Venture capital funding directed towards crypto startups totaled $4.5 billion during the second quarter, down 22% versus the previous three months.
According to DefiLlama data, the breakdown of the second quarter shows monthly flows of roughly $1.29 billion in April, $624 million in May, and $2.5 billion in June.
June’s figure is over 4x larger than May’s funding and ranked as the second-largest month of 2025, trailing only March’s $3.5 billion surge that was driven by Binance’s $2 billion MGX investment.
Despite the late-quarter rebound, the combined amount for the second quarter could not match the nearly $6 billion invested in crypto startups between January and March.
Nevertheless, it is still double the amount of venture capital money flowing into crypto in last year’s second quarter.
Large cheques remained selective in the second quarter. Twenty One Capital received $585 million, the largest funding round of the previous quarter.
Furthermore, Eigen Labs received $70 million from Andreessen Horowitz’s a16z, which purchased additional EIGEN tokens.
Other significant funding rounds from the second quarter include Hypernative’s $40 million round and Symbiotic’s $29 million.
While the deal count slipped to multi-year lows in May, at just 62 rounds, the quarter’s median round size remained above $10 million, indicating that investors continued to fund later-stage and infrastructure projects.
DeFi infrastructure, restaking, and AI-linked middleware captured the largest tickets, mirroring the public market’s narrative rotation.
North American companies attracted the majority of the raises last quarter, primarily due to larger Series B and later rounds of funding. At the same time, early-stage activity in Asia and the Middle East edged higher in token-focused seed deals.
Despite the slower pace of funding registered in the previous quarter, the year-to-date total of roughly $10.3 billion already exceeds the full-year figure of $9.6 billion for 2024.
