Overview of the Encryption Venture Capital Market in July 2025

In July 2025, the cryptocurrency venture capital market showed a complex situation. According to data statistics, there were a total of 61 publicly announced venture capital projects that month, a decrease of 7.6% compared to the previous month, and a year-on-year decline of 46.5%. The number of small financing projects continued to decline, but large financing performed remarkably.

From the distribution of various sectors, centralized finance ( CeFi ) projects account for the highest proportion at 26.2%. Artificial intelligence ( AI ) related projects follow closely behind, accounting for 19.7%. Decentralized finance ( DeFi ) and NFT/GameFi tie for third place, each accounting for 13.1%. Tool and wallet projects account for 11.5%, while real assets and decentralized IoT ( RWA/DePIN ) account for 6.6%. First-layer and second-layer blockchain ( L1/L2 ) projects account for 4.9%.

Despite the decline in the number of projects, the total financing amount in July reached a historic high of $5.361 billion, a month-on-month increase of 88.4% and a year-on-year surge of 426.6%. This data highlights the market's preference for a small number of high-quality projects.

In a large financing round, a digital asset company raised $2.521 billion through a preferred stock product, with a net gain of $2.474 billion all used to purchase Bitcoin at an average price of $117,256 per coin. After the transaction, the company's Bitcoin holdings increased to 628,791 coins, valued at approximately $74 billion. Company executives stated plans to refinance $4.2 billion for the purpose of purchasing Bitcoin.

Another mining company has completed a $950 million zero-coupon convertible bond issuance, maturing in 2032. The funds will be used to increase Bitcoin holdings, expand operations, and restructure debt.

A certain emerging project sold 125 billion tokens in just 12 minutes, raising $500 million. The funds were allocated to on-chain transactions and multiple major trading platforms.

A venture capital firm has completed a $450 million private fundraising round and launched a token reserve strategy for a certain public blockchain, having purchased 76.27 million tokens at an average cost of $3.6389. Participants include several well-known encryption investment institutions.

A Nasdaq-listed company has signed a stock financing agreement with an investment bank for up to $500 million to accelerate its public blockchain token reserve plan. The company has recently increased its holdings to 1.9 million of the token.

A listed company in the UK has exceeded its target in a private placement of convertible bonds, which is planned to be used to expand its business and strengthen its strategy for Bitcoin adoption and decentralized AI.

A pharmaceutical company completed a $100 million financing round and plans to use the funds to purchase Litecoin as a reserve asset, becoming the first company to be listed on a national exchange and hold Litecoin. The founder of Litecoin joined the company's board of directors.

A British cloud mining platform has secured $95 million in Series B funding to integrate AI technology with its cloud mining business.

A gaming company completed a $70 million public offering, planning to use most of the funds to increase its Ethereum holdings.

Overall, despite the decrease in funding for small projects, the strong performance of large financings has driven the total amount of cryptocurrency venture capital in July to a new high, demonstrating that investors still maintain confidence in the long-term development of the industry.