Key Month-on-Month Metrics
October was a strong month for crypto fundraising. Total funding reached $3.89B, up from $3.25B in September, a $640.10M month-over-month increase, and it was also far above the $1.42B raised in October 2024. The biggest underlying shift was in pricing, with median valuation falling to $22.60M from $290.00M, while deal count rose to 83 from 63. Unique investors also increased to 300 from 249, indicating that the funding gain came from broader participation and more rounds rather than higher valuations.
Infrastructure was the most active sector with 27 projects, though that was 2 below its 12-month average. AI ranked second with 20 projects, which was 3 above baseline. Payment showed the largest change, reaching 18 projects, 11 above its prior 12-month average. That distribution suggests activity remained anchored in core infrastructure, but the strongest incremental rotation this month was into payment-related deals.
Infrastructure was the most active sector with 27 projects, though that was 2 below its 12-month average. AI ranked second with 20 projects, which was 3 above baseline. Payment showed the largest change, reaching 18 projects, 11 above its prior 12-month average. That distribution suggests activity remained anchored in core infrastructure, but the strongest incremental rotation this month was into payment-related deals.
| Sep 25 | Oct 25 | MoM | |
|---|---|---|---|
| # of rounds | 63 | 83 | ▲31.7% |
| Med. Round size (MM) | 7.0 | 8.0 | ▲14.3% |
| Med. Valuation (MM) | 290.0 | 22.6 | ▼-92.2% |
| Unique investors | 249 | 300 | ▲20.5% |
| Round Med. # investors | 4 | 5 | ▲25.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Polymarket announced a round of 2,000,000,000 on 07 Oct 2025. The round was done at a valuation of 9,000,000,000. 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.
Tempo announced a round of 500,000,000 on 17 Oct 2025. The round was done at a valuation of 5,000,000,000. Investors: Greenoaks Capital, Thrive Capital, SV Angel, Ribbit Capital, Sequoia Capital. Tempo is a payments-first Layer 1 blockchain incubated by Stripe and Paradigm, built with native support for stablecoin transactions and real-world financial flows. It enables businesses and users to send, receive, and settle funds using stablecoins (such as USDC/USDT) as gas, while optimizing for high throughput, low latency, predictable fees, and compliance tools. With architecture tailored for payroll, remittances, embedded payments, and “agentic payments,” Tempo aims to be the backbone infrastructure connecting traditional finance and programmable money
Kalshi announced a round of 300,000,000 on 10 Oct 2025. The round was done at a valuation of 5,000,000,000. Investors: Andreessen Horowitz (a16z crypto), Sequoia Capital, CapitalG, Coinbase Ventures, Paradigm. Kalshi is a CFTC-regulated prediction market exchange where users trade “event contracts” on real-world outcomes-ranging from politics and sports to economic indicators and weather. It allows participants to buy and sell binary contracts that resolve to $1 if the event occurs.
DDC Enterprise announced a round of 124,000,000 on 08 Oct 2025. Investors: PAG Pegasus Fund, Mulana IM, OKG. DDC Enterprise (NYSE: DDC) is a publicly listed company pivoting into a Bitcoin treasury strategy, positioning itself as a corporate vehicle for on-chain capital preservation and growth. The firm is allocating its balance sheet toward Bitcoin accumulation, supported by institutional partners like PAG Pegasus Fund, OKG, and Wintermute.
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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