Key Month-on-Month Metrics
February was a weak month for crypto fundraising. Total funding fell to $890.8M from $1.71B in January, a 47.84% month-over-month decline, and it also came in below the $1.06B raised in February 2025 by 15.96%. The retrenchment was driven by a drop in deal count to 35 from 50 and a decline in median round size to $4.6M from $10.0M. At the same time, median valuation rose sharply to $750.0M from $200.0M, indicating fewer and smaller rounds, but at much higher reported valuations.
Infrastructure was the most active sector with 12 projects, but that was still 14 below its average over the previous 12 months, making it the largest swing versus baseline. Gambling and betting ranked second with 8 projects, and it was 7 above its trailing 12-month average. The volume gap between the top two sectors was not large, but their direction of change was very different. That distribution suggests activity remained anchored in infrastructure by count while momentum rotated toward gambling and betting relative to recent norms.
Infrastructure was the most active sector with 12 projects, but that was still 14 below its average over the previous 12 months, making it the largest swing versus baseline. Gambling and betting ranked second with 8 projects, and it was 7 above its trailing 12-month average. The volume gap between the top two sectors was not large, but their direction of change was very different. That distribution suggests activity remained anchored in infrastructure by count while momentum rotated toward gambling and betting relative to recent norms.
| Jan 26 | Feb 26 | MoM | |
|---|---|---|---|
| # of rounds | 50 | 35 | ▼-30.0% |
| Med. Round size (MM) | 10.0 | 4.6 | ▼-54.0% |
| Med. Valuation (MM) | 200.0 | 750.0 | ▲275.0% |
| Unique investors | 192 | 130 | ▼-32.3% |
| Round Med. # investors | 4 | 4 | 0.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Flying Tulip announced a round of 206,000,000 on 22 Feb 2026. The platform is positioned as a full-stack on-chain exchange integrating spot trading, derivatives, lending, stablecoins, and insurance into a unified cross-margin system. A unique “on-chain redemption right” lets investors burn their FT tokens to reclaim their original capital, offering downside protection while preserving upside growth. Team allocations are earned through open market buybacks rather than initial grants, aligning incentives with long-term performance.
Whop announced a round of 200,000,000 on 24 Feb 2026. The round was done at a valuation of 1,600,000,000. Investors: Tether. Whop is an e-commerce and creator monetization platform that enables individuals and businesses to sell digital products, subscriptions, software access, trading communities, and online services. The platform provides storefront creation, subscription management, payment processing, user authentication, and analytics tools. Whop primarily operates on traditional payment rails but has integrated stablecoin payout capabilities via Tether’s Wallet Development Kit (WDK). Designed for digital entrepreneurs, Whop simplifies selling and managing recurring digital revenue streams through an all-in-one SaaS marketplace infrastructure.
Anchorage Digital announced a round of 100,000,000 on 04 Feb 2026. Investors: Tether. Anchorage Digital is a global regulated crypto platform that provides institutions with integrated digital asset financial services and infrastructure solutions.
Novig announced a round of 75,000,000 on 17 Feb 2026. The round was done at a valuation of 500,000,000. Investors: Pantera Capital, Makers Fund, Multicoin Capital, Forerunner Ventures. Novig is a commission-free sports prediction market platform that allows users to trade directly against each other rather than against a traditional sportsbook. Built on a peer-to-peer model, Novig removes the typical “house edge” by matching buyers and sellers of outcomes, offering fairer odds and better pricing. Users can trade live sports markets, manage positions dynamically, and exit trades before events conclude. By combining real-time trading mechanics with a transparent pricing structure, Novig positions itself as a market-based alternative to traditional betting platforms.
Credits and Disclaimers
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.
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