Galaxy Research: Crypto VC Q3 Investment Hits $4.59 Billion, Funds Favor Late-Stage Companies

On November 25th, Galaxy Research released a research report indicating that in the third quarter of 2025, cryptocurrency venture capital activity reached $45.9 billion, which is the second-highest level since the third quarter of 2022. The transaction count remained unchanged compared to the previous period. It is worth noting that although the investment amount has increased, it is also relatively concentrated, with 7 transactions accounting for half of the total investment. Moreover, nearly 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 more than four years with a higher figure was the first quarter of 2025, mainly due to MGX's $2 billion investment in Binance. It is obvious 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.