Author | WuBlockchain

According to RootData statistics, there were 98 publicly disclosed crypto VC investment projects in February 2025, a 14% increase month-over-month (compared to 86 projects in January 2025) but a 35.1% decline year-over-year (compared to 151 projects in February 2024). Note: Since not all funding rounds are announced in the same month, the reported figures may increase over time.

The sectoral distribution of projects in January 2025 was as follows:

CeFi: ~7.1%

DeFi: ~31.6%

NFT/GameFi: ~10.2%

L1/L2: ~7.1%

RWA/DePIN: ~12.2%

Tools/Wallets: ~10.2%

AI: ~18.4%

Total funding in February 2025 reached $951 million, representing a 14.4% month-over-month increase (compared to $831 million in January 2025) and a 24.3% year-over-year increase (compared to $765 million in February 2024).

Top 10 Largest Funding Rounds

Figure & Sixth Street – Sixth Street committed a $200 million investment in a new joint venture with Figure, which will be used cyclically to enhance the liquidity of private credit through securitization, bond pre-sales, and loan asset purchases.

Ethena – Raised $100 million via private ENA sales in December, with backing from Franklin Templeton, Fidelity’s venture arm F-Prime Capital, and others. Ethena aims to launch a token tailored for traditional financial institutions.

Bitwise – The crypto asset management firm secured $70 million in equity financing, led by Electric Capital. Investors included MassMutual, Highland Capital, MIT Investment Management Company, Haun Ventures, and ParaFi Capital. Bitwise plans to use the funds to strengthen its balance sheet, expand its investment capabilities and services, and grow its team.

Raise – The gift card startup raised $63 million in a strategic round to expand into crypto payments. The round was led by Haun Ventures, with participation from Paper Ventures, Selini Capital, GSR, and Solana co-founder Raj Gokal. Raise plans to custody retailer funds via stablecoins, streamlining payment processes. It also restructured its board, adding former Kraken Chief Legal Officer Marco Santori, Parity Technologies CEO Bjorn Wagner, Honey co-founder George Ruan, and GrubHub founder Matt Maloney.

Blockaid – The Israeli onchain security platform completed a $50 million Series B round led by Ribbit Capital, with participation from Google Ventures, Variant, and Cyberstarts. Since its founding, Blockaid has raised a total of $83 million, including a previous $27 million Series A round.

HashKey – Gaorong Ventures invested $30 million at a pre-money valuation of over $1 billion, bringing the post-money valuation to approximately $1.5 billion.

Taproot Wizards – The Bitcoin Ordinals project raised $30 million in its first Post-Seed round, led by Standard Crypto, with participation from Cyberfund, Collider Ventures, and others. The funds will drive the development of the OP_CAT ecosystem, enhancing Bitcoin’s smart contract capabilities. Founded in 2023, Taproot Wizards inscribed the first-ever 4MB block on Bitcoin, making it the largest block and transaction at the time. The company previously raised $7.5 million in November 2023.

Plasma – The stablecoin-focused company raised $24 million in its first funding round, led by Framework Ventures, with participation from Bitfinex, prominent investor Peter Thiel, and Tether CEO Paolo Ardoino. Plasma is developing a blockchain specifically designed for stablecoins, particularly Tether, offering zero-fee Tether transactions and optimized transaction efficiency. Despite zero fees per transaction, Plasma plans to generate revenue by supporting Curve, Ethena, and Aave.

Cygnus – The modular blockchain project secured $20 million in a Pre-Seed round, with investments from Manifold, OKX Ventures, Mirana Ventures, and Optimism Retro Funding.

Prime Intellect – The decentralized AI computing protocol raised $15 million, led by Founders Fund, with participation from Menlo Ventures, Andrej Karpathy (EurekaAI, Tesla, OpenAI), Clem Delangue (Hugging Face), Dylan Patel (SemiAnalysis), Tri Dao (Together.AI), Balaji Srinivasan (Network School), Emad Mostaque (Stability AI), Jake Medwell (8VC), Brendan McCord (Cosmos Institute), and Sandeep Nailwal (Polygon). This brings its total funding to over $20 million.

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