66 rounds and $675m in August 2026, below the $2.19bn average month of the preceding year.
Section 1 The month in figures
Every figure on this page comes from DefiLlama's funding rounds database and is computed by the same rules in every issue. Amounts are over the 56 rounds with a disclosed figure; counts are over all 66.
Section 2 What the market is doing
A single month turns on whether one large round happened to close in it. The line through the bars is the twelve-month average, and it is the one to read for direction. It stands at $2.09bn a month, above the $1.97bn it read at the start of this window.
Fundraising is seasonal, so August is set against August in earlier years as well as against the months either side of it. Of the eight on record, this one ranks 4th by capital raised; the largest was 2021 at $3.23bn.
Section 3 Anomaly checks
Every issue runs the same checks over the month's rounds, looking for a single round dominating the month's total, many rounds announced at one identical amount, gaps in what the source discloses, deal count, capital and round size far from their recent norm, a sector or an investor running well above its own rate and the same round listed twice by the source. Anything a check finds is written up here. The checks and the levels that trigger them are listed under Method, so a reader can see what was looked for as well as what was found.
Nine anomalies found in August 2026. Each one below names what was measured and the figure that triggered it.
Repeated amounts. 25 rounds are recorded at an identical $0.50m. That is 45% of rounds with a disclosed figure. YZi Labs is named in 23 of them. A run of identical amounts is usually a cohort or programme announced together. The source records each participant as its own round and this report counts them the same way, so the round count and the median both include them.
Concentration. One round is 40% of the month. Ajaib Group raised $270m on 28 Aug. Without it the month is $405m across 65 rounds. A total that one deal dominates describes that deal, so both figures are reported and neither is presented alone.
Concentration. The five largest rounds are 73% of the month. Five of 56 rounds with a disclosed amount carry 73% of the capital.
Data recency. This month is reported close to the edge of the data. The latest round on record anywhere in the source is dated 03 Sep 2026, 3 days past the end of the month. Rounds are listed some days after they are announced and the largest tend to arrive last, so these figures are more likely to rise than fall.
Round size. The median round fell to $1.0m. Against $7.1m over the preceding twelve months. A median moves when the population changes, not only when prices do. Read it beside the round count and against any run of identical amounts this month.
Capital raised. Capital raised is 0.31x its twelve-month average. $675m against an average month of $2.19bn over the preceding year.
Investor activity. One investor led five or more rounds. YZi Labs led 25.
Sector activity. One sector ran above its own rate. Trading booked 8 rounds against a 2.3 monthly average.
Disclosure. 44% of rounds carry no stage. Round stage is taken from the source's own label. Rounds without one are excluded from the stage figures rather than assigned a stage.
Section 4 Where the capital concentrated
The largest round is 40% of the month's capital, the largest five 73%, the largest ten 87%. The steeper this curve runs, the more of the month sits in a few rounds.
Section 5 How large the rounds were
56 rounds carry a disclosed amount, running from $0.40m to $270m, with a median of $1.0m. The run of identical amounts this month stands as the tall column.
Section 6 How much a round raises, by stage
Each band is the amount raised in the round, by stage, over the trailing twelve months. Twelve months is the window that holds a band steady when one month or one deal is unusual. Every stage row carries two counts: the rounds behind its band over those twelve months, and the rounds announced this month. The rust dots are those rounds, 25 of them, each placed at what it raised. The source records a stage for 25 of this month's 56 disclosed rounds. The remaining 31 are counted in every other figure on this page and carry no stage to place them on. Series A rose 42% to $17m on 87 rounds. Strategic rose 60% to $8.0m on 91 rounds.
Section 7 Who led and who joined
Rounds led and rounds joined are counted separately over the trailing twelve months. An investor that leads sets the round's terms; one that joins takes them. YZi Labs led the most at 35, at a median led round of $0.50m.
Section 8 Which sectors were active
Each sector's count for the month against its own average month over the preceding year, so a large sector is not read as an active one. One sector ran at 2.5x that rate or more.
Section 9 The largest rounds
The six largest rounds of August 2026 by amount raised, ties broken alphabetically. 66 rounds were recorded in total, of which 56 disclosed an amount; the rest are counted in every figure on this page but are not listed individually. Each company description below is DefiLlama's own text, reproduced without edit.
Ajaib Group
Indonesian multi-asset investment platform providing access to equities, bonds, funds, crypto, stablecoins, commodities and FX, as well as payments, savings and institutional stablecoin settlement services
RQD* Clearing
RQD* Clearing is a technology-driven clearing and custody firm providing broker-dealers, investment advisers and financial institutions with infrastructure for accessing U.S. markets, while expanding into digital-asset custody and tokenized securities
Fasset
Fasset is a stablecoin-powered neobanking platform that provides individuals and businesses with accounts for holding, sending, spending, and investing across currencies and assets, using stablecoins as underlying settlement rails
Yellow Card
Yellow Card is a stablecoin infrastructure provider offering payment, treasury, custody, fiat settlement, and USD account infrastructure for businesses across emerging markets
JPYC
JPYC issues a Japanese yen-pegged stablecoin designed for yen-denominated digital payments and settlement. General Sector: Stablecoin
Sapiom
Sapiom provides production infrastructure for AI agents, including model routing, agent development and runtime infrastructure, and metered access to external tools and services
Section 10 Method, thresholds and sources
Data by DefiLlama. This report is built on data published by DefiLlama, which maintains the funding rounds database it reads and makes it open. We thank them for that work: the round records, the amounts, the investor lists and the sector taxonomy behind every chart on this page are theirs, gathered and kept current at their cost. Anyone who wants the underlying records rather than our reading of them should go to defillama.com/raises, which is free to use and more detailed than any monthly summary. FinDaS adds the normalisation, the twelve-month baselines and the checks in Section 3, and nothing else.
Section 3 is produced by the tests below and by nothing else. Each runs against every issue; a test that does not clear its threshold prints nothing. The thresholds are published here because a threshold a reader cannot see is indistinguishable from an opinion.
| What is checked | It is reported when | Aug 2026 |
|---|---|---|
| Largest round's share of the month | ≥ 30% | reported |
| Largest five rounds' share | ≥ 60% | reported |
| Rounds at one identical amount, as a share of disclosed rounds | ≥ 15% and ≥ 3 rounds | reported |
| Rounds with no disclosed amount | ≥ 25% | not reported |
| Rounds carrying a stage | < 70% | reported |
| Days the source reaches past the month end | < 7 days | reported |
| Deal count against its trailing-12 monthly average | ≥ 1.25x or ≤ 0.75x | not reported |
| Capital against its trailing-12 monthly average | ≥ 2.00x or ≤ 0.50x | reported |
| Month median against the trailing-12 median | ≥ 40% either way | reported |
| A sector's count against its own monthly average | ≥ 2.5x and ≥ +4 rounds, on a baseline of 1.5+ | reported |
| Rounds led by one investor inside the month | ≥ 5 | reported |
| One company listed twice with the same stage and amount | ≥ 1 in the month | not reported |
Series continuity. Issues up to and including March 2026 were compiled from Token Terminal and Crunchbase. The whole series has since been restated on DefiLlama alone so that figures are comparable across months.
How the figures are computed. Each round is counted once, in the month it was announced. Amounts are computed over rounds with a disclosed figure and counts over all rounds, and both denominators are stated wherever a figure is given. Round stage is normalised from the source's own label; rounds with no stage are excluded from the stage figures rather than assigned one. Medians and interquartile ranges are used throughout. Baselines never include the month they judge.
On valuation. Earlier issues reported a median round valuation. Fewer than one round in ten discloses one, so that median rested on a handful of observations and moved on sampling noise rather than on the market. It has been withdrawn.
Known bias. The source skews toward rounds with large disclosed investors and toward the United States. Largely unregistered token sales are under-represented. Rounds are listed some days after they are announced and the largest tend to arrive last, so a recent month is more likely to rise than fall.
Not investment advice. This report describes rounds that were announced and the ratios between them. Nothing in it is a recommendation to buy, sell or hold any asset. © FinDaS. Unauthorised reproduction or distribution, in whole or in part, is prohibited.
