Cryptocurrency fundraising is experiencing a boom in 2025, setting the stage for a potentially record-breaking year. A report by CEX.IO indicates that a staggering $16.5 billion was secured during the first six months alone.
The CEX.IO analysis reveals that the first half of 2025 has already eclipsed the entire year of 2024’s $12.2 billion total. Notably, it also surpasses the previous peak of $10.9 billion achieved during the 2021 bull market, making it the most successful fundraising period the crypto industry has seen.
The impressive fundraising figures represent 5.3% of all global venture capital investment in the second quarter of 2025. This marks the highest percentage seen in the last three years, underscoring the growing significance of crypto within the broader investment landscape.
CEX.IO attributes this surge to increased adoption trends, a shift in regulations following recent elections, and a corresponding resurgence in investor confidence. This is particularly noteworthy given the continued caution observed in broader global venture capital markets.
The Rise of Tokenless Projects
A major trend observed in 2025 is a movement towards prioritizing high-quality ventures. Investors are allocating larger sums to fewer, carefully selected projects, with the average deal size reaching nearly $20 million.
This shift reflects a growing preference for experienced teams with viable business models over more speculative investments in nascent startups.
An additional key development is the increasing prevalence of fundraising rounds that do not involve the launch of a token. Impressively, 82% of the projects funded in 2025 secured capital without issuing a token.
CEX.IO suggests this strategy signals a shift in investor priorities, now placing greater emphasis on real-world product development, sustainable revenue streams, and robust long-term fundamentals.
Contrastingly, data indicates that 85% of token-funded projects in 2025 are failing to meet key performance indicators, strengthening investor hesitancy towards such ventures.
CEX.IO concludes that the departure from token launches and the increasing focus on businesses with tangible operations marks a crucial stage in market maturity. The firm believes investors are increasingly supporting projects focused on establishing robust products before even considering token-based models.
Investment Allocation
Financial endeavors, encompassing both CeFi and DeFi platforms, have attracted the largest proportion of funding. These projects collectively raised $4.9 billion across 171 distinct deals, accounting for 51.4% of total investments during the analyzed period.
Ventures focused on infrastructure, including hardware solutions, security protocols, oracle networks, and cross-chain bridges, secured a substantial 17.9% of the total funding.
Consumer applications, AI-driven projects, and DePin initiatives followed, attracting 14.7%, 5.0%, and 3.1% of the available funding, respectively.
Mergers and acquisitions (M&A) have experienced a significant upswing, surpassing $6 billion in value, more than tripling the figures recorded the previous year. According to CEX.IO, M&A transactions now represent 36.7% of all crypto-related financial activity.
The growth in M&A activity signals a trend toward consolidation within the crypto sector, with companies acquiring existing platforms and technologies to quickly expand their user base and strengthen their strategic positions.