LARGE LATE-STAGE ROUNDS DRIVE GROWTH IN CRYPTO FUNDRAISING

Venture funding in the crypto industry has grown significantly over the past year, but the structure of that capital is changing. According to data from research firm Messari, total crypto fundraising rose nearly 50% between March 2025 and March 2026.

However, the number of deals fell by about 46% during the same period, suggesting that investors are focusing on fewer but much larger investments. Instead of spreading capital across many early-stage startups, venture firms are increasingly concentrating funds into late-stage companies and strategic mega-rounds.

Messari CEO Eric Turner noted that the shift has pushed the average crypto deal size to around $34 million a sharp increase of 272% compared with the previous year. At the same time, the number of active investors participating in deals dropped by roughly 34.5%, falling to about 3,225.

MEGA DEALS NOW DOMINATE MONTHLY FUNDING

The concentration of capital has become especially visible in recent months. Messari data shows that just three major deals accounted for nearly 44% of the $795 million raised across the crypto sector in February.

Among the largest transactions was Tether’s $200 million investment in online marketplace platform Whop. Another major deal involved prediction market platform Novig, which secured $75 million in a Series B funding round led by Pantera Capital.

Monthly change in crypto fundraising over the last five years. Source: Messari

Latin American fintech company ARQ also raised $70 million in a Series B round backed by Sequoia Capital, highlighting continued interest in stablecoin-focused financial infrastructure.

Despite these high-profile investments, overall monthly fundraising momentum has slowed. The $795 million raised in February represents a 65% decline compared with the previous month.

VENTURE CAPITAL LANDSCAPE SEEKS NEW FUNDING SOURCES

Turner pointed out that the venture capital landscape itself may also be undergoing a transition. Apart from Dragonfly Capital, few major crypto venture firms have announced new fundraising rounds recently.

According to Turner, the sector may need a fresh wave of capital to support long-term growth and innovation.

In the meantime, several investment groups remain active in dealmaking. Over the past three months, Coinbase Ventures, QUBIC Labs and Somnia have been among the most frequent investors backing crypto startups.

EARLY-STAGE STARTUPS STILL ATTRACT INTEREST

While late-stage funding now dominates total capital raised, early-stage crypto startups continue to attract investor attention. Messari noted that these smaller rounds remain common but are often fragmented across a larger group of participants.

For example, blockchain infrastructure project Interstate recently raised $1.5 million from more than 15 contributors. The round included venture firms such as Bloccelerate VC along with individual angel investors like Sergey Gorbunov.

This pattern suggests that while major venture funds are focusing on fewer large bets, early-stage builders are still finding support through smaller syndicates and angel networks.