Total venture capital investment in the crypto industry in Q3 reached $4.65 billion, the second highest record since the collapse of FTX

PANews, November 25, according to Cointelegraph, according to a research report released by Galaxy Digital on Monday, the total venture capital investment in the encryption industry reached US$4.65 billion in the third quarter of 2025, a quarter-on-quarter increase of 290%, setting the second-highest record since the FTX crash in 2022 (the highest record was US$4.8 billion in the first quarter of this year). A total of 414 transactions were completed this quarter, of which 7 large transactions, including Revolut’s US$1 billion financing and Kraken’s US$500 million financing, accounted for half of the total financing. 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 areas such as stablecoins, AI, and blockchain infrastructure continue to gain favor from capital, but as the industry matures, the proportion of pre-seed investments is gradually declining.

Venture capital activity in the past two years is still below the 2021-2022 bull market level. Thorn analyzed that factors such as the waning popularity of games, NFT and other fields, the diversion of funds from the AI track, and the interest rate environment have jointly led to the stagnation of venture capital. At the same time, compliant investment channels such as spot ETFs are competing with traditional venture capital for institutional funds.

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