Switzerland's Crypto Valley raised $728 million across 31 deals in 2025, marking a 37% increase from the previous year, according to the CV VC Annual Report. This accounted for 47% of Europe's blockchain venture capital. The Open Network led with a $400 million funding round, followed by Sygnum Bank's $58 million and M0's $40 million. Despite the funding surge, the combined valuation of the top 50 companies in Crypto Valley fell to $467 billion, with unicorns decreasing from 17 to 10. This decline was attributed to market weakness and the exit of 21Shares after its acquisition by FalconX. The Crypto Valley now hosts 1,766 blockchain companies, a 134% increase since 2020.