Crypto’s $50B M&A Boom Masks Decline in Venture Funding
The crypto industry's $50.6 billion fundraising total for 2025 paints a deceptive picture of recovery. Nearly half that capital—43.7%—flowed through just 21 mergers and acquisitions, as established players cannibalized competitors rather than funding innovation.
Traditional venture activity tells the real story: $23.3 billion across 829 deals represents a 12.6% decline in total transactions year-over-year. The consolidation wave has turned crypto's rebuild into a land grab, with compliant infrastructure and distribution channels becoming premium assets.
Methodological differences explain why some trackers like DefiLlama reported only $25 billion—their token-focused approach excludes the silent majority of equity deals driving this M&A surge. What's measured depends entirely on what counts as 'fundraising' in an industry where survival increasingly means being acquired.
