Q2 2025 Web3 Funding $9.6B, Deals Drop, Infrastructure Leads
Web3 funding reached $9.6 billion in Q2 2025, marking the second-highest quarterly total on record. Deal count fell to 306, the lowest since mid-2023, as venture capital concentrated on larger rounds. Median Series A funding climbed to $17.6 million, a two-year high, while seed rounds rebounded to a $6.6 million median. Infrastructure projects dominated blockchain infrastructure venture capital, with cryptocurrency platforms, mining and validation networks, and compute-layer projects securing the largest investments.
Private token sales raised $410 million across 15 deals, with a record median of $29.3 million. Public token offerings plunged 83% to $134 million over 35 events. This shift in token sales underscores a move from broad speculation to targeted, narrative-driven funding. Series A resurgence and stable seed activity reflect renewed investor confidence in projects with clear product-market fit.
Overall, the Q2 2025 Web3 funding trends point to a quieter yet more strategic growth phase for blockchain infrastructure venture capital. Traders should note the concentrated capital flows, resilient infrastructure plays, and a subdued public token market when positioning their portfolios.
Bullish
Renewed venture capital interest in larger Web3 funding rounds and infrastructure projects suggests a bullish outlook for blockchain infrastructure tokens. In the short term, increased Series A and private token sales may boost prices of infrastructure-related cryptocurrencies by signaling strong investor support. However, the sharp decline in public token offerings highlights cautious sentiment on broader market speculation, potentially limiting volatility. Over the long term, concentrated funding in projects with clear product-market fit can strengthen network effects and token value. Traders should monitor follow-on funding and protocol adoption as indicators of sustained bullish momentum.