Data: The crypto industry secured $1.65 billion in financing in October, with Kalshi alone accounting for 61% of the total.

According to CryptoRank data, crypto industry venture capital (VC) funding reached $1.65 billion in October 2026, more than doubling from September, driven mainly by prediction market platform Kalshi’s $10 billion Series G financing round. Excluding Kalshi, other projects raised $651 million, lower than September’s total industry funding of $665 million, indicating that the funding recovery is concentrated in a small number of large deals. In October, the industry completed a total of 46 funding rounds, a slight increase from September’s 44 rounds, and far below the 116 rounds recorded in the same period of 2025. Seed and pre-seed funding grew 8% to $123 million, with 20 rounds completed. The payments sector was the most active, with 12 deals totaling $342 million, including Whop’s $200 million financing round. The real-world assets (RWA) sector raised $137 million, with Spiko and Meanwhile securing $90 million and $37.5 million in financing respectively. Institutional participation rebounded for the second consecutive month: 155 institutions took part in October’s funding rounds, a 16% rise from September, but still far lower than the 353 institutions active in the same period last year. Tether participated in 4 funding rounds, making it the most active institution that month; Sequoia Capital joined 3 rounds, all as a lead investor. Funding concentration remains high: Kalshi’s single financing round accounted for 61% of the month’s total VC funding, and the top 10 funded projects together made up 91% of the total. Excluding the month’s top two funded projects, the remaining funding volume stood at $451 million, roughly flat with September’s $455 million. Additionally, the crypto industry disclosed 13 merger and acquisition (M&A) deals in October, one more than in September, though no transaction values were disclosed for any of the deals.