Crypto funding from March 2025 to March 2026 increased by almost 50% year-over-year, despite a 46% decline in the number of deals as VCs focused their bets on late-stage strategic mega-rounds.
Average transaction size has increased 272% year-over-year to $34 million over the past 12 months, according to a summary of Messari’s crypto funding shared by CEO Eric Turner on Sunday. This comes after the number of active investors fell by 34.5% to 3,225.
“The concentration of capital is heavily skewed towards late-stage strategic mega-rounds,” Messerli said, noting that just three fundraising events in February accounted for 44% of last month’s $795 million raised.
This includes a $200 million investment in Tether’s online marketplace Whop. Series B funding round led by Pantera Capital raises $75 million for Novig, a sports-focused peer-to-peer prediction market. ARQ, a Latin American fintech app focused on stablecoins, secured $70 million in Series B funding on Wednesday led by Sequoia Capital.
Monthly change in crypto funding over the past five years. sauce: messer
The $795 million figure represents a 65.3% decrease compared to the previous 30 days.
Turner noted that no major venture capital firm other than Dragonfly Capital has recently closed a new funding round, adding: “The industry needs new capital.”
Meanwhile, Coinbase Ventures, QUBIC Labs, and Somnia have been the most active crypto investors over the past three months, according to Messari data.
Cryptocurrency funding is nowhere near 2021-2022 levels
Monthly crypto funding has cooled significantly since its peak in November 2021 and May 2022, when funding consistently reached $4 billion per month.
Since then, the $4 billion milestone has only been reached three times. Some investors are starting to broaden their focus to the AI and high-performance computing sectors.
Related: Calci, Polimarket eye $20 billion valuation for potential funding: WSJ
While most crypto funding focuses on late-stage activities, Messari noted that early-stage funding “remains high in volume but fragmented.”
Messari noted that Interstate’s $1.5 million funding round on Thursday came from more than 15 participants, ranging from companies like Bloccelerate VC to individual angel investors like Sergei Gorbunov.
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