RootData

According to RootData, the total financing amount in the cryptocurrency industry in the first half of the year was $9.081 billion, with a total of 259 financing events; among them, the primary market financing amount (excluding IPO/Post IPO/M&A rounds) was $8.658 billion, a decrease of 26.1% compared to the same period last year, and the number of financing events decreased by 28.5% year-on-year.March and May were the two peaks for financing amounts in the first half of the year, with the number of financing events reaching 66 and 68 respectively; in June, the number of financing events fell back to 43, indicating that after entering the end of the second quarter, market funding activity has cooled down. Overall, large financing still significantly boosts monthly financing scale, but the enthusiasm for regular financing rounds has begun to shrink.In the first half of 2026, there were a total of 75 M&A transactions in the cryptocurrency industry, of which 16 disclosed specific amounts (totaling approximately $3.836 billion). M&A activities were mainly concentrated in the CeFi, tools and information services, DeFi, and infrastructure sectors. Representative M&A events include: Mastercard acquiring BVNK ($1.8 billion), Kraken acquiring Reap ($600 million), etc.Leading cryptocurrency venture capital firms still maintain a high frequency of investments, with Coinbase Ventures participating in 25 investments in the first half of 2026, ranking first; Animoca Brands participated in 20, while a16z and Tether participated in 14 each. In the past 12 months, Coinbase Ventures participated in a total of 68 investments, continuing to lead the industry, followed by Animoca Brands, Pantera Capital, YZi Labs, a16z, Tether, and GSR.From the perspective of sectors, DeFi, infrastructure, and CeFi were the three most active directions for financing in the first half of 2026. In the first half of the year, DeFi completed 129 financing events, infrastructure completed 116, and CeFi completed 69. AI, payments, prediction markets, and RWA were also key sub-sectors of capital focus, with AI-related financing at 59 events, payment-related projects at 46 events, and RWA-related projects at 28 events.Overall, the primary market for cryptocurrency in the first half of 2026 has not completely stagnated, but the market structure has changed: the total financing amount is still supported by a few large transactions, institutional investments are more concentrated, sector preferences are more pragmatic, and M&A has become an important means of industry consolidation. Funds are shifting towards structural allocations around infrastructure, DeFi, CeFi, payments, AI, and RWA.

According to RootData's financing data statistics, in June 2026, the crypto primary market disclosed a total of 42 financing and merger events, with a total financing amount of approximately $898 million, a month-on-month decrease of 60.5% and a year-on-year decrease of 67.3%. Additionally, there were 15 merger events, with a disclosed amount of approximately $305 million. Overall, funds continue to concentrate on infrastructure, DeFi, and CeFi, with institutional-level capital markets, on-chain credit, derivatives trading, and stablecoin payment/settlement becoming the main incremental directions.DeFi was the most active sector this month, completing 18 financing and merger events, with a disclosed amount of approximately $330 million. Morpho completed a $175 million financing, becoming the largest financing project in the DeFi sector this month; Fomo completed a $75 million Series B financing, indicating that on-chain trading and consumer-level entry points still have appeal.The infrastructure sector had a total of 13 events, with a disclosed amount of approximately $453 million, ranking first in terms of amount. Projects such as Digital Asset, Ornn, and Trace Finance received funding support around institutional-level capital markets, AI computing financialization, and stablecoin settlement infrastructure.CeFi completed a total of 12 events. Although there were not many non-merger financing events, mergers and institutional trading services performed outstandingly. SBI Holdings acquired the Japanese crypto exchange Bitbank for approximately $289 million, becoming the largest merger event this month; SignalPlus completed a $50 million Series B1 financing, and EDGE Markets completed a $29.2 million Series A financing, indicating that institutional-level trading, derivatives, and compliant financial services are still key areas for capital allocation.The top five projects this month totaled approximately $944 million, accounting for about 76% of the overall disclosed scale. The top three projects in terms of financing and merger amounts are: institutional-level blockchain infrastructure company [Digital Asset](https://www.rootdata.com/zh/Projects/detail/Digital Asset?k=MzYyMA== "Blockchain software and service provider") ($355 million), Japanese crypto exchange Bitbank ($289 million, merger), and on-chain credit protocol Morpho ($175 million).In terms of investment institutions, Coinbase Ventures, a16z, Pantera Capital, CoinFund, Paradigm, Animoca Brands, HashKey Capital, and others remain active, with top capital more inclined to bet on projects with clear institutional clients, compliance paths, and real use cases.

According to statistics from the tokenized asset data platform RootData, the total disclosed financing amount in the crypto primary market in May 2026 is approximately $2.21 billion, with a total of 62 financing events disclosed. In terms of the distribution of financing tracks, market funds are still mainly flowing into DeFi, infrastructure, and CeFi, while institutional attention on trading, payment, compliance, and institutional-level services continues to increase.DeFi has become the most active track this month, completing 26 financing events, covering areas such as stablecoins, liquidity protocols, on-chain trading, and yield strategies; the infrastructure track ranks second with 18 financing events, as capital continues to bet on underlying technologies, AI+Crypto, middleware, and on-chain scalability; CeFi has completed 12 financing events, although the number of events is less than DeFi, it performs outstandingly in terms of financing amount, with significant increases in large strategic financing.The top three projects by financing amount are: the parent company of the South Korean exchange Dunamu ($667 million), payment infrastructure project Reap ($600 million, acquisition), and institutional-level stablecoin infrastructure Arc ($222 million). In addition, the prediction market platform Kalshi ($200 million) and on-chain compliance company Elliptic ($120 million) also received significant financing. The top five financing projects this month totaled over $1.9 billion, accounting for about 85% of the overall disclosed financing scale.In May, multiple high-value financings were concentrated in the fields of exchanges, payment infrastructure, prediction markets, and on-chain compliance analysis. In particular, projects related to trading and institutional services such as Gemini, Coincheck, SignalPlus, Variational received financing, indicating that the market is positioning itself around the next phase of incremental funds and institutional demand.In terms of investment institutions, Kraken, Paradigm, Sequoia Capital, Coinbase Ventures, Dragonfly, HashKey Capital continue to remain active, with top capital preferring to bet on projects with clear business models and institutional service capabilities. Overall, the financing market in May shows a trend of gradually returning from high narrative-driven to infrastructure, financial services, and real demand scenarios.