RootData
Investment & Fundraising Research

RootData: 2025 First Half Web3 Industry Investment Research Report

R
RootData Research
Aug 28, 202625 min

In the first half of 2025, the total amount of financing in the primary cryptocurrency market reached $7.75 billion, a year-on-year increase of 40.17% and a quarter-on-quarter increase of 77.75%. The number of financings over $50 million surged by 146.7%; the trading volume of BNB Chain DEX increased its share of the entire network from 12% to 49%

RootData: 2025 First Half Web3 Industry Investment Research Report

Key Points

---In the first half of 2025, the total amount of financing in the crypto primary market reached $7.75 billion, a year-on-year increase of 40.17% and a quarter-on-quarter increase of 77.75%. There were a total of 547 financing events, averaging 91 per month, with a continuous decline in quantity, showing a trend of large financing concentration, active mergers and acquisitions, a shift in track preference towards CeFi, and capital flowing to the secondary market. The market capitalization of stablecoins surpassed $240 billion, with a correlated rise with BTC providing liquidity support for primary financing, especially driving large transactions in the CeFi sector.

---The crypto primary market exhibits characteristics of both capital centralization and track diversification, with CeFi dominating market trends due to liquidity support and compliance advantages, while DeFi and tool tracks continue to gain favor due to technological innovation. From the 399 disclosed financing amounts, the number of financings below $10 million decreased sharply by over 45% year-on-year, nearly halving; the number of financings above $50 million surged by 146.7%, mainly concentrated in CeFi, mining companies, and asset management companies.**

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This report compiles and analyzes investment and financing events, deal sizes, round structures, investors, and exits for the year. Data are drawn primarily from public disclosures, media reports, and third-party databases, and may contain differences in methodology, reporting lags, double counting, or omissions. Trend assessments, valuation observations, and outlooks are research opinions only and do not constitute a recommendation or valuation commitment regarding any project, company, fund, or investment opportunity. The investment and financing market is highly sensitive to macroeconomic conditions, regulation, and liquidity; historical figures do not predict future results. The institution assumes no responsibility for absolute data accuracy or for losses arising from decisions based on this report. Please cite the source when quoting data or conclusions.

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