June 2025 Cryptocurrency Venture Capital Report: DeFi accounts for the highest proportion with total financing exceeding 2.8 billion USD.

According to RootData statistics, there were a total of 66 venture capital projects publicly disclosed by Crypto VC in June 2025, a month-on-month rise of 3.1% (64 projects in May 2025), and a year-on-year decrease of 37.1% (105 projects in June 2024). The number of small-scale financing continues to decline. Note: Since not all financing is disclosed in the current month, the above statistics may increase in the future. The number of projects in various zones is as follows: among them, CeFi accounts for about 9.1%, DeFi accounts for about 25.8%, NFTs/GameFi accounts for about 6.1%, Layer 2 accounts for about 3%, RWA/DePIN accounts for about 7.6%, Tool/Wallet accounts for about 10.6%, and AI accounts for about 10.6%. The total financing amount in June 2025 was 2.846 billion USD, a month-on-month decrease of 27.9% (3.95 billion USD in May 2025), and a year-on-year rise of 274% (760 million USD in June 2024). Among them, the top 10 rounds by amount are as follows:

Circle sold 34 million shares at a price of about $31 per share, raising approximately $1.1 billion for the company. As a result, the company's market capitalization could reach $6.9 billion, with a fully diluted valuation of $8.1 billion. By the end of the month, Circle also submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a federal trust bank named "First National Digital Currency Bank, N.A.".

The Nasdaq-listed company Nano Labs has signed a convertible note subscription agreement with several investors, planning to issue convertible promissory notes with a total principal amount of $500 million. Initially, it is intended to purchase tokens of a trading platform worth $1 billion and plans to hold 5% to 10% of the circulating supply of these tokens for the long term. The initial conversion price of the notes is set at $20 per share, and during the term of the notes, holders have the option to convert the notes into Class A common stock of the company.

Bitcoin mining company BitMine Immersion Technologies has signed a private placement agreement to purchase and sell 55,555,556 shares of common stock at a price of $4.50 per share. The company announced that the total fundraising amount for this transaction is approximately $250 million (excluding expenses), which will be used to launch its Ethereum treasury. This round of financing is led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, a certain trading platform, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. If conditions such as the approval of the supplementary listing application by NYSE American are met, the transaction is expected to be completed on Thursday.

The prediction market platform Kalshi raised $185 million in a funding round, valuing the company at $2 billion. This round was led by cryptocurrency-focused investor Paradigm, with participation from investment firms such as Sequoia, Multicoin, Neo, and Bond Capital. Kalshi's latest funding comes as its main competitor Polymarket is expected to complete a $200 million funding round at a $1 billion valuation. A key difference between the two is that Kalshi is regulated by federal authorities and is permitted to operate in the U.S., whereas Polymarket is not.

Canton network developer Digital Asset announced the completion of a $135 million strategic financing round, led by DRW Venture Capital and Tradeweb Markets, with participation from BNP Paribas, Circle Ventures, Citadel Securities, DTCC, and others. Canton is a privacy blockchain aimed at institutions, supporting configurable privacy and real world asset (RWA) on-chain applications. The new round of financing will be used to expand asset types and the network ecosystem.

The crypto asset company World Liberty Financial, supported by U.S. President Trump and his family, reported that a company based in the UAE, Aqua1 Foundation, has purchased platform governance tokens WLFI worth 100 million dollars. Aqua1 stated that this transaction focuses on RWA and StableCoin. This acquisition makes Aqua1 a larger holder of WLFI than the founder of a certain trading platform, who invested 30 million dollars in the project in November.

Eigen Labs announced the launch of the EigenCloud platform, aimed at providing blockchain-level trust assurance for Web2 and Web3 applications. The platform is based on the re-staking protocol of EigenLayer, integrating data availability, general computation, and dispute resolution functions. In addition, a16z crypto acquired EIGEN for $70 million, continuing its investment strategy following the $100 million Series B funding on February 1, 2024.

The crypto startup Zama has announced the completion of a $57 million Series B funding round, led by Blockchange Ventures and Pantera Capital, with a total funding raised exceeding $150 million and a valuation surpassing $1 billion, becoming the first unicorn focused on Fully Homomorphic Encryption (FHE). Zama is advancing the application of this technology in blockchain and AI scenarios, and its protocol supports developers in building encrypted dApps without the need for a deep background in cryptography.

Web3 security company Hypernative has completed a $40 million Series B funding round, led by Ten Eleven Ventures and Ballistic Ventures, with participation from StepStone Group, Boldstart Ventures, IBI Tech Fund, and others. Previously, Hypernative completed a $16 million Series A funding round in September 2024.

a16z announced that it led a $33 million seed round financing for the AI model evaluation platform Yupp. Yupp aims to enhance the transparency and participation of AI model training and evaluation through on-chain incentive mechanisms. Users can compare outputs from multiple models and vote, generating signed preference data for model optimization, and can receive rewards. Team members come from institutions such as Twitter, Google, and a certain exchange.