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.


Dec 25Jan 26MoM
# of rounds6250▼-19.4%
Med. Round size (MM)5.710.0▲75.4%
Med. Valuation (MM)200.0200.00.0%
Unique investors185192▲3.8%
Round Med. # investors440.0%

Investment amount MoMDec 2025 1,183.5, Delta 524.4, Jan 2026 1,707.90.0500.01,000.01,500.02,000.0Investment amount MoM1,183.5Dec 2025524.4 (44%)Delta1,707.9Jan 2026

Annual trends

Investment amount Last YearJan 2025 1,394.0, Delta 313.9, Jan 2026 1,707.90.0500.01,000.01,500.02,000.0Investment amount Last Year1,394.0Jan 2025313.9 (23%)Delta1,707.9Jan 2026
Investment amount (MM)2026: Feb 2025 1,060.0, Mar 2025 3,470.4, Apr 2025 1,449.2, May 2025 654.5, Jun 2025 2,886.7, Jul 2025 3,177.7, Aug 2025 3,133.5, Sep 2025 3,250.2, Oct 2025 3,890.3, Nov 2025 2,741.2, Dec 2025 1,183.5, Jan 2026 1,707.9; 2025: Feb 2025 1,508.0, Mar 2025 1,156.3, Apr 2025 1,028.8, May 2025 1,050.8, Jun 2025 595.3, Jul 2025 1,074.0, Aug 2025 755.2, Sep 2025 675.9, Oct 2025 1,416.2, Nov 2025 1,502.6, Dec 2025 2,495.2, Jan 2026 1,394.0Investment amount (MM)202620250.01,000.02,000.03,000.04,000.0Feb 2025: 1,060.0Mar 2025: 3,470.4Apr 2025: 1,449.2May 2025: 654.5Jun 2025: 2,886.7Jul 2025: 3,177.7Aug 2025: 3,133.5Sep 2025: 3,250.2Oct 2025: 3,890.3Nov 2025: 2,741.2Dec 2025: 1,183.5Jan 2026: 1,707.9Feb 2025: 1,508.0Mar 2025: 1,156.3Apr 2025: 1,028.8May 2025: 1,050.8Jun 2025: 595.3Jul 2025: 1,074.0Aug 2025: 755.2Sep 2025: 675.9Oct 2025: 1,416.2Nov 2025: 1,502.6Dec 2025: 2,495.2Jan 2026: 1,394.0FebMarAprMayJunJulAugSepOctNovDecJan
Median round valuations (MM)2026: Feb 2025 95.0, Mar 2025 35.0, Apr 2025 35.0, May 2025 75.0, Jun 2025 600.0, Jul 2025 1,000.0, Aug 2025 137.5, Sep 2025 290.0, Oct 2025 22.6, Nov 2025 500.0, Dec 2025 200.0, Jan 2026 200.0; 2025: Feb 2025 100.0, Mar 2025 132.8, Apr 2025 77.5, May 2025 69.0, Jun 2025 80.0, Jul 2025 30.0, Aug 2025 80.0, Sep 2025 95.0, Oct 2025 140.0, Nov 2025 37.5, Dec 2025 100.0, Jan 2026 118.5Median round valuations (MM)202620250.0250.0500.0750.01,000.0Feb 2025: 95.0Mar 2025: 35.0Apr 2025: 35.0May 2025: 75.0Jun 2025: 600.0Jul 2025: 1,000.0Aug 2025: 137.5Sep 2025: 290.0Oct 2025: 22.6Nov 2025: 500.0Dec 2025: 200.0Jan 2026: 200.0Feb 2025: 100.0Mar 2025: 132.8Apr 2025: 77.5May 2025: 69.0Jun 2025: 80.0Jul 2025: 30.0Aug 2025: 80.0Sep 2025: 95.0Oct 2025: 140.0Nov 2025: 37.5Dec 2025: 100.0Jan 2026: 118.5FebMarAprMayJunJulAugSepOctNovDecJan

Top project categories


Most active investors (# of deals)Variant Fund 3, Galaxy Digital 3, Coinbase Ventures 3, Tron Foundation 2, Sony Innovation Fund 2, Sfermion 2, Paradigm 2, Nascent 2, Karatage 2, JPEG Trading 2, GSR Markets LTD 2, Genesis Capital VC 2, Figment Capital 2, Endeavor Catalyst 2, Dragonfly Capital 2, Cogitent Ventures 2, Animoca Brands 2, Andreessen Horowitz (a16z... 2, 0G Labs 2, YZi Labs (ex Binance Labs... 1Most active investors (# of deals)0123Variant Fund3Galaxy Digital3Coinbase Ventures3Tron Foundation2Sony Innovation Fund2Sfermion2Paradigm2Nascent2Karatage2JPEG Trading2GSR Markets LTD2Genesis Capital VC2Figment Capital2Endeavor Catalyst2Dragonfly Capital2Cogitent Ventures2Animoca Brands2Andreessen Horowitz (a16z...20G Labs2YZi Labs (ex Binance Labs...1

Most active investors


Most active sectors (# of deals)DeFi 16, Infrastructure 13, Finance/Banking 11, Payment 10, Real-World Assets 9, AI 6, Trading 5, Stablecoin 5, Lending/Borrowing 5, L1 4, CEX 4, Asset Management 4, Security 3, Interoperability 3, Gambling and betting 3, Data Service 3, DApp 3, Yield Aggregator 2, Social Network 2, Multichain 2Most active sectors (# of deals)05101520DeFi16Infrastructure13Finance/Banking11Payment10Real-World Assets9AI6Trading5Stablecoin5Lending/Borrowing5L14CEX4Asset Management4Security3Interoperability3Gambling and betting3Data Service3DApp3Yield Aggregator2Social Network2Multichain2

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. 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.