The Crypto Venture Capital Deals in the first quarter of 2025 saw deal values that jumped even though the number of deals sank from the same quarter a year ago, Pitchbook said.
Venture Research firm said in the May 14 Crypto VC Trends for the Q1 that 405 deals were made in the quarter, down 39.5% from 670 deals made in Q1 2024, but partly from 372 made in Q4 last year.
However, the total amount of deals in Q1 more than double from a year ago, jumping to $ 6 billion compared to $ 2.6 billion in the first quarter of 2024 and doubling from $ 3 billion in Q4 2024.
Pitchbook’s senior crypto research analyst Robert Le said despite the macroeconomic chaos in the quarter, “the capital is constantly looking for the major crypto utilities.”
VCS poured nearly $ 2.55 billion in full 16 deals in businesses such Crypto asset managersexchange, and financial services at a rate that further exceeds any other segment.
The Crypto Infrastructure and Development Firms has seen the next largest adventure fund, taking nearly $ 955 million in the entire 30 deals.
Looking forward, Pitchbook’s Le said The pending initial Circle offering (IPO) “The most important price detection event has been represented for crypto equity since the Coinbase was listed in 2021.”
If the Circle is appreciated above the rumored $ 4 billion to $ 5 billion range, it can show adventure investors that business models similar to Circle’s are profitable and sustainable while also providing a clearer benchmark for future release.
“A powerful roadshow can therefore be crowded in the new capital phase and resetting appreciation expectations upward throughout the payment and stack of infrastructure.”
The Circle raised $ 1.18 billion in VC funding to the present, according to the pitchbook, estimating a 64% chance it would go public in the future.
“The settlement denomination dollar remains a crypto killer application”
Le noted that the market value of the Stablecoins grew 12% in the first quarter, from $ 202.3 billion to $ 227.1 billion, although other cryptocurrencies saw their values fall or devastate.
“In our view, this variation emphasizes a growing consent: the settlement denomination dollar remains an application of crypto killing, which is at least partially from greater risk movements.”
Le said Pitchbook hoped that close long-term investments could rise, “especially payments, remittance, and treasury management startups that directly monetized Stablecoin speed.”
Related: Bitcoin builders defended the role of venture capital to layer-2 growth
Le added that the $ 1.4 billion bybit exploitation In February – the largest in crypto history – could accelerate institutional demand for Real-time tooling proof-of-reserve, Improved Caution and Middleware solutions that simplify basic management.
“Startups that respond to vectors should find a happier funding environment despite the broader reset of appreciation,” he added.
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