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Crypto VC funding Q2 2025: 43 rounds, $516M, Coinbase in 11

By NAUT Research · · 7 min read

$516M Crypto VC funding disclosed by 38 of 43 crypto venture rounds, 1 April to 30 June 2025. Logos: Canton Network, Zama, blackbird, Camp Network, Theo, OneBalance_io, T-REX, Ika, codex_pbc, Towns Protocol.

Crypto VC funding Q2 2025, on NAUT's record: NAUT tracks 43 crypto venture rounds that closed between 1 April and 30 June 2025, at 42 companies, and the 38 that disclosed an amount raised $516M, with a median round of $6.1M. Coinbase Ventures is the most frequent backer on NAUT's record for the quarter, in 11 of the 43 rounds.

Data as of 14 November 2026, from NAUT's funding records. NAUT holds 122 rounds that closed in the window. 70 are out under NAUT's non-venture round-type filter, most of them IDO, ICO, IEO, presale or launchpad rows. Of the 52 left, 3 were scoped out by hand: 2 duplicate rows (Towns Protocol and Zama each carry a second Series B row for the same raise) and 1 row for a CFTC-regulated prediction market. 3 more came out because outside reports describe them as token purchases: World's $135M WLD sale to existing backers, LayerZero's $55M ZRO purchase by a16z, and DWF Labs' $25M purchase of World Liberty Financial tokens. The last 3 out are incubation-round rows at inconetwork, ORO and PublicAI, each sitting beside another round at the same company, which no source confirmed as a separate raise. That leaves 43. NAUT's research read outside reports for 10 of the 49 rows before these last cuts: 7 of the 10 sit in the final 43, and the other 36 rounds below were not put through that check.

How much crypto VC funding closed in each month of Q2 2025?

June carried the most money: $273.65M from 15 disclosed rounds, 53% of the quarter's $516M.

Month Rounds With amount Total
April 2025 19 17 $192M
May 2025 6 6 $50.35M
June 2025 18 15 $273.65M
Q2 2025 43 38 $516M

By NAUT's round label, 14 of the 43 are strategic rounds, 10 seed, 5 Series A, 5 private, 3 pre-seed, 3 Series B, 2 unlabelled funding rounds and 1 Series E. 18 of the 43 rounds went to companies NAUT tags DeFi.

Crypto VC funding Q2 2025: which rounds were the largest?

Canton Network took the largest round, $135M on 24 June 2025, filed on NAUT as a Series E and described by Digital Asset's own release as "its strategic funding round". The 10 largest rounds below are ranked by disclosed amount and hold $365.8M, 71% of the $516M.

# Company Round Lead (outside report)
1 $135M, Series E Funding Round DRW Venture Capital and Tradeweb Markets
2 $57M, Series B Round Blockchange Ventures and Pantera
3 $50M, Series B Spark Capital
4 $25M, Series A and
5 $20M, Private Round and Anthos Capital
6 $20M, Series A Round and
7 $17M, Private Round Not confirmed by the check
8 $16M, Strategic Round Not checked
9 $15.8M, Seed Round Not checked
10 $10M, Series B Not checked
The 10 largest crypto VC rounds of Q2 2025, by disclosed amount
  1. Canton Network$135M
  2. Zama$57M
  3. blackbird$50M
  4. Camp Network$25M
  5. Theo$20M
  6. OneBalance_io$20M
  7. T-REX$17M
  8. Ika$16M
  9. codex_pbc$15.8M
  10. Towns Protocol$10M

Outside reports matched the amount for 6 of the top 10: Canton Network, Zama, blackbird, Camp Network, Theo and OneBalance_io. The check on T-REX found a $17M pre-seed report and could not tie it to the company with confidence, so that row stands on NAUT's record alone. NAUT flags no lead on any of the 43 rounds, so every lead in the table comes from the cited reports. Blockchain Capital co-led 2 of the 10 largest, Camp Network and OneBalance_io.

Every crypto venture round NAUT tracks for Q2 2025

All 43 crypto funding rounds, sorted by close date. The last column counts the backers NAUT lists on the round.

Closed Company Round Backers
1 Apr $5M, Private Round 10
4 Apr Not disclosed, Private Round 1
4 Apr $2M, Seed Round 2
5 Apr $15.8M, Seed Round 5
7 Apr $1.7M, Pre-Seed Round 7
8 Apr $50M, Series B 1
10 Apr $10M, Series B 1
15 Apr Not disclosed, Strategic Round 1
16 Apr $10M, Seed Round 4
17 Apr $4M, Strategic Round 9
17 Apr $5M, Seed Round 5
17 Apr $6M, Seed Round 5
23 Apr $5M, Strategic Round 1
25 Apr $5M, Strategic Round 4
25 Apr $7.5M, Seed Round 7
25 Apr $20M, Private Round 9
29 Apr $25M, Series A 7
29 Apr $16M, Strategic Round 0
29 Apr $4M, Pre-Seed Round 2
9 May $5M, Strategic Round 3
10 May $17M, Private Round 6
12 May $6.2M, Seed Round 1
14 May $9.25M, Private Round 6
15 May $6.9M, Seed Round 12
24 May $6M, Series A Round 8
3 Jun $8M, Series A Round 4
5 Jun $3M, Funding Round 1
5 Jun $1.5M, Strategic Round 2
6 Jun Not disclosed, Strategic Round 5
10 Jun $4M, Galaxy Ventures Strategic Round 1
11 Jun $5M, Strategic Round 2
12 Jun Not disclosed, Strategic Round 4
12 Jun $20M, Series A Round 3
13 Jun Not disclosed, Strategic Round 0
14 Jun $2.5M, Seed Round 8
17 Jun $8M, Series A 6
18 Jun $10M, Seed Round 3
24 Jun $135M, Series E Funding Round 6
24 Jun $9.5M, Strategic Round 11
24 Jun $57M, Series B Round 0
25 Jun $3.15M, Funding Round 5
26 Jun $3M, Strategic Round 5
30 Jun $4M, Pre-Seed Round 2

5 rounds have no disclosed amount: MEET48, Treehouse Finance, Momentum's June strategic round, Hyperion and Stable.

Who invested in crypto startups in Q2 2025?

40 of the 43 rounds list at least 1 backer on NAUT's record, and 112 backers appear across them. 38 of those backers sit in 2 or more rounds. The table ranks the 16 crypto investors on 3 or more rounds by round count.

Backer Rounds Companies
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4 , , ,
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The 3 rounds with no backer on NAUT's record are Ika, Stable and Zama. Reports on Zama's $57M Series B name Blockchange Ventures and Pantera as co-leads, so that gap is in NAUT's row; Ika and Stable were not part of the outside check.

Crypto VC funding Q2 2025: how does it compare with Q1 2025?

Q2 2025 crypto venture funding came to about half of Q1 2025's on NAUT's record. NAUT's Q1 2025 report counts 51 crypto venture rounds at 48 companies, with $1.03B disclosed by 47 of them; Q2 has 43 rounds at 42 companies and $516M disclosed by 38. Both quarters drop launchpad and token-sale types and then scope rows by hand, so read the comparison as directional.

What this tells a BD team

  • The money sits in a few rounds. The 10 largest hold $365.8M of the $516M, and Canton Network alone took $135M.
  • DeFi is the biggest tag. 18 of the 43 rounds went to companies NAUT tags DeFi, from Theo ($20M) to Concrete ($9.5M) and Avantis ($8M).
  • Most rounds are small. 26 of the 38 disclosed rounds are under $10M, a median of $6.1M.
How a BD team can work the Q2 2025 list
  1. Start with the top 10The 10 largest rounds hold $365.8M, led by Canton Network at $135M.
  2. Filter by sector18 of the 43 rounds went to companies NAUT tags DeFi.
  3. Open the company pageEach company in the table links to its NAUT page.
  4. Reach the decision makerUnlock verified channels on a paid NAUT plan before you write.

What this tells a crypto founder raising

How a founder can use the Q2 2025 backers
  1. Shortlist repeat backers38 of the 112 backers sit in 2 or more Q2 2025 rounds.
  2. Start with the most frequentCoinbase Ventures is in 11 rounds, Mirana Ventures in 6.
  3. Check the fund pageEach backer in the table links to its NAUT page.
  4. Find the partnerSearch the fund's people on NAUT before you pitch.

How to reach the decision makers

Every company above, and every backer in the backer table, links to its NAUT page. Start from the backer table to see who else a fund backed this quarter, then open the company pages in the round list before you reach out.

Related reading on NAUT: Coinbase Ventures portfolio: 152 companies tracked on NAUT and Most active crypto VCs: 44 funds ranked, the leader led none.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/investors/coinbase-ventures returns 1 fund with its team and its portfolio rows, each carrying company, roundType, amountUsd, announceDate and isLead, and GET https://api.naut.so/v1/projects/canton-network returns 1 company with its team. Each call is a GET with Authorization: Bearer $NAUT_KEY and costs 5 credits, documented at https://naut.so/docs/api with plans at https://naut.so/pricing. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial.

Crypto VC funding Q2 2025 FAQ

How much crypto VC funding was raised in Q2 2025?

NAUT tracks 43 crypto venture rounds that closed between 1 April and 30 June 2025, and the 38 that disclosed an amount raised $516M, with a median of $6.1M. June 2025 held $273.65M of it.

What was the largest crypto VC round in Q2 2025?

Canton Network raised $135M on 24 June 2025, filed on NAUT as a Series E; Digital Asset's release calls it a strategic round, and reports name DRW Venture Capital and Tradeweb Markets as leads. Zama ($57M Series B) and blackbird ($50M Series B) were next.

Which crypto investors backed the most rounds in Q2 2025?

Coinbase Ventures sits in 11 of the 43 crypto venture rounds NAUT tracks for 1 April to 30 June 2025. Selini Capital, Amber Group and Mirana Ventures sit in 6 each.

How does Q2 2025 crypto VC funding compare with Q1 2025?

On NAUT's record, Q2 2025 had 43 crypto venture rounds and $516M disclosed, against 51 rounds and $1.03B in Q1 2025. Both counts drop launchpad and token-sale rounds.

Where can I find the Q2 2025 crypto startups, their backers and their contact channels?

On NAUT. The 42 companies behind the 43 Q2 2025 rounds and the 16 backers on 3 or more of them link to NAUT pages, and GET https://api.naut.so/v1/investors/coinbase-ventures returns 1 fund's portfolio rows. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial.

Sources

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