2024-09-17-PitchBook-加密风险投资基金报告（英）_13页_656kb

Crypto VC Fundraising and Market Trends

Crypto VC fundraising reached an all-time high in 2022 with $23.7 billion raised, but saw an 88.9% decline in 2023 to $2.6 billion due to reduced liquidity events, token devaluation, regulatory scrutiny, and macroeconomic challenges. However, signs of recovery emerged in 2024, with $2.2 billion raised by July, indicating a market rebound driven by improved crypto performance and institutional adoption.

The median fund size increased 76.0% in 2024 to $41.3 million, and there is a growing preference for midsized funds ($100M–$500M), which offer a balance between scale and deployability. While megafunds remain prominent, their challenges in the volatile market have led to a shift toward more manageable sizes.

New, or “emerging,” managers are dominating fundraising (77%-87% of fund counts over the last five years) due to specialized crypto expertise. Established crypto-native funds are consolidating capital, while a “barbell effect” is expected, with first-time managers and crypto-native firms poised for success as the market recovers.

Fundraising timelines have lengthened, with the median time between fundraises doubling to 2.4 years (up from 1.1 years), reflecting LP caution and due diligence during the bear market. Similarly, fund closing times surged to a 21.4-month median in 2024.

Crypto-niche funds are increasingly blending investments with traditional tech or AI to spread risk. Despite market volatility, institutional interest is growing, with surveys showing increased crypto allocations planned by institutions.

The crypto VC landscape is maturing, with trends suggesting continued evolution amidst regulatory and market uncertainties, supported by both new funds and strategic capital deployment from established players.