Galaxy Research reports that cryptocurrency venture capital investments totaled $4.59 billion in Q3 2025, marking the second-highest level since Q3 2022. The number of transactions remained stable quarter-over-quarter, with just seven deals accounting for nearly half of the total funding. Approximately 60% of investments were directed towards late-stage companies, the highest since Q1 2021. Additionally, six new funds raised a combined $3.16 billion, primarily from two large exchange-related funds.