The latest Messari data reveals a striking shift in crypto investment dynamics: while the number of new crypto funds dropped sharply in Q3 2025, the total capital raised soared 48% quarter-over-quarter to $2.31 billion.
Only 12 new funds were launched in Q3, down from 19 in Q2, marking a 37% decline in fund count. However, the funds that did launch were considerably larger and more specialized, signaling a shift toward institutional-grade vehicles focused on Bitcoin, late-stage crypto ventures, and tokenized finance.
Institutional Capital Flows In
Among the most notable new entrants:
- Sora Ventures launched a $1 billion Bitcoin treasury fund, targeting long-term BTC accumulation.
- 50T Funds rolled out a $500 million late-stage investment fund, focusing on mature blockchain startups.
- Ondo Finance introduced its $250 million Ondo Catalyst Fund, aimed at expanding tokenized real-world assets.
This new wave of targeted fund launches underscores growing institutional conviction in crypto’s infrastructure layer and tokenized finance.
Quality Over Quantity
The trend suggests that the market is shifting away from small speculative venture vehicles toward larger, more strategic funds managed by established firms. According to Messari’s chart, the total capital raised per fund has risen steadily each quarter since late 2024, even as the number of launches declined.
This aligns with broader capital rotation in the sector, investors are favoring fewer, higher-quality funds capable of navigating a more mature crypto landscape.
What’s Next
Messari’s full Q3 State of Crypto Fundraising Enterprise Report, releasing tomorrow, is expected to provide deeper insight into which subsectors are attracting the most capital. With AI, tokenized assets, and Bitcoin treasuries dominating recent launches, Q4 could see continued momentum, even as fund counts remain historically low.