Crypto Fundraising in 2026: Deals Shrink, Capital Concentrates and M&A Dominates

In the three months leading up to 9 March 2026, crypto fundraising saw capital raised slump 62%, deal count drop 38%, and average deal size fall to $21.89 million. While 2025 headline figures showed $50.6 billion raised, much of this came from $22.1 billion in M&A, with venture funding at $23.3 billion and deal numbers down 21% year-over-year. Capital is concentrating in large strategic rounds such as Tether's $200 million investment in Whop, as CeFi captures the biggest checks and DeFi faces smaller, compressed valuations.