Venture capitalists poured over $10 billion into various crypto projects between April and June. According to CryptoRank data, crypto entrepreneurs hadn’t received investment worth the mentioned amount since early 2022.
In June alone, crypto projects pulled in $5.14 billion, indicating renewed investor interest. Strive Funds, a fund manager established by billionaire Vivek Ramaswamy, obtained $750 million in venture capital last quarter, becoming the biggest beneficiary. The company announced earlier this year that it was seeking funds to build a Bitcoin reserve.
Meanwhile, TwentyOneCapital saw the second-largest fundraise, securing $584 million in April. Securitize came in third with $400 million in funding. Other companies that secured notable investments include Digital Asset ($136 million), Auradine ($152 million), Kalshi ($184 million), and ZenMEV ($145 million).
Coinbase Ventures Becomes Biggest Venture Capitalist in Q2
CryptoRank data shows that Coinbase Ventures dominated investments last quarter, making over 20 deals. In June, the American venture capital firm invested in 10 crypto projects while Pantera Capital closed eight deals. Galaxy Ventures ranked third with five deals, followed by Paradigm with four. Other venture capitalists that participated in the quarter two funding rounds include A16z, Animoca Brands, and Cyber Fund.
Which Crypto Sectors Attracted Venture Capital in Q2?
While most crypto sectors reported fundraising activity, decentralized finance and blockchain infrastructure drew massive investor interest. The meme coin space, on the other hand, received the least funding.
Crypto projects in the seed stage closed the most deals, followed by those that conducted strategic rounds. Meanwhile, projects in incubation and pre-seed stages attracted moderate funding.
Galaxy Ventures Raised $175M in External Funds
As Galaxy Ventures continued funding crypto projects in quarter two, it also conducted its first-ever external venture funding round in June, raising $175 million. The firm said it will use the funds to empower projects in the payment, stablecoin, and tokenization sectors.
Galaxy Ventures wasn’t the only venture capitalist to raise funds last quarter. Theta Capital Management, headquartered in Amsterdam, also managed to secure $175 million. The money will be used to support early-stage crypto startups.
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