Web3 Investment Report: December 2025 | FinDaS

Data Source: The data presented in this report is sourced from multiple sources such as Crunchbase, Token Terminal and others. We acknowledge and appreciate all of them for providing valuable insights into the web3 funding landscape. Methodology: The companies included in this report, meet at least one of the following criteria: they have held an initial coin offering; they have blockchain, cryptocurrency, Ethereum or Bitcoin listed as industries; in their description they have specific web3 keywords. We exclude “post-IPO” equity/debt/secondary raises, as they are both few, and introduce a lot of noise in the analysis. Each company has multiple industries listed. When constructing the list, we have counted each appearance of the industry within each company. Additionally, we have excluded several industries, which are very generic to the web3 space and appear in a vast majority of companies, in order to make the data more representative. Those industries include: Financial services, Information Technology, Blockchain, Cryptocurrency, Bitcoin, Ethereum, Virtual Currency, Software, FinTech, Web3. Accuracy Disclaimer: While every effort has been made to ensure the accuracy of the information presented in this report, FinDaS does not guarantee the completeness, accuracy, or reliability of the data. Users are advised to independently verify the information before making any business decisions based on the content of this report. Potential Bias Notice: It is important to note that the data provided in this report may exhibit biases, primarily towards equity raises, fundraising activities supported by large investors, and deals in the United States. Since the majority of pure token sales are largely unregistered, this report likely to underrepresent them. This bias is inherent to the data source and may not fully represent the global web3 funding landscape. Users are encouraged to consider this limitation when interpreting the findings. Copyright Notice: This report is the intellectual property of FinDaS and is protected by copyright law. Unauthorized reproduction, distribution, or sharing of this report, in whole or in part, without the explicit permission of FinDaS is strictly prohibited. All rights reserved. No Endorsement: The inclusion of specific companies, trends, or analyses in this report does not constitute an endorsement by FinDaS. The purpose of this report is to provide information and insights, and users are encouraged to conduct their own due diligence before relying on the contents for business decisions. Limitation of Liability: FinDaS shall not be held liable for any errors, omissions, or inaccuracies in the data presented in this report, nor for any actions taken in reliance thereon. Users of this report assume full responsibility for their interpretation and use of the information contained herein. Changes to the Report: FinDaS reserves the right to modify, update, or withdraw this report at any time without prior notice. Users are advised to only access the latest version of the report available on the FinDaS website.