I just published Messari's Q2 2025 Crypto Fundraising report. A few takeaways:

- M&A activity dominated the quarter. The 6 largest M&As totaled $5.4B, exceeding the total capital raised across all funding rounds.
- Total capital raised fell 20% QoQ to $5B.
- Investor participation decreased by 35% QoQ to 1,000. This is the lowest since Q4 2020.
- Coinbase Ventures was the most active investor in Q2, participating in 25 investment rounds, more than double its 12 investments in Q1.

The whole report covers 20+ pages of deep crypto funding alpha. 

If you have a Messari Pro account, you can read it here:

I just published Messari's Q2 2025 Crypto Fundraising report. A few takeaways:

- M&A activity dominated the quarter. The 6 largest M&As totaled $5.4B, exceeding the total capital raised across all funding rounds.
- Total capital raised fell 20% QoQ to $5B.
- Investor participation decreased by 35% QoQ to 1,000. This is the lowest since Q4 2020.
- Coinbase Ventures was the most active investor in Q2, participating in 25 investment rounds, more than double its 12 investments in Q1.

The whole report covers 20+ pages of deep crypto funding alpha. 

If you have a Messari Pro account, you can read it here:
https://messari.io/report/state-of-crypto-fundraising-q2-2025