VC Monthly Report in July: Number of Deals Down 8%, Funding Amount Up 88%, Several Public Companies Launch Token Reserve Plans

Aug 04, 2025

Author | WuBlockchain

According to RootData statistics, a total of 61 publicly disclosed crypto venture capital deals took place in July 2025, representing a 7.6% month-on-month decrease (66 projects in June 2025) and a 46.5% year-on-year decrease (114 projects in July 2024). The number of small-sized deals continues to decline. Note: As not all investments are disclosed in the month they occur, the figures above may increase in the future. Project distribution across sectors is as follows:

CeFi accounted for approximately 26.2%, DeFi for 13.1%, NFT/GameFi for 13.1%, L1/L2 for 4.9%, RWA/DePIN for 6.6%, Tool/Wallet for 11.5%, and AI for 19.7%.

In July 2025, the total funding amount reached $5.361 billion, a new all-time high, representing an 88.4% increase month-on-month (June 2025: $2.846 billion), and a 426.6% increase year-on-year (July 2024: $1.018 billion). The top 10 largest rounds by amount are as follows:

Strategy (MSTR) raised $2.521 billion through its fourth series of preferred stock, “Stretch (STRC),” with net proceeds of approximately $2.474 billion after issuance costs. All proceeds were used to purchase 21,021 BTC at an average price of $117,256 per BTC. Following the transaction, Strategy’s BTC holdings increased to 628,791 BTC, with a market value of approximately $74 billion. On August 1, Strategy co-founder Michael Saylor stated they are preparing to issue an additional $4.2 billion in preferred shares to purchase more BTC.

MARA Holdings has completed a $950 million issuance of 0.00% convertible bonds maturing in 2032. The bonds were privately offered to institutional investors and include an overallotment option of up to $200 million. The company intends to use the remaining proceeds to purchase more BTC and for general corporate purposes, including acquisitions and asset expansion. The funds also supported the repurchase of some convertible notes due in 2026.

Pump.fun raised $500 million by issuing 125 billion PUMP tokens (12.5% of total supply) through an ICO that sold out in less than 12 minutes. The funds are distributed across on-chain transactions and centralized exchanges such as Kraken, KuCoin, and Bybit.

Mill City Ventures III completed a $450 million private placement and has launched a SUI asset reserve strategy. It has acquired a total of 76,271,187 SUI tokens through OTC agreements with the Sui Foundation and physical contributions, at an average cost of $3.6389 per token. Investors in this round include Big Brain Holdings, Galaxy Digital, Pantera Capital, Electric Capital, GSR, and others.

Upexi (NASDAQ: UPXI) has entered into a stock purchase agreement with A.G.P. for up to $500 million to accelerate its Solana treasury strategy. The agreement includes zero commitment fees, and Upexi has full discretion over the issuance schedule. The funds will be used for general corporate purposes and to expand its SOL holdings. Upexi recently increased its treasury to 1.9 million SOL.

Public company Satsuma Technology PLC (Tao Alpha PLC) has completed a second round of private convertible bond financing, with proceeds significantly exceeding the original minimum target of £100 million. Satsuma stated that the funds will be used to expand operations and strengthen its BTC adoption and decentralized AI strategy. Convertible shares from this round will be listed on the London Main Market upon conversion.

Decentralized prediction platform Polymarket acquired the CFTC-approved QCX exchange and clearinghouse for $112 million, securing regulatory entry into the U.S. market. As of July 2025, Polymarket executives have not publicly confirmed any token issuance plans.

MEI Pharma (NASDAQ: MEIP) completed a $100 million financing round, with plans to use the funds to purchase LTC as a treasury reserve asset. Reports indicate MEI has become the first publicly traded company on a national exchange to hold LTC. Litecoin founder Charlie Lee has joined MEI’s board of directors, and digital asset firm GSR has been hired as a financial advisor. The funding was raised by issuing approximately 29.24 million shares at $3.42 per share, with participants including the LTC Foundation and several investment institutions.

UK-based cloud mining platform TWL Miner successfully completed a $95 million Series B round, which will be used to support the integration of artificial intelligence technology with its cloud mining operations.

Gamesquare Holdings, Inc. (NASDAQ: GAME) completed a $70 million underwritten public offering, selling 46.7 million shares at $1.50 each. According to the announcement, the funds will support its ETH accumulation strategy developed in collaboration with crypto-native asset management firm Dialectic. A significant portion of the proceeds will be used to increase its ETH holdings.

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