Mining Funding Comes Back from the Dead
For the first time in over a year, we’ve seen mining dominate crypto funding, comprising $625M of this week’s $746M of funding. There were two mining deals, Core Scientific and Blockstream, which received $500M and $125M, respectively. This heavy funding in mining caused total funding this week to skyrocket from last week, increasing nearly 4x from $194M to $746M (one of the most funded weeks in months). Aside from mining, infrastructure also had a strong week, increasing to $107M in funding from $86M last week. There were seven infrastructure deals, the largest of which was Quicknode, which we describe in more detail below. Aside from mining and infrastructure, the rest of the segments had a relatively slow week. DeFi, CeFi, and Metaverse & Gaming received no funding. Web3 & NFTs received $14M, made up of five smaller deals.
Deals remain concentrated in the early stages – 33.3% were Seed Round and 13.3% were Pre-Seed.
