In the third quarter of 2024, venture capital firms invested approximately $2.4 billion in 478 deals involving crypto and blockchain startups. According to the latest Galaxy Research report, both the U.S. dollar value of funds invested and the number of financed startups declined, by about 20% and 17% respectively.
The report attributes the drop in VC investment to bitcoin exchange-traded funds (ETFs), which have seen significant investments since their approval. This shift to bitcoin ETFs may indicate that some large investors prefer to gain exposure to the crypto sector ‘through large, liquid vehicles rather than early-stage VC investing.
The research report’s findings show that early-stage startups accounted for a much larger share (85%) of the $2.4 billion in VC investment. Only 15% went to later-stage companies. Commenting on crypto-focused VC’s unique ability to raise funding for new deals, the report stated:
“Crypto-native funds may still have access to dry powder from large raises several years ago, and access to entrepreneurs means they can source new deals emerging from renewed enthusiasm in crypto.”
Regarding valuations and deal sizes, the Galaxy Research report notes that they have been rising since the second quarter through the third quarter, reaching their highest levels since 2022 in the two periods. While this trend is similar to the broader VC landscape, crypto appears to have rebounded more sharply, the report said.
When analyzing VC investment by category, the report found that companies and projects in the “Trading/Exchange/Investing/Lending” category received the largest share of VC capital with $462.3 million. Much of this went to Cryptospherex ($200 million) and Figure Markets ($73.3 million).
The research study findings also indicate growing VC interest in crypto startups building artificial intelligence (AI), with quarter-over-quarter (QoQ) investments in these startups increasing by 5x. In contrast, VC investment in the Web3/NFT/DAO/Metaverse/Gaming category dropped by 39%, the largest QoQ decrease among all categories. However, in terms of deal count, Web3/NFT/DAO/Metaverse/Gaming projects accounted for 25% (120 deals).
Meanwhile, the report indicates that the U.S. remains the preferred investment destination, with companies headquartered there accounting for the vast majority of all VC deals (43.5%). Singapore is the next highest ranked with 8.7%, followed by the United Kingdom with 6.8%. The United Arab Emirates (UAE) is ranked fourth with 3.8%, and Switzerland completes the top five with 3%.
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