Crypto funding up 50% in 12 months as fewer, larger deals dominate

Despite a rise in crypto fundraising, Messari’s Eric Turner noted that no major crypto VCs have closed rounds except Dragonfly recently, stating that crypto “needs some fresh capital.”

Crypto fundraising increased by almost 50% year-on-year between March 2025 and March 2026, despite the number of deals dropping 46% as VCs concentrated bets on late-stage and strategic mega-rounds.

Messari’s crypto fundraising overview shared by the company’s CEO Eric Turner on Sunday shows that the average deal size increased to $34 million in the last 12 months, up 272% from a year earlier. This came as the number of active investors fell 34.5% to 3,225.

“Capital concentration is heavily skewed by late-stage and strategic mega-rounds,” Messari said, noting that in February, just three fundraising events contributed 44% of the $795 million raised over the last month.

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