Key Month-on-Month Metrics
September was a strong month for crypto fundraising. Total funding rose to $3.25B from $3.13B in August, a $116.7M month-over-month increase, and it was far above the $675.9M raised in September 2024. The biggest underlying shift was in pricing, with median valuation jumping to $290M from $137.5M, while median round size increased to $7.0M from $5.5M. That strength came despite deal count falling to 63 from 77, which points to a market driven by fewer but larger rounds at materially higher valuations.
Infrastructure and DeFi were the two most active sectors in September, with 20 and 19 projects respectively. Infrastructure was also the sector with the largest change versus its 12-month baseline, running 9 projects below average, while DeFi was flat against its baseline. That mix suggests activity remained concentrated in core crypto themes, but leadership was less broad than the headline funding total implies. In other words, capital size improved faster than sector participation did.
Infrastructure and DeFi were the two most active sectors in September, with 20 and 19 projects respectively. Infrastructure was also the sector with the largest change versus its 12-month baseline, running 9 projects below average, while DeFi was flat against its baseline. That mix suggests activity remained concentrated in core crypto themes, but leadership was less broad than the headline funding total implies. In other words, capital size improved faster than sector participation did.
| Aug 25 | Sep 25 | MoM | |
|---|---|---|---|
| # of rounds | 77 | 63 | ▼-18.2% |
| Med. Round size (MM) | 5.5 | 7.0 | ▲27.3% |
| Med. Valuation (MM) | 137.5 | 290.0 | ▲110.9% |
| Unique investors | 293 | 249 | ▼-15.0% |
| Round Med. # investors | 5 | 4 | ▼-20.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Figure announced a round of 787,500,000 on 10 Sep 2025. Figure is a blockchain technology startup that offers loan origination, equity management, and payments services using the Provenance Blockchain. It is considered a unicorn company globally and aims to transform the financial services industry by bringing speed, efficiency, and savings to both consumers and institutions.
Kraken announced a round of 500,000,000 on 25 Sep 2025. Kraken is ocryptocurrency exchange, founded in 2011. It offers a secure platform for spot and futures trading, supporting Bitcoin, Ethereum, and over 40 other digital assets. With a focus on accessibility, Kraken empowers users to invest in their financial independence. In 2020, Kraken became the first U.S. exchange to receive a license to establish a crypto bank, further expanding its services and capabilities within the digital finance space.
Rapyd announced a round of 500,000,000 on 10 Sep 2025. Investors: Spark Capital, Durable Capital Partners, Whale Rock Capital Management, Altimeter Capital, BlackRock, Target Global, XBO Ventures, Dragoneer Investment Group, Latitude Capital, Fidelity Management and Research Company, General Catalyst. Rapyd is a global fintech-as-a-service platform offering end-to-end payments infrastructure. Businesses can accept payments via card acquiring, banking, local wallets, and digital wallets, send global payouts, issue virtual and physical cards, and manage multi-currency business accounts. Rapyd supports embedded fintech features through APIs and hosted checkout solutions, covering over 190 countries and 150 currencies. It targets industries like e-commerce, B2B, marketplaces, gaming, and more, enabling fast onboarding, high authorization rates, and easier compliance without needing to build payments infrastructure from scratch.
Gemini announced a round of 425,000,000 on 09 Sep 2025. Gemini is a U.S.-based cryptocurrency exchange and custodian bank founded by Cameron and Tyler Winklevoss in 2014. It offers a secure platform for buying, selling, trading, and storing over 70 cryptocurrencies and supports both retail and institutional clients. The platform emphasizes regulatory compliance and robust security, including offline cold storage, insurance coverage, and trust licensing. Gemini also provides services such as custody solutions, a payments app, staking, and its own stablecoin.
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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