Key Month-on-Month Metrics
March was a solid rebound month for crypto fundraising. Total funding rose to $1.48B in March from $890.8M in February, a $589.7M month-over-month increase, although it remained well below the $3.47B raised in March 2025. The biggest shift came from median round size, which nearly doubled to $8.6M from $4.6M. At the same time, median valuation fell sharply to $200M from $750M, while the number of rounds increased to 45 from 35.
Infrastructure remained the most active sector with 21 projects, but that was still 3 below its 12-month baseline. Payment ranked second with 14 projects and showed the strongest positive deviation among the leading sectors, coming in 5 above baseline. DeFi posted the largest overall swing, with 9 projects, down 9 versus its trailing average. The mix suggests capital was concentrated in core utility themes, while activity continued to rotate away from DeFi.
Infrastructure remained the most active sector with 21 projects, but that was still 3 below its 12-month baseline. Payment ranked second with 14 projects and showed the strongest positive deviation among the leading sectors, coming in 5 above baseline. DeFi posted the largest overall swing, with 9 projects, down 9 versus its trailing average. The mix suggests capital was concentrated in core utility themes, while activity continued to rotate away from DeFi.
| Feb 26 | Mar 26 | MoM | |
|---|---|---|---|
| # of rounds | 35 | 45 | ▲28.6% |
| Med. Round size (MM) | 4.6 | 8.6 | ▲87.0% |
| Med. Valuation (MM) | 750.0 | 200.0 | ▼-73.3% |
| Unique investors | 130 | 187 | ▲43.8% |
| Round Med. # investors | 4 | 5 | ▲25.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Polymarket announced a round of 600,000,000 on 26 Mar 2026. Investors: Intercontinental Exchange (ICE). Polymarket is a decentralized information markets platform where users can trade on highly-debated topics and build portfolios based on their forecasts. By allowing users to buy shares in markets, Polymarket provides actionable insights based on traders' views of future events, making it a leading source of unbiased and real-time data. However, it's currently unable to operate in the U.S. due to regulatory restrictions, leaving the field open for other platforms.
Bluesky announced a round of 100,000,000 on 18 Mar 2026. Investors: Bain Capital Crypto, Knight Foundation, Anthos Capital, True Ventures, Alumni Ventures (AVG), Bloomberg Beta. Bluesky is a decentralized social media platform focused on building a new federated social web. It leverages the AT Protocol, aiming to provide users with control over their data and the ability to switch between networks while maintaining their social identity. Bluesky emphasizes a user-owned ecosystem, enhancing privacy and content moderation.
Kast announced a round of 80,000,000 on 08 Mar 2026. The round was done at a valuation of 600,000,000. Investors: Left Lane Capital, QED Investors, DST Global, Peak XV Partners (ex as Sequoia India & South East Asia), HongShan (ex Sequoia China). KAST is a stablecoin-powered financial platform offering virtual and physical cryptocurrency cards for global spending. Designed for on-chain savings, earnings, and transactions, KAST supports stablecoins like USDT, USDC, and USDe. Its cards are compatible with Apple Pay and Google Pay, enabling seamless purchases at over 100 million merchants worldwide. Users benefit from real-time spending tracking, budgeting tools, and rewards programs. With advanced encryption and multi-factor authentication, KAST prioritizes privacy and security for managing and spending digital assets.
ARQ (ex DolarApp) announced a round of 70,000,000 on 02 Mar 2026. Investors: Sequoia Capital, Kaszek Ventures, Y Combinator, Founders fund, Brevan Howard Digital. ARQ is a stablecoin-based financial application designed for users in Latin America. The platform enables individuals to open mobile-accessible stablecoin accounts and perform transfers, payments, and everyday financial operations using digital dollars. By leveraging blockchain-based assets, ARQ aims to provide faster, more accessible, and low-cost financial services in regions with limited access to stable banking infrastructure. The application focuses on cross-border payments, savings in stable assets, and simple mobile-first financial tools.
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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