Overview
- Quarterly funding rose 290% from Q2 to $4.65 billion, the second-highest total since FTX’s collapse, according to Galaxy Digital data.
- Roughly half of all capital came from seven deals led by Revolut’s $1 billion round, Kraken’s $500 million raise, and Erebor’s $250 million financing.
- Trading and exchange platforms pulled in over $2 billion, while infrastructure, AI-driven crypto tools, stablecoins, tokenization, and payments sustained investor interest.
- The United States captured 47% of capital and 40% of deals, with the United Kingdom at 28% and Singapore at 3.8%.
- Overall activity remains below the 2021–2022 peak as pre-seed participation falls, with Galaxy’s Alex Thorn saying the golden era of pre-seed crypto venture investing has passed.