[Crypto Venture Financing Reaches $49.75 Billion in 2025, Up 433%] The total amount of crypto venture capital in 2025 reached $49.75 billion, a year-on-year increase of 433.2% compared to 2024, despite the number of projects throughout the year dropping by 42.1% to 898. Funds were concentrated on large-scale projects. The largest deal of the year was Naver's $10.3 billion all-stock acquisition of Upbit's parent company, Dunamu. Additionally, institutions such as Strategy, ICE, and Abu Dhabi MGX led several billion-dollar financing rounds. DeFi projects accounted for the highest proportion of annual investment and financing at 22.4%.