Galaxy Research released a research report pointing out 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-on-quarter.

Notably, although the investment amount increased, it was also relatively concentrated, with 7 transactions accounting for half of the total investment amount. In addition, nearly 60% of the investment funds flowed to late-stage companies, which is the second highest level since the first quarter of 2021. The only higher quarter in more than 4 years was the first quarter of 2025, but the figures for that quarter were largely due to MGX's $2 billion investment in Binance. A clear decline in investor interest can be seen from 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-affiliated venture capital funds.