Crypto Research

WEEKLY RECAP Crypto private markets have seen a flurry of activity the past two weeks, with 45 deals announced, raising $329m. Deal activity fell to 19 deals this week, down from last week’s 26. Funding doubled to $221m from $107m the prior week. Nearly half the funding this week came from Hashkey Group, which raised $100m at a hefty $1.2bn valuation. Haskey is a major digital assets financial services provider...

KEY SLIDES FROM THIS REPORT SLIDE 3: CRYPTO FINANCING HISTORY SLIDE 7: DEAL VERTICAL SUMMARY SLIDE 8: DEAL STAGE SUMMARY

WEEKLY RECAP Only $4m in crypto funding was announced this week due to a combination of activity slowing down over the holidays and teams opting for undisclosed funding terms. Although funding fell from $68m last week, deal activity remained constant, with eight deals compared to the previous week’s nine. Infrastructure and Web 3 & NFTs were the two most funded categories, with three deals each. Two major emerging trends were...

WEEKLY RECAP After multiple weeks of total funding near $300 million, things have cooled slightly, with this week’s total falling to $155 million across 19 deals. Metaverse & Gaming was the leading category due to a $100 million fundraise by MapleStory Universe, our Deal of the Week. Infrastructure was the most popular category from a deal count perspective, tallying eight deals totaling $14 million. Seed rounds were the most common...

WEEKLY RECAP Crypto funding remained elevated for the third consecutive week, totaling $271 million, a slight drop from last week’s $289 million. The most funded category was Web3 and NFTs, largely due to a $140 million round closed by Line Next, the Web3 unit of the Japanese messaging app Line. Crescendo Equity Partners, a Peter Thiel-backed private equity firm, led the investment round. Infrastructure was the most popular category from...

WEEKLY RECAP Crypto funding remains elevated, below last week’s total of $301 million but ending the week at a robust $256m. Deal activity increased by two deals this week as 25 deals were announced. Infrastructure was the most common category, with ten deals closed and $58m raised. CeFi led the week in funding, with Swan’s $165 million raise notching the largest deal closed in the category this year. Unlike most...

WEEKLY RECAP Crypto funding ended November on a high note, tripling last week’s funding total, rising to $301 million. This marks the second week out of the last three that saw over $300 million in total funding. Throughout November, crypto firms raised approximately $904 million, representing the highest monthly figure since April. Similarly, November saw 87 different deals, the highest count since May. It is encouraging to see private market...

WEEKLY RECAP After last week’s surge, funding and deal count fell to robust levels despite the short holiday week. Funding totaled $98 million in 13 deals announced, with the majority again raised by infrastructure. Companies tackling privacy, data, and wallet or L1 scalability improvements continue to get funded as investors remain confident that multiple winners can emerge from already competitive verticals. Our deal of the week, Blast, is another example...

WEEKLY RECAP Total funding surged to $383 million this week, more than tripling last week’s total. The majority came from three CeFi deals: Blockchain. com, Fnality International (DotW), and BC Technology Group. They all completed funding rounds of approximately $100 million, making up three of the ten largest deals this year. Infrastructure was the most popular category from a deal count perspective, tallying 10 deals, while the remaining deals were...

WEEKLY RECAP Funding jumped $71 million from last week’s lackluster $30 million to total $101 million for the week. The deal count increased to 17, with 13 deals focused on seed-stage companies. Infrastructure remains the most popular category, although investors seem to be honing in on blockchain applications outside digital assets. The second largest deal of the week, Ingonyama, raised $20 million to develop next-generation semiconductors that leverage cryptography. Ritual,...

WEEKLY RECAP Crypto funding dropped significantly this week, falling from $144 million to $30 million, while deal count fell by more than 50%. Infrastructure was the most popular category, making up about two-thirds of total funding and total deal count. Within the Infrastructure category, two layer-2 networks (Layer N & Intmax) completed fundraises along with one layer-1 network (Waterfall Protocol). The average deal size was notably small this week at...