Fundraising in 2025 broke $25 billion and shattered analysts’ expectations. The top raises show a fusion of crypto and traditional finance. Investments into crypto companies are surging.
The blockbuster deals underscore the convergence between crypto and traditional financial institutions, according to Charles Chong, VP of strategy at crypto investment firm BlockSpaceForce. “The line between fintech, TradFi, and crypto will continue to blur,” Chong told DL News. “Blockchain rails will increasingly sit in the background, improving settlement, custody, and programmability, while most crypto-specific complexity is abstracted away from end users,” Chong said.
In March, Binance raised $2 billion in a strategic round led by Abu Dhabi-based fund MGX. In October, Polymarket locked in a $2 billion strategic raise led by the New York Stock Exchange’s parent company ICE. Circle raised $1.1 billion in its August public offering, followed by Bullish, also at $1.1 billion, as these rounds underscored Wall Street’s growing crypto exposure. Kalshi closed a $1 billion Series E led by Paradigm and a16z, while Figure Technology raised just over $787 million in an IPO.
2025 saw fundraising exceed $25 billion, underscoring a surge in capital across the crypto sector. The top raises show a fusion of crypto and traditional finance, and investments into crypto companies continued to surge. The deals highlight a broader trend of convergence between crypto and traditional financial institutions, a dynamic described by Charles Chong, VP of strategy at BlockSpaceForce, who said the line between fintech, TradFi, and crypto will continue to blur.
In 2025, the year’s largest rounds were led by Binance with $2 billion, followed by Polymarket with $2 billion, Circle and Bullish at $1.1 billion each, Kalshi at $1 billion, Figure Technology at just under $0.79 billion, Kraken at $0.60 billion, Pump.fun at $0.50 billion, Tempo at $0.50 billion, and Rapyd at $0.50 billion. The rounds signal a growing collaboration between crypto platforms and traditional financial powerhouses, with strategic investments from firms like ICE, Paradigm, a16z, BlackRock, Fidelity, and others shaping the 2026 fundraising landscape. As institutional attention accelerates, the capital deployed is often directed toward infrastructure, hedging platforms, and real-world asset tokenisation.
Industry observers say the convergence is likely to continue, with stablecoins and tokenised assets playing a central role in expanding access to digital payments, custody, and settlement rails across banks, funds, and corporations. Leading rounds included Binance’s $2 billion strategic raise and Polymarket’s $2 billion financing, followed by Circle and Bullish at $1.1 billion each. Kalshi at $1 billion, Figure Technology at just under $0.79 billion, Kraken at $0.60 billion, Pump.fun at $0.50 billion, Tempo at $0.50 billion, and Rapyd at $0.50 billion reflect a diversified mix of crypto-native and TradFi-backed initiatives.
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