According to PitchBook, from January to March 2025, $6 billion was invested in the crypto industry, which is almost 2 times more than in the fourth quarter ($3 billion) and 2.3 times more than a year ago ($2.6 billion).
At the same time, the number of transactions decreased:
- 405 transactions (-39.5% YoY)
- Large checks compensate for the drop in the number of
Where did the money go:
Digital assets, exchanges, financial services — $2.55 billion (16 transactions)
Infrastructure and development — $955 million (30 transactions)
Web3 startups — $231.2 million (23 deals)
An important catalyst is the expected IPO of Circle, which could be the largest since Coinbase went public.
Trends:
- Growing interest in stablecoin payments and treasury startups
- Potential for proof of reserves, custodians and key management software
- Stablecoin capitalization increased from $202.3B to $227.1B (+12%) over the quarter
