Web3 Investment Report: December 2025 | FinDaS

Data Source: The data presented in this report is sourced from DefiLlama's funding rounds database. We acknowledge and appreciate their work in providing valuable insights into the web3 funding landscape. Issues up to and including March 2026 were compiled from Token Terminal and Crunchbase; the whole series has since been restated on a single source so that figures are comparable across months. Methodology: The rounds included are those DefiLlama records as web3 fundraising, categorised by its own sector taxonomy. Each round is counted once, in the month it was announced. Where a round names several investors, each is counted once per round for the purposes of the investor ranking, and a round may appear under only one sector. A note on valuation: earlier issues reported a median round valuation. Fewer than one round in ten discloses a valuation, so that median rested on a handful of observations each month and moved on sampling noise rather than on the market. It has been withdrawn rather than reported with a precision the data cannot carry. Median round size, which is disclosed for almost every round, is reported in its place. 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 fundraising activities supported by large investors and deals in the United States. Since the majority of pure token sales are largely unregistered, this report is 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.