VC Monthly Report in June: Number of Deals Down 37%, Funding Down 28%

Author: WuBlockchain

According to statistics from RootData, a total of 66 public crypto VC investment projects were recorded in June 2025, up 3.1% month-over-month (64 projects in May 2025), but down 37.1% year-over-year (105 projects in June 2024). The number of small-scale financings continues to decline. Note: Since not all funding rounds are disclosed in the same month, these figures may increase in the future. The breakdown of project sectors is as follows:

CeFi accounts for approximately 9.1%, DeFi 25.8%, NFT/GameFi 6.1%, L1/L2 3%, RWA/DePIN 7.6%, Tool/Wallet 10.6%, and AI 10.6%.

The total funding amount in June 2025 was $2.846 billion, down 27.9% from May 2025 ($3.95 billion), but up 274% from June 2024 ($761 million). The top 10 funding rounds by amount are as follows:

Circle sold 34 million shares at approximately $31 per share, netting the company around $1.1 billion. This suggests a possible company valuation of $6.9 billion, with a fully diluted valuation of $8.1 billion. At the end of the month, Circle also submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally chartered trust bank named First National Digital Currency Bank, N.A.

Nasdaq-listed company Nano Labs has signed a convertible note purchase agreement with multiple investors, planning to issue convertible notes with a total principal amount of $500 million. The initial proceeds are intended to be used to purchase $1 billion worth of BNB, with a long-term goal of holding 5% to 10% of BNB's circulating supply. The initial conversion price of the notes is set at $20 per share, and during the life of the notes, holders may choose to convert them into the company’s Class A common stock.

Bitcoin mining company BitMine Immersion Technologies signed a private placement agreement to buy and sell 55,555,556 common shares at $4.50 per share. The company announced on Monday that the total proceeds from the deal would be approximately $250 million (excluding fees), to launch its Ethereum vault. The round was led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. Pending approvals such as that from NYSE American for the supplemental listing application, the deal is expected to close on Thursday.

Prediction market platform Kalshi raised $185 million in a funding round, valuing the company at $2 billion. The round was led by crypto-focused investor Paradigm, with participation from Sequoia, Multicoin, Neo, Bond Capital, and others. Kalshi's latest raise comes as its major competitor Polymarket is reportedly raising $200 million at a $1 billion valuation. One key difference is that Kalshi is federally regulated and authorized to operate in the U.S., whereas Polymarket is not.

Digital Asset, the developer behind the Canton Network, announced a $135 million strategic financing round led by DRW Venture Capital and Tradeweb Markets, with participation from BNP Paribas, Circle Ventures, Citadel Securities, DTCC, and others. Canton is an institution-focused privacy blockchain supporting configurable privacy and real-world asset (RWA) applications. The new funding will be used to expand asset types and network ecosystem.

Crypto asset company World Liberty Financial, supported by former U.S. President Donald Trump and his family, reported that UAE-based Aqua1 Foundation purchased $100 million worth of the platform’s governance token WLFI. Aqua1 stated that the deal focuses on RWA and StableCoin sectors. This acquisition makes Aqua1 a larger WLFI holder than Tron founder Justin Sun, who had invested $30 million in the project in November.

Eigen Labs announced the launch of the EigenCloud platform, designed to provide blockchain-grade trust guarantees for Web2 and Web3 applications. Based on the EigenLayer restaking protocol, the platform integrates data availability, general computation, and dispute resolution. In addition, a16z crypto invested $70 million to acquire EIGEN tokens, continuing its investment following a $100 million Series B round in February 2024.

Crypto startup Zama announced a $57 million Series B round led by Blockchange Ventures and Pantera Capital, bringing its total funding to over $150 million and pushing its valuation above $1 billion. Zama has become the first unicorn specializing in Fully Homomorphic Encryption (FHE), a technology it is advancing for use in blockchain and AI applications. Its protocol allows developers to build encrypted dApps without deep cryptographic expertise.

Web3 security firm Hypernative completed a $40 million Series B round led by Ten Eleven Ventures and Ballistic Ventures, with participation from StepStone Group, Boldstart Ventures, IBI Tech Fund, and others. Previously, Hypernative had raised $16 million in a Series A round in September 2024.

a16z announced it led a $33 million seed round in Yupp, a platform for evaluating AI models. Yupp aims to improve transparency and participation in AI model training and evaluation through on-chain incentive mechanisms. Users can compare outputs from various models, vote to generate signed preference data for model optimization, and earn rewards. Team members come from organizations including Twitter, Google, and Coinbase.

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