Galaxy Research: The investment in encryption VC reached $4.59 billion in Q3, with funding leaning towards late-stage companies.

On November 25, Galaxy Research released a report indicating that cryptocurrency venture capital activities rose to $4.59 billion in the third quarter of 2025, marking the second highest level since the third quarter of 2022. The number of transactions remained stable compared to the previous quarter. Notably, while the investment amount has increased, it is also quite concentrated, with 7 transactions accounting for half of the total investment amount. Additionally, nearly 60% of investment funds flowed into late-stage companies, which is the second highest level since the first quarter of 2021. The only higher quarter in over four years was the first quarter of 2025, but the figures for that quarter were largely due to MGX's $2 billion investment in CEX. The decline in investor interest is clearly evident from the venture capital fundraising data. In the third quarter of 2025, 16 new funds raised a total of $3.16 billion, but this was mainly driven by two large exchange-related venture capital funds.