2025-05-25-PitchBook-加密风险投资趋势（英）_13页_8mb

报告摘要

Crypto VC Trends Summary

Core Content

This report provides an analysis of venture capital (VC) activity within the cryptocurrency ecosystem, highlighting key trends, deal activity, and exit performance in Q1 2025. It also includes a market map of the crypto VC ecosystem and a summary of notable deals and exits.

Main Trends

1. Market Dynamics

The total crypto market cap decreased from $3.4 trillion to $2.8 trillion in Q1 2025, reflecting broader macroeconomic shifts rather than fundamental issues.
The decline was influenced by geopolitical risk repricing following the new US administration's stance on trade.
Despite the pullback in token prices, stablecoin circulation increased from $202.3 billion to $227.1 billion, indicating continued interest in stablecoins as a core utility.

2. Operational Risks

The $1.4 billion Bybit exploit highlighted the need for enhanced security measures in the crypto space.
This incident is expected to drive institutional demand for real-time proof-of-reserve tools, custody redundancies, and middleware solutions to manage key risks.

3. VC Activity

Q1 2025 was marked by consolidation rather than capitulation, with venture-relevant signals remaining strong.
VC deal activity showed a 101.1% increase in Q1 2025 compared to Q1 2024, reaching $6.0 billion in deal value.
Stablecoin-related startups are likely to benefit from increased VC interest due to their resilience in the current market environment.

Key VC Deals in Q1 2025

Pre-seed/Seed Deals

Company	Close Date	Deal Value ($M)	Post-money Valuation ($M)	Lead Investors	HQ Location
DoubleZero Protocol	March 5	$28.0	$600.0	Dragonfly Ventures, Multicoin Capital	Cayman Islands
Cygnus Labs	February 19	$20.0	N/A	OKX Ventures, Optimism	US
1Money Network	January 16	$20.0	N/A	N/A	Bermuda
Chronicle	January 1	$12.0	N/A	Strobe Ventures	Switzerland
AURUM	February 25	$12.0	$100.0	N/A	Hong Kong
Altius	February 18	$11.0	N/A	Founders Fund, Pantera Capital	US
Surus	February 13	$10.6	$38.6	Castle Island Ventures	US
Tevau	February 5	$10.0	N/A	N/A	Hong Kong
KUN	February 14	$10.0	N/A	BAI Capital	Hong Kong
Mansa	February 19	$10.0	N/A	Polymorphic Capital, Tether	British Virgin Islands

Early-Stage Deals

Company	Close Date	Deal Value ($M)	Segment	Post-money Valuation ($M)	Lead Investor(s)	HQ Location
Together AI	March 25	$305.0	Infrastructure & developer tools	$3,300.0	General Catalyst, Prosperity7 Ventures	US
Blockaid	February 18	$50.0	Infrastructure & developer tools	N/A	Ribbit Capital	Israel
Conduit	March 5	$35.9	Infrastructure & developer tools	N/A	N/A	US
Taproot Wizards	February 4	$30.0	Web3	$325.0	Standard Crypto	US

Key VC Exits in Q1 2025

Company	Close Date	Exit Value ($M)	Segment	Exit Type	Acquirer(s)
Fold	February 14	$365.0	Access	Reverse merger	FTAC Emerald Acquisition
Helio	January 13	$175.0	N/A	M&A	MoonPay
Lion Gaming	January 15	$44.7	N/A	M&A	Adventure Box Technologies
Coinseeker.co	January 21	$30.0	N/A	M&A	Titan Lab
Aerial Partners	January 27	N/A	N/A	Buyout/LBO	Animoca Capital, Lukka
Iron Fish	March 5	N/A	Blockchain networks	M&A	Coinbase Global
Unstoppable Finance	March 13	N/A	Access	M&A	MoonPay
Alterya	January 9	N/A	Blockchain networks	M&A	Chainalysis
Blockpour	March 25	N/A	N/A	M&A	Supra

Key Statistics

Quarterly Activity (Q1 2025)

Deal Count: 405
Deal Value: $6.0 billion
Exit Count: 31
Public Listings: 1
Acquisitions: 26
Buyouts: 4

TTM Activity (Q2 2024 to Q1 2025)

Deal Count: 1,740
Deal Value: $13.9 billion
Exit Count: 115

Conclusion

The crypto VC landscape in Q1 2025 reflects a shift from speculative fervor to a more fundamentals-driven environment. While macroeconomic factors and geopolitical tensions caused a pullback in token prices, stablecoins and infrastructure projects remained resilient. The Bybit exploit emphasized the importance of security and risk mitigation in the sector. With Circle's pending IPO, there is potential for renewed price discovery and a more selective investment climate in the coming quarters.

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