NAUT tracks 96 crypto funding rounds dated January to December 2025, and the 92 that disclosed an amount add up to $2.55B, with a median round of $8M. The 5 largest, led by Pump.fun at $720M and TON at $400M, hold 59% of that crypto funding 2025 total, and the cited reports describe all 5 as sales of the project's own tokens.
Data as of 13 November 2026, from NAUT's funding records, dated by each round's announcement date. This is NAUT's coverage of the year, a count of what NAUT holds, and it does not claim to cover every deal in the market. NAUT holds 656 rounds dated 2025. The 96 here are what remains after 3 cuts: 487 IDO, ICO and IEO public token sales, 24 rows typed as other token sales (token round, token purchase, presale, KOL or node sale), and 49 rounds whose record carries only an AI or tools tag and no crypto term. Those 49, such as large AI labs, hold $21.63B on their own. Another 391 token-launch rows with a close date but no announcement date are left out too. The amounts of the 10 largest rounds were checked against outside reports, and all 10 matched; the other 86 rounds were not put through that check.
How much did crypto startups raise in 2025, month by month?
On NAUT's record, crypto startup funding 2025 came to $2.55B across 92 disclosed rounds, and 2 months carry 54% of it: July ($798.0M) and March ($577.2M). January had the most rounds, 16, with the lowest median, $3.5M.
| Month | Rounds | Sized | Total | Median |
|---|---|---|---|---|
| January | 16 | 16 | $98.1M | $3.5M |
| February | 10 | 9 | $160.0M | $7M |
| March | 7 | 7 | $577.2M | $10M |
| April | 8 | 7 | $205.0M | $25M |
| May | 5 | 4 | $151.3M | $10M |
| June | 9 | 9 | $109.2M | $5M |
| July | 10 | 10 | $798.0M | $5.2M |
| August | 10 | 10 | $130.8M | $15M |
| September | 4 | 4 | $64.5M | $15M |
| October | 11 | 10 | $122.5M | $8M |
| November | 3 | 3 | $17.2M | $7M |
| December | 3 | 3 | $115.0M | $12M |
| 2025 | 96 | 92 | $2.55B | $8M |
Sized is the number of rounds with a disclosed amount; Total and Median are taken over those rounds.
The 2 big months are 1 or 2 deals each. Pump.fun's $720M is 90% of July, and TON ($400M) and Walrus ($140M), both dated 20 March, are $540M of March. The first half holds 55 rounds and $1.30B, the second half 41 rounds and $1.25B. November and December hold 3 rounds each on NAUT, so a thin month here may say as much about coverage as about the market.
Which crypto funding 2025 rounds were the largest?
Ranked by amount, these are the 10 largest of the 96 rounds. The label is the round type NAUT stores; the last column is what the cited report says the deal was.
| # | Company | Label | Amount | Report says |
|---|---|---|---|---|
| 1 |  Pump.fun |
Private | $720M | Private sales of its tokens |
| 2 |  TON |
Private Round | $400M | Raised from venture firms through a Toncoin sale |
| 3 |  Walrus |
Private Round | $140M | Private token sale |
| 4 |  World |
Private Round | $135M | WLD tokens sold to its backers |
| 5 |  Ethena |
Private Round | $100M | Private sale of ENA tokens |
| 6 |  Jeeves |
Debt | $100M | New debt from a lender |
| 7 |  Zama |
Series B | $57M | Series B |
| 8 |  LayerZero |
Funding Round | $55M | a16z bought ZRO tokens |
| 9 |  blackbird |
Series B | $50M | Series B |
| 10 |  Jito |
Strategic Round | $50M | Strategic round |
6 of the 10 were crypto token sales to investors, $1.55B, about 61% of the year's $2.55B. Zama and blackbird raised Series B rounds, Jito a strategic round, and Jeeves took debt. 3 dates differ by a few days between NAUT and the reports: NAUT dates Pump.fun's $720M 12 July and Fortune reported it on 18 July, NAUT dates Jeeves's deal 12 December and most reports 11 December, and NAUT dates Jito's round 16 October and Ventureburn reported it on 17 October. Each stays in the same month.
Together these 10 rounds come to $1.81B, 71% of the $2.55B disclosed across all 92.
Who backed the largest crypto funding 2025 rounds?
6 of the 10 largest rounds have at least 1 backer on NAUT's record, and the cited reports name a lead or buyer for 7 of them. Read both columns: a backer NAUT holds is a firm you can open on naut.so today.
| Company | Backers on NAUT | Lead in report |
|---|---|---|
| TON |
 Hypersphere Ventures,  CoinFund |
Venture firms, not named in the line quoted |
| Walrus |
 Electric Capital,  Comma3 Ventures,  a16z crypto |
Led by Standard Crypto |
| World |
 Bain Capital Crypto |
a16z and Bain Capital Crypto |
| Ethena |
 Pantera Capital,  Polychain Capital |
Not taken from the report |
| Jeeves |
None on NAUT's record | Community Investment Management, the lender |
| Zama |
None on NAUT's record | Co-led by Blockchange Ventures and Pantera Capital |
| LayerZero |
None on NAUT's record | a16z, the buyer |
| blackbird |
 Coinbase Ventures |
Led by Spark Capital |
| Jito |
a16z crypto |
Led by a16z crypto |
Pump.fun has no backer on NAUT's record, and the Fortune report on its $720M attributes the figure to a company spokesperson without naming buyers. NAUT stores the a16z crypto fund under the name a16z Frontier. a16z appears in 4 of the 10 deals across both columns: Walrus, World, LayerZero and Jito. Pantera Capital sits in 2, Ethena and Zama.
Which round stages were most common in 2025?
NAUT stores 18 different stage labels for these 96 rounds. Grouped by those labels and ranked by round count:
| Stage | Rounds | Sized | Total |
|---|---|---|---|
| Seed | 20 | 20 | $149.7M |
| Private | 19 | 17 | $1.51B |
| Funding Round | 18 | 18 | $204.1M |
| Strategic | 17 | 16 | $168.3M |
| Series A | 13 | 13 | $208.5M |
| Series B | 5 | 5 | $156.5M |
| 2 stages | 2 | 2 | $48.0M |
| Debt | 1 | 1 | $100.0M |
| PIPE | 1 | 0 | None |
The groups merge NAUT labels: Seed holds Seed Round, Seed, Pre-Seed, Pre-Seed Round and Pre-seed. Private holds Private and Private Round. Funding Round has no stage stored. Strategic holds Strategic Round and Strategic. Series A holds Series A, its first closing and Pre-Series A. 2 stages holds seed with strategic and seed with Series A.
The "Private" labels hold 19 rounds and $1.51B, 59% of the money, because 5 of the 6 token sales in the top 10 sit there. Seed and pre-seed is the largest group by count, 20 rounds, at $149.7M in total.
What this tells a BD team
- 4 of the top 10 deals are not called token sales by their reports. Zama ($57M Series B), blackbird ($50M Series B), Jito ($50M strategic) and Jeeves ($100M debt) are the place to start a 2025 account list.
- Most of the 96 are small. The median disclosed round was $8M, and 20 rounds were seed or pre-seed, $149.7M between them.
- The busiest months for new names were January (16 rounds), October (11) and February, July and August (10 each). Work a month at a time from the table above.
- Pick the buyers with cashStart with the 4 top-10 deals their reports do not call token sales: Jeeves, Zama, blackbird and Jito.
- Go month by monthJanuary holds 16 rounds at a $3.5M median, October 11 at $8M.
- Open the company pageEach project page on NAUT lists its team and its rounds.
- Reach the decision makerContact them from their NAUT page, through the channel it shows on file.
What this tells a crypto founder raising
- The headline money is not the typical round. The 5 largest deals hold 59% of the $2.55B, while the median round on NAUT's 2025 record was $8M.
- Medians moved a lot by month. April's median was $25M on 7 disclosed rounds; January's was $3.5M on 16.
- 2 names recur at the top. a16z appears in 4 of the 10 largest deals and Pantera Capital in 2, so their NAUT pages are a place to start an investor list.
- Size the askThe median 2025 round on NAUT was $8M; seed and pre-seed rounds totalled $149.7M across 20 deals.
- Find active backersOpen a16z crypto and Pantera Capital for their portfolio rows.
- Check who co-investsEach fund page lists its team and its rounds, so you can see who joined whom.
How to reach the decision makers
Every company and fund above links to its NAUT page, which lists the team, the rounds and the backers on NAUT's record. 9 investor pages are linked in this report, from CoinFund to Coinbase Ventures. Spark Capital, Standard Crypto, Blockchange Ventures and Community Investment Management are named here from the cited reports and are not linked.
Related reading on NAUT: Crypto funding statistics 2026: 327 rounds, $11.45B, 30 numbers and Crypto funding stages: 85 rounds, medians $1.85M to $60M.
Can you pull this data through the NAUT API?
Yes, fund by fund and company by company. GET https://api.naut.so/v1/investors/pantera-capital returns 1 fund with its team and its portfolio rows, each carrying company, roundType, amountUsd, announceDate and isLead, so keeping the rows with a 2025 announceDate gives that fund's crypto funding rounds of 2025, and GET https://api.naut.so/v1/projects/zama returns 1 company with its team; each is a GET with Authorization: Bearer $NAUT_KEY at 5 credits a call, and the Essential plan is $49 a month for 3,000 credits (docs, pricing). Verified Telegram, email and LinkedIn for the people on those teams unlock on any paid NAUT plan, so start a 7-day trial.
Crypto funding 2025 FAQ
How much did crypto startups raise in 2025?
NAUT tracks 96 crypto rounds dated January to December 2025, and the 92 that disclosed an amount total $2.55B, with a median of $8M. That is NAUT's coverage of the year, with public IDO, ICO and IEO sales and AI-only rounds left out.
What was the largest crypto funding round of 2025?
On NAUT's record it was Pump.fun's $720M, dated 12 July 2025, which Fortune reported as private sales of its tokens. TON's $400M on 20 March 2025 was second.
Which month of 2025 had the most crypto funding?
July 2025, with $798.0M across 10 rounds on NAUT, $720M of it Pump.fun's token sale. January 2025 had the most rounds, 16, totalling $98.1M.
What share of 2025 crypto funding was token sales?
6 of the 10 largest crypto rounds of 2025 on NAUT were token sales to investors, by their cited reports: Pump.fun, TON, Walrus, World, Ethena and LayerZero, $1.55B of the $2.55B disclosed in 2025.
Where can I find the teams and investors behind 2025's crypto funding rounds?
On NAUT: each of the 10 largest 2025 crypto rounds, $1.81B in all, links to a company page with its team, and GET https://api.naut.so/v1/projects/jito returns 1 company with its team through the API. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial.