VC fundraising activities in the cryptocurrency sector are bolstered by the influx of corporate capital.

A new report on venture capital fundraising (VC) in the cryptocurrency sector has made some noteworthy conclusions. The industry is undergoing a deep consolidation process, with the number of projects falling but the amount of investment capital increasing significantly.

The transformation in the industry

Fields such as DeFi, AI, and blockchain are attracting strong attention, while areas like real assets (RWA), DePIN, NFTs, and GameFi seem to be gradually left behind. Adjusting to the preferences of major investors may be the only way to attract new capital.

Analysis of VC fundraising in the cryptocurrency sector

A few months ago, VC fundraising activities in the cryptocurrency sector were bustling, with investments from institutions reaching $10 billion in just the second quarter. However, since then, the industry has shown signs of cooling off as token issuance has begun to dominate over traditional VC fundraising methods.

This new report aims to quantify all data and identify useful trends. In September 2025, the number of VC funding rounds in the cryptocurrency sector fell sharply in many aspects. Compared to the previous month, the total number of funding rounds decreased by 25.3%, and this figure even rose to 37.4% compared to September 2024.

This means that not only is the number of funding rounds falling, but the rate of decline is also accelerating rapidly.

Although the number of separate VC fundraising events in the cryptocurrency sector has fallen sharply, the total amount of capital raised has increased significantly. According to the data, last month recorded a 739.7% increase compared to the previous year in total fundraising value.

The market is consolidating

In total, this represents about $5.1 billion in VC funding for the cryptocurrency sector. As major companies are moving towards large IPOs, these funding rounds are increasing in scale and falling in number.

In the previous month, many individual fundraising rounds have surpassed the total amount raised in September 2024. In this context, it is extremely important to identify which sectors are attracting the most attention.

Crypto fundraising last month | Source: Wu BlockchainCeFi and DeFi are the two largest sectors, accounting for nearly half of total investment. AI development and L1/L2 blockchains take third place, while tools and wallets closely follow behind.

Although the real asset market (RWA) has seen promising transactions due to the tokenization of stocks, data shows that VC fundraising is overlooking this sector. A recent report indicates that these assets are underperforming, with only 6.5% market share in the month before being aggregated with DePIN.

Challenges and Opportunities

This shows that large institutional investors such as Goldman Sachs, Pantera Capital, and Galaxy Digital are dominating the VC funding ecosystem, and they tend to be very selective in choosing cryptocurrency investment sectors.

Although this unified environment may pose significant challenges for smaller projects, it also opens up real opportunities for those who know how to seize them.

Mr. Giáo