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

Jinse Finance reported, citing Cointelegraph, that according to a research report released by Galaxy Digital on Monday, the total amount of venture capital in the crypto industry reached $4.65 billion in the third quarter of 2025, a quarter-on-quarter increase of 290%, marking the second-highest record since the collapse of FTX in 2022 (the highest being $4.8 billion in the first quarter of this year). A total of 414 deals were completed this quarter, with seven large transactions—including Revolut’s $1 billion financing and a $500 million financing by an exchange—accounting for half of the total funding. U.S. companies received 47% of the investment, while companies in Singapore and the UK received 7.3% and 6.8%, respectively. Research director Alex Thorn pointed out that sectors such as stablecoins, AI, and blockchain infrastructure continue to attract capital, but as the industry matures, the proportion of pre-seed investments is gradually declining. Venture capital activity in the past two years remains below the levels seen during the 2021-2022 bull market. Thorn analyzed that the cooling of sectors like gaming and NFT, the diversion of funds to the AI track, and factors such as the interest rate environment have collectively led to a stagnation in venture capital. Meanwhile, compliant investment channels such as spot ETFs are now competing with traditional venture capital for institutional funds.