Overall fundraising amounts recovered, but few large outliers amount for most money raised in 2025:

- Binance: $2B raise

- Polymarket: $2B

- Bullish: $1.1B IPO

- Circle: $1.1B IPO

- Kraken: $500M pre-IPO

- Ripple: $500M

- Tempo: $500M

- Gemini: $425M IPO

- pump. fun: $400m (no airdrop lol)

- TON: $400m

- World Liberty Financial: $300m

Without these, the fundraising scene looks much different compared to previous cycles.

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