Crypto VC Funding Tops $5.1B in September Despite Fewer Rounds

According to a report shared by WuBlockchain, citing RootData statistics, global crypto venture capital (VC) activity in September 2025 showed a sharp decline in the number of deals but a significant increase in funding raised.

There were 62 publicly disclosed fundraising rounds in September, down 25.3% from August (83 rounds) and 37.4% year-on-year (99 rounds in September 2024). Analysts noted that actual figures may rise slightly, since some deals are announced after month-end.

By sector, DeFi projects led with 25.8% of disclosed funding rounds, followed by CeFi at 21%. Other areas included NFT/GameFi (4.8%), Layer 1/Layer 2 (12.9%), RWA/DePIN (6.5%), tools/wallets (11.3%), and AI (12.9%).

Capital Raised Hits Record High

Despite fewer deals, the total raised reached $5.122 billion, up 5.2% month-on-month ($4.869 billion in August) and an astonishing 739.7% year-on-year ($610 million in September 2024). The surge highlights how large, late-stage transactions are driving overall fundraising momentum even as early-stage deal flow slows.

Key Deals Driving Growth

The month’s largest transactions underscored the increasing link between public markets, digital asset treasuries, and traditional finance:

• Forward Industries (Nasdaq: FORD) secured $1.65 billion in a private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The funds will support a Solana-based digital treasury strategy.
• Figure Technology (Nasdaq: FIGR), a financial infrastructure firm focused on real-world assets (RWA), raised $787 million through its IPO, achieving a $5B market cap on its debut.
• StablecoinX and TLGY Acquisition secured $530 million ahead of their merger, pushing total committed funding to $890 million. The merged entity is set to hold over 3B ENA tokens.
• Helius Medical Technologies (Nasdaq: HSDT) completed $500 million+ PIPE financing, backed by Pantera Capital and Animoca Brands, to launch a SOL treasury strategy and DeFi yield exploration.
• ETHZilla (Nasdaq: ETHZ) raised $350 million in convertible bonds, with plans to deploy funds into Ethereum Layer 2 protocols and RWA initiatives.

Other notable rounds included $200M for Flying Tulip (a new project by Andre Cronje), $136M for Fnality’s CBDC settlement platform, and $104M for Zerohash, led by Interactive Brokers with Morgan Stanley’s participation.

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Market Outlook

The data suggests a maturing funding environment: while fewer projects are raising capital, mega-deals tied to Solana and Ethereum treasuries, RWA tokenization, and infrastructure platforms are pushing total investment volumes to new highs.

With more than $5.1B raised in a single month, September marked one of the strongest periods on record for crypto fundraising, despite fewer overall transactions. According to WuBlockchain, the trend reflects a shift toward institutional-scale bets on blockchain infrastructure and tokenized assets, even as retail-driven projects face tougher conditions.

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