This article is reprinted with permission from Wu Says Real, author: Wu Says Blockchain, copyright belongs to the original author.
According to RootData statistics, in October 2025, there were a total of 75 venture capital projects publicly disclosed by Crypto VC, an increase of 21% month-on-month (62 projects in September 2025) and a decrease of 25% year-on-year (100 projects in October 2024). Note: Since not all financing is disclosed in the same month, the above statistics may increase in the future. The number of projects in each sector is as follows:
Among them, CeFi accounts for about 26.7%, DeFi for about 18.7%, NFT/GameFi for about 8%, L1/L2 for about 4%, RWA/DePIN for about 12%, Tool/Wallet for about 10.7%, and AI for about 20%.
The total financing amount in October 2025 was $4.556 billion, a decrease of 11% month-on-month (from $5.122 billion in September 2025) and an increase of 484% year-on-year (from $780 million in October 2024). The top 10 rounds by amount are as follows:
The parent company of the New York Stock Exchange (NYSE), ICE, made a strategic investment of $2 billion in Polymarket, which gives Polymarket a pre-investment valuation of about $8 billion. Through this transaction, ICE not only acquires a financial stake in Polymarket but will also become its global distributor of event-driven data.
Blockchain startup Tempo, supported by Stripe, completed a $500 million Series A financing round, with a valuation of about $5 billion, led by Thrive Capital (Joshua Kushner) and Greenoaks, with participation from Sequoia, Ribbit Capital, and SV Angel. Tempo was co-developed by Stripe and Paradigm, focusing on stablecoin payment infrastructure, with partners including OpenAI, Shopify, and Visa.
Galaxy Digital has reached an investment agreement with a leading global asset management company to raise $460 million through private placement. The company stated that the funds will be used for general corporate purposes and to advance its Helios data center project in Texas, which plans to deliver the first phase of 133 megawatts of critical IT load capacity in the first half of 2026.
Coinbase has agreed to acquire the blockchain-based financing platform Echo for approximately $375 million. This acquisition marks Coinbase's eighth acquisition this year, as the company continues to expand its service offerings in the favorable regulatory environment under the current U.S. government.
The U.S. compliance prediction market platform Kalshi completed a financing round of over $300 million, with its valuation soaring to $5 billion. This round was led by Sequoia Capital and a16z, with follow-on investments from existing shareholders like Paradigm.
DDC Enterprise completed a $124 million equity financing round, led by PAG Pegasus Fund and Mulana Investment Management, with OKG Financial Services also participating. The funds raised will be used to advance its Bitcoin reserve strategy. To date, the company has accumulated 1,058 BTC.
Greenlane Holdings (NASDAQ: GNLN) announced the completion of a $110 million private placement, led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, and others. Greenlane will use the funds to purchase BERA in the public market and OTC, to establish reserves and liquidity operations.
IG Group Holdings plc (LSEG: IGG) sold Small Exchange Inc to Payward Inc, the parent company of cryptocurrency exchange Kraken, for $100 million (£74.9 million). The transaction includes £24.3 million in cash and £50.6 million in Payward stock. This sale brought IG Group a post-tax profit of £73.3 million and increased its regulatory capital resources by £22.7 million.
Meanwhile announced the completion of $82 million in financing, led by Haun Ventures and Bain Capital Crypto, with participation from Pantera Capital, Apollo, and others. The new funds will be used to expand its core product—life insurance priced in Bitcoin—and to extend its business globally. The company has raised a total of $143 million to date.
Decentralized energy network Daylight Energy announced the completion of $75 million in financing, of which $15 million in equity was led by Framework Ventures, with participation from a16z crypto, Lerer Hippeau, M13, Coinbase Ventures, and others, along with $60 million in project financing led by Turtle Hill Capital. Daylight incentivizes households to install distributed solar and storage through a crypto network, with revenue sources including user subscriptions and market compensation for feeding power back to the grid during peak times. The company launched the DayFi yield protocol, which puts electricity revenue on-chain as assets and provides yields.
Related: Opinion: Fintech Companies and New Banks Drive Stablecoin Adoption into a New Era
Original article: “Wu Says October VC Monthly Report: Financing Amounts Up 21%, Coinbase Acquires Echo”
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