Key Month-on-Month Metrics
January was a strong month for crypto fundraising. Total funding increased to $1.71B from $1.18B in December, a gain of $524.40M month over month, and it also exceeded the $1.39B raised in January 2025. The clearest shift beneath that headline was in deal size, with the median round rising to $10.00M from $5.70M. That happened even as the number of rounds fell to 50 from 62, while median valuation stayed unchanged at $200.00M.
DeFi was the most active sector with 16 projects, but that was still 4 below its average over the prior 12 months. Infrastructure ranked second with 13 projects and saw the largest deviation of any sector, landing 14 below its trailing baseline. Together, that suggests activity remained concentrated in core crypto segments, but infrastructure appetite softened much more sharply than overall deal flow.
DeFi was the most active sector with 16 projects, but that was still 4 below its average over the prior 12 months. Infrastructure ranked second with 13 projects and saw the largest deviation of any sector, landing 14 below its trailing baseline. Together, that suggests activity remained concentrated in core crypto segments, but infrastructure appetite softened much more sharply than overall deal flow.
| Dec 25 | Jan 26 | MoM | |
|---|---|---|---|
| # of rounds | 62 | 50 | ▼-19.4% |
| Med. Round size (MM) | 5.7 | 10.0 | ▲75.4% |
| Med. Valuation (MM) | 200.0 | 200.0 | 0.0% |
| Unique investors | 185 | 192 | ▲3.8% |
| Round Med. # investors | 4 | 4 | 0.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Rain announced a round of 250,000,000 on 08 Jan 2026. The round was done at a valuation of 1,950,000,000. Investors: ICONIQ Capital, FirstMark, Dragonfly Capital, Bessemer Venture Partners, Lightspeed, Sapphire Ventures, Endeavor Catalyst, Galaxy Digital, Norwest Venture Partners. Rain is a blockchain-based card issuing and stablecoin interoperability platform designed for Web3 teams, DAOs, and protocols. As Web3’s corporate business card, Rain enables seamless digital asset payments and expense management by allowing platforms to issue customizable, globally accepted payment cards. It streamlines financial operations and empowers next-gen decentralized organizations with modern fintech tools.
BitGo announced a round of 212,800,000 on 21 Jan 2026. BitGo is a digital asset security company trusted by some of the largest institutions in the world, specializing in safeguarding cryptocurrency for institutional clients. Their comprehensive solutions, including custody services and cybersecurity measures, cater to the needs of institutions like banks, hedge funds, and exchanges.
BlackOpal announced a round of 200,000,000 on 07 Jan 2026. Investors: Mars Capital Advisors. BlackOpal is LATAM's global payments finance platform specializing in tokenized credit card receivables from Brazil's $750 billion payments market. The platform offers institutional-grade tokenized funds delivering 13-14% yields backed by investment-grade Brazilian credit card receivables. Its flagship products include GemStone, a tokenized fund with Baa2 investment-grade classification delivering 13% APY with $4.6 million AUM, and LiquidStone II, which combines emerging market credit card receivables with Superstate's market-neutral strategies targeting 14% yields. All products feature dual TradFi and Web3 infrastructure, bankruptcy-remote structures, full USD hedging, and real-time onchain transparency via Chainlink oracles. BlackOpal launched on Plume Network's Nest protocol with integration across Solana, bridging traditional finance with DeFi composability while maintaining zero credit default.
LMAX Group announced a round of 150,000,000 on 14 Jan 2026. Investors: Ripple. LMAX Group is a global institutional trading and financial technology company providing execution-only trading venues for foreign exchange, digital assets, and equities. Its platforms operate on a central limit order book (CLOB) model, delivering transparent pricing, deep liquidity, and low-latency execution for banks, brokers, hedge funds, and asset managers. LMAX Digital, its digital asset arm, extends the same institutional-grade market structure to cryptocurrencies, offering regulated, high-performance access to crypto markets without operating as a decentralized protocol.
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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