Announced venture rounds in the sector fell in number again this quarter while the average disclosed round size rose, according to a count of publicly announced deals compiled by this newsroom.
The category taking the largest share is infrastructure: compliance tooling, custody technology, settlement rails and data services — businesses that sell to institutions rather than to token holders.
Consumer applications continue to raise, but at earlier stages and smaller sizes. Several investors said distribution, not technology, is the binding constraint there.
Announced deals undercount the market. Rounds that close without a press release are invisible to any dataset built on announcements, including ours, and we flag that limitation on every chart.
Valuations were disclosed in a minority of deals, so we do not publish an average valuation figure.
