In Q3, the total amount of venture capital investment in the encryption industry reached $4.65 billion, the second-highest record since the FTX collapse.

According to a report by Cointelegraph, based on a research report released by Galaxy Digital on Monday, the total amount of venture capital in the encryption industry reached $4.65 billion in the third quarter of 2025, a quarter-on-quarter increase of 290%, setting the second highest record since the FTX collapse in 2022 (the highest record was $4.8 billion in the first quarter of this year).
A total of 414 transactions were completed this quarter, among which 7 large transactions, including a $1 billion financing for Revolut and a $500 million financing for Kraken, accounted for half of the total financing amount. American companies received 47% of the investment amount, while Singaporean and British companies received 7.3% and 6.8%, respectively. Research director Alex Thorn pointed out that fields such as stablecoins, AI, and blockchain infrastructure continue to attract capital, but as the industry matures, the proportion of Pre-seed investments is gradually declining.
Venture capital activity in the past two years remains lower than the levels seen during the bull market of 2021-2022. According to Thorn's analysis, the decline in enthusiasm for areas such as gaming and NFTs, the diversion of funds to the AI sector, and the interest rate environment have all contributed to the stagnation of venture capital. At the same time, compliant investment channels like spot ETFs are competing with traditional venture capital for institutional funds.