Galaxy Research: Crypto VC Q3 Investment Hits $4.59 Billion, Funds Favor Late-Stage Companies
BlockBeats News, November 25th, Galaxy Research released a research report stating that in the third quarter of 2025, cryptocurrency venture capital activity rose to $45.9 billion, the second-highest level since the third quarter of 2022. The transaction count remained stable compared to the previous period. It is noteworthy that although the investment amount has increased, it is also relatively concentrated, with 7 transactions accounting for half of the total investment.
Furthermore, almost 60% of the investment capital flowed into late-stage companies, marking the second-highest level since the first quarter of 2021. The only quarter in over four years with a higher figure was the first quarter of 2025, largely due to MGX's $2 billion investment in Binance.
It is evident from the venture capital fundraising data that there is a decline in investor interest. In the third quarter of 2025, 16 new funds raised a total of $31.6 billion, but this was mainly driven by two large exchange-affiliated venture capital funds.
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