[Q2 Crypto Industry Financing and M&A Total $12.86 Billion, Debt Financing Becomes Second Largest Source] According to the Q2 2026 Crypto Financing Report released by CryptoRank, the crypto industry saw a total of $12.86 billion across 271 completed transactions, representing an approximately 45% increase from Q1's $8.87 billion. Among these, venture capital led with $4.99 billion, accounting for 39% of the total across 218 rounds. Debt financing reached $4.36 billion from just 9 transactions, more than tripling compared to the previous quarter. A single $3.65 billion financing by IREN accounted for 84% of the total debt financing. Additionally, mergers and acquisitions (M&A) totaled $3.33 billion across 40 transactions. The report highlighted that the top 10 deals accounted for 67% of disclosed funds, indicating that industry financing remains highly concentrated.