Token raises dying out as crypto fundraising shatters records in 2025 with $16.5B raised

Crypto fundraising is connected gait to interruption records successful 2025, with $16.5 cardinal raised successful the archetypal fractional alone, according to a report from CEX.IO.

According to the report, this has already surpassed the $12.2 cardinal recorded crossed each of 2024 and besides exceeds the $10.9 cardinal raised during the 2021 bull run, the industry’s astir progressive fundraising twelvemonth to date.

Moreover, the important fundraising made up 5.3% of planetary task superior enactment successful Q2 2025, the highest stock successful 3 years.

Crypto VC Funding H1 2025 (Source: CEX.IO)

CEX.IO noted that this rising fig showcases renewed involvement pursuing increasing adoption trends and a post-election regulatory shift. It besides suggests a rebound successful capitalist assurance contempt planetary task markets remaining cautious.

Tokenless projects summation traction

One of the clearest trends successful 2025 is the displacement toward prime implicit quantity. Investors are putting larger sums into less projects, with the mean woody size reaching astir $20 million.

This signals increasing assurance successful experienced teams with dependable concern models, alternatively than speculative bets connected early-stage ventures.

Meanwhile, different striking improvement this twelvemonth is the emergence of tokenless fundraising. So acold this year, 82% of funded projects raised superior without launching a token.

According to CEX.IO, this displacement suggests investors are prioritizing existent products, sustainable revenue, and semipermanent fundamentals.

In contrast, 85% of token-funded projects successful 2025 are underperforming connected cardinal metrics, a inclination that has reinforced caution among investors.

CEX.IO concluded that the determination distant from token launches and toward operational businesses illustrates a maturing market. According to the firm, investors are present backing ventures that purpose to physique sustainable products earlier exploring token models.

Where the wealth went

According to the report, finance-related projects, including CeFi and DeFi, received the lion’s stock of funding. The projects raised $4.9 cardinal crossed 171 deals, oregon 51.4% of full investments during the period.

Other sectors similar infrastructure-focused ventures, including hardware, security, oracles, and bridges, secured 17.9% of the funding.

Meanwhile, consumer-facing applications, artificial intelligence, and DePin projects followed, attracting 14.7%, 5.0%, and 3.1% of funding, respectively.

Another absorbing constituent was that M&A enactment has softly surged, crossing the $6 cardinal mark, much than triple past year’s figure. CEX.IO pointed retired that these deals present relationship for 36.7% of each crypto transactions.

Crypto M&A Deals (Source: CEX.IO)

According to the report, this maturation emphasizes the industry’s displacement toward consolidation, with companies acquiring existing platforms and technologies to accelerate idiosyncratic maturation and strategical positioning.

The station Token raises dying retired arsenic crypto fundraising shatters records successful 2025 with $16.5B raised appeared archetypal connected CryptoSlate.