Crypto VC Funding Surges 433% in 2025 as Capital Concentrates in Fewer Mega-Deals
December closed with 58 disclosed crypto investment projects, a modest 3.6% increase from November, while monthly funding plummeted 94.1% to $860 million. The year’s total of 898 deals marked a 42.1% contraction from 2024, signaling a market where fewer transactions command exponentially larger checks.
DeFi dominated sector allocation at 22.4% of VC projects, followed by CeFi (13.8%) and AI (12.7%). Infrastructure plays like RWA and DePIN captured 7.3%, while L1/L2 protocols took 6%. Once-hot NFT/GameFi sectors dwindled to 5.3%, now trailing tools and wallet projects.
The landmark $10.3 billion all-stock acquisition of Upbit operator Dunamu by Naver in November reshaped the landscape. Dunamu’s 1.19 trillion won operating income through September 2025—97.9% derived from trading platforms—validates exchange valuations. Earlier, Coinbase’s $2.9 billion Deribit buyout demonstrated institutional appetite for derivatives infrastructure.