their pay raises, mainly because of their Series B, which was large and subsequently raised. At the same time, early stage activity in Asia and the Middle East has been higher with token-centric seed trading.
Despite the slow pace of fundraising registered in the last quarter, the annual total of around $10.3 billion is already exceeding the 2024 year-on-year period.
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