Crypto VC hits $4.65B in Q3 – But is this really a comeback?

Key takeaways

Which country dominated the crypto VC space?

The United States captured 47% of invested capital and 40% of deals.

Which sectors attracted the most investment?

Trading and exchange platforms led the quarter, raising over $2 billion. Infrastructure, AI, payments, tokenization, and Web3 also saw healthy activity.

Crypto venture capital is showing faint signs of life again, but the rebound is still far from being totally convincing.

Crypto VC Q3 results

Q3 2025 showed slightly ticked-up activity compared to the previous quarter.

Despite macroeconomic pressures and competition from ETFs and treasury firms, early-stage activity has held steady, with sectors such as stablecoins, AI, infrastructure, and trading continuing to draw interest.

However, the broader momentum is being driven mainly by a few large, later-stage deals rather than a widespread market recovery, as overall investment levels remain far below the peaks of previous bull markets.

VC investments details

That said, Q3 saw VC investment hitting $4.65 billion across 415 deals, with the median deal size of $4.5 million.

Valuations have climbed back toward earlier highs. The median pre-money valuation rose to $36 million, underscoring that investors remain willing to support strong teams despite ongoing market uncertainty.

In terms of fundraising, trading and exchange platforms led the way. They raised more than $2 billion, driven by major rounds from Revolut and Kraken.

Beyond exchanges, other sectors also showed resilience. Infrastructure, AI, tokenization, and payments all recorded solid early-stage activity, highlighting continued investor interest across multiple areas of the market.

However, deal sizes were far smaller than in past hype cycles for web3, NFTs, DAOs, and gaming.

Interestingly, companies founded around 2018 attracted the largest share of capital, while newer startups launched in 2024 recorded the highest number of deals.

Investments by geographic locations

According to the report, the United States widened its lead in cryptocurrency ventures.

The nation captured 47% of capital and 40% of deals, with support likely to grow under an administration pushing for broader crypto and blockchain adoption.

Additionally, the United Kingdom ranked second with 28%, followed by Singapore with 3.8% and the Netherlands with 3.3%.

What’s more?

All in all, Q3 2025 showed the venture market recovering unevenly.

Big deals and rising valuations indicated long-term confidence, but macroeconomic pressure and competition for capital continued to limit broader participation.

Even so, steady early-stage activity and increasing U.S. support for crypto suggest that the groundwork for the next growth cycle is already forming.