CV VC, together with the Frankfurt School Blockchain Center, has released the German Blockchain Report 2025, analysing venture capital activity in Germany’s blockchain sector from Q3 2024 to Q2 2025.
While overall German venture funding rose, blockchain-specific investment declined, representing the lowest share of national venture activity in four years.
Globally, venture funding reached US$411.9 billion across 21,872 deals, up 19.5% year-on-year, although deal counts fell 14.2%.
Europe raised US$59.9 billion across 5,708 deals, down 8.7% in funding and 20.9% in deal volume, with a median deal size of US$2.5 million, below the global median.
Funding was up 10.4% but deal numbers fell 14.6%, with a median deal size of US$4.9 million and an average of US$17.8 million.
Blockchain investment declined overall, with Berlin remaining the main hub, early-stage ventures gaining attention, and data management, verification, and analytics leading sector activity.
A US$10 million stablecoin infrastructure round signalled cautious confidence in protocol-level projects, while centralised blockchain financial services contracted and gaming, NFTs, and the metaverse remained steady.
The report notes that the Markets in Crypto-Assets Regulation (MiCAR) has clarified rules at the European level but created friction in Germany due to banking law differences.
Smaller funding rounds and heavier compliance obligations are affecting early-stage teams.
Germany continues to have strong entrepreneurial talent and institutional engagement, but the report highlights that regulatory and funding challenges could limit the country’s role as a blockchain hub.
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