In the first half of 2025, the total financing amount was 7.75 billion USD, showing characteristics such as a shift in preference for large financing concentrated in certain tracks.

In the first half of 2025, the primary financing market for encryption completed a total financing amount of 7.75 billion USD, up 40.17% year-on-year and up 77.75% month-on-month. In March alone, financing reached 2.895 billion USD, of which Binance completed 2 billion USD in financing. If we ignore the impact of this financing, the average monthly financing amount in the first half of the year remained around 950 million USD, with an average financing amount of 12.419 million USD and a median of 5.425 million USD. In terms of the number of financing events, a total of 463 financing events occurred in the first half of the year, with an average of 77 events per month, a year-on-year decrease of 49.72% and a month-on-month decrease of 26.27%. In the financing track, CeFi leads with $2.719 billion, surpassing the previously popular infrastructure track ($1.87 billion). It is noteworthy that merger and acquisition events reached 66, a 60.9% increase from the 41 in the second half of 2024. In addition, publicly listed companies related to encryption, such as Circle and Sol Strategies, raised a total of $2.233 billion. Both types of financing data have set historical highs. The most active institutions in the first half of the year are Coinbase Ventures, a16z, and Amber Group, each making over 20 moves. Following closely are institutions such as Animoca Brands, GSR, Selini Capital, 1kx, and Mirana Ventures. The most active angel investors are Raj Gokal, Sam Kazemian, and Balaji Srinivasan. Overall, in the first half of 2025, the financing amount in the primary encryption financing market significantly rose, but the number of deals maintained a downward trend seen in recent years, showing characteristics such as the concentration of large financings, an increase in merger and acquisition activities, and changes in track preferences. At the same time, more funds began to shift towards the more liquid secondary stock market.