Crypto raised $50.6B in 2025 across 1,409 deals, but M&A ($22.1B, 43.7%) drove the surge, explaining 83% of YoY growth. VC deals fell 12.6%, capital focused on finance, payments, infra. Stablecoins at $311B. Shift to consolidation over new projects.
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Crypto raised $50.6B in 2025 across 1,409 deals, but M&A ($22.1B, 43.7%) drove the surge, explaining 83% of YoY growth. VC deals fell 12.6%, capital focused on finance, payments, infra. Stablecoins at $311B. Shift to consolidation over new projects.