October ended with a new peak result in VC crypto funding. Last month, a total of $5.11 million of reported transactions flowed into crypto projects.
Cryptocurrency VC deals expanded again in October, with total funding announced reaching $5.11 million by the end of the month. The final result could be even higher after all transactions are disclosed.
Cryptocurrency funding accelerated in October, reaching $5.11 billion. |Source: Cryptrank
October was the second-strongest month for VC deals since March 2025, when they reached $5.79 billion. Last month was also the second-best result since 2022. The United States was once again the leader in the largest deals, raising $2.26 billion last month. Undisclosed international transactions accounted for $1.63 billion.
Over the past year, VC funding has returned with a new framework, as companies invested more in late-stage projects rather than early-stage platforms. VC funds have also become more cautious about launching low-float tokens, as the 2021-2022 cycle has shown that those assets have underperformed.
A total of 127 rounds closed last month as investment activity returned to normal levels after months of below-average interest rates.
Coinbase Ventures leads October crypto funding round
Coinbase Ventures was the leader with the most participation in the funding round. The fund led 10 deals last month, followed by Yzi Labs with 5 deals. One of the biggest deals this month was Echo, a $375 million round for a project founded by cryptocurrency influencer Jordan Fish (@Cobie).
Another notable deal last month was a $300 million round for Kalshi, a fast-growing prediction market platform. Additionally, Coinbase Ventures supported a series of smaller deals between $5 million and $20 million.
In October, with Karshi tempo was the biggest deal of the month and pushed the score into a new range. Over the past few months, larger late-stage funding continued to grow. The average round was still in the $3 million to $10 million range.
Fundraising activity has changed, with AI trading accounting for 32% of total activity. Binance Alpha projects accounted for more than 15% of all trades. Other areas of interest include RWA, payments, and developer tools. NFTs and gaming have virtually disappeared from funding rounds, setting back the influence of the Animocha brand.
Token sales return, raising over $7 billion
Token sales in the form of ICO and IDO transactions also increased in October, topping $7 billion, but slightly below September's record of $7.15 billion. The high valuation also included a private round, which was much higher than the public sale. A total of 177 token private placements took place in October.
The public round was even weaker, raising about $94 million in just 61 events. Retail has much less influence over funding, with most deals coming from funds, whales, and angel investors. For retail, airdrops and point farming have replaced some of the token sale activities.
To date in 2025, Binance Wallet offers and token sales have had the highest average return of 1,364%. Binance Wallet has replaced PancakeSwap as one of the main token distribution locations.
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