Galaxy Research: Crypto VC Q3 investment reached $4.59 billion, with funds leaning towards late-stage companies

Galaxy Research released a research report indicating that cryptocurrency venture capital activity increased to $4.59 billion in the third quarter of 2025, marking the second highest level since the third quarter of 2022. The number of transactions remained stable quarter-over-quarter.

It is noteworthy that although the investment amount has increased, it is also quite concentrated, with 7 transactions accounting for half of the total investment. Additionally, nearly 60% of the investment funds flowed into late-stage companies, which is the second highest level since the first quarter of 2021. The only higher quarter in over four years was the first quarter of 2025, but that quarter's figures were largely attributed to MGX's $2 billion investment in Binance. The decline in investor interest is clearly reflected in the venture capital fundraising data. In the third quarter of 2025, 16 new funds raised a total of $3.16 billion, but this was mainly driven by two large exchange-related venture capital funds.