According to RootData statistics, in April 2025, there were 66 publicly disclosed Crypto VC investment projects, a 15.4% decrease from the previous month (78 projects in March 2025), and a 62.9% decrease year-on-year (178 projects in April 2024). The number of financing rounds reached a new low since February 2021. Note: As not all financing is announced in the same month, these statistical figures may increase in the future. The number of projects in each track is as follows:
Among them, CeFi accounts for about 10.6%, DeFi accounts for about 19.7%, Non-Fungible Token/GameFi accounts for about 7.6%, L1/L2 accounts for about 13.6%, RWA/DePIN accounts for about 22.7%, Tool/Wallet accounts for about 4.5%, and AI accounts for about 13.6%.
The total financing amount in April 2025 was $2.986 billion, a 3.1% increase from the previous month ($2.895 billion in March 2025), and a 170.2% increase year-on-year ($1.105 billion in April 2024). The number of financing rounds reached a new high since May 2022. The top 10 financing rounds by amount are as follows:
Ripple has agreed to acquire institutional brokerage firm Hidden Road for $1.25 billion, the largest acquisition to date for this crypto startup. Founded in 2018, Hidden Road provides clearing, institutional brokerage, and financing services in areas such as forex, digital assets, derivatives, swaps, and fixed income. It currently clears over $3 trillion in transactions across various markets annually, with more than 300 institutional clients, including hedge funds.
Canadian listed company SOL Strategies announced that it has received a convertible note financing of up to $500 million from ATW Partners. These funds will be specifically used to purchase SOL and stake it on validator nodes operated by the company. The first tranche of $20 million is scheduled to be completed on May 1, with staking rewards to be shared by both parties.
Bitdeer raised $179 million through loans and equity financing to accelerate its Bitcoin ASIC manufacturing business. The company reached a loan agreement of up to $200 million with Matrixport and obtained a $17 million unsecured loan in January. Additionally, Bitdeer raised $118.8 million by issuing stocks. The funds will be used to expand ASIC manufacturing and internal chip development to challenge companies like Bitmain and MicroBT. In 2024, Bitdeer generated approximately $147 million in gross profit from mining and hosting businesses and invested heavily in producing SEALMINER series chips.
Bitcoin mining machine manufacturer Auradine announced the completion of a $153 million Series C financing, including $138 million in equity financing and $15 million in venture debt. The round was led by StepStone Group, with participation from Maverick Silicon, Premji Invest, and others. Auradine plans to expand its mining machine production and AI infrastructure business, with current clients including Marathon Digital.
Crypto asset trading and investment company GSR made a $100 million private investment in public equity (PIPE) in Upexi, Inc., a brand owner focused on consumer goods development, manufacturing, and distribution. This investment came after Upexi announced a strategic transformation towards a crypto asset-based treasury strategy aimed at long-term value and returns for shareholders. Upexi has committed to establishing a Solana treasury strategy, including accumulating and staking Solana. Since successfully completing a $100 million private placement, the company has accumulated approximately 45,733 Solana, with an investment of around $6.7 million.
a16z general partner Ali Yahya stated that he has additional invested $55 million in LayerZero (ZRO) with a 3-year lock-up period. Previously, a16z led two financing rounds for LayerZero from Series A1 in 2022 to Series B in 2023.
Decentralized AI startup Nous Research completed a $50 million Series A financing round, led by crypto venture capital firm Paradigm, with a valuation of $1 billion. Nous uses the Solana blockchain to coordinate global computing power for distributed training of open-source large models and plans to launch a decentralized training system to democratize AI model training.
Crypto dining app Blackbird completed a $50 million Series B financing round, led by Spark Capital, with participation from Coinbase, a16z crypto, Union Square Ventures, and others. Blackbird founder Ben Leventhal stated that he raised this funding in the fourth quarter of 2024. Since 2022, Blackbird has raised a total of $85 million.
Recently, Meanwhile completed a $40 million Series A financing round led by Framework Ventures and Fulgur Ventures, with participation from Wences Casares, founder of crypto asset bank Xapo. This round valued Meanwhile at $190 million. Meanwhile is a Bitcoin life insurance provider, with its first product being a lifetime life insurance policy denominated in BTC.
Crypto asset staking protocol Symbiotic announced the completion of a $29 million Series A financing round, led by Pantera Capital, with participation from Coinbase Ventures and over 100 angel investors from teams including Aave, Polygon, and StarkWare. The conclusion of this financing round also marks the launch of Symbiotic's universal staking framework, which aims to become an economic coordination layer to enhance blockchain security through staking.
