In May 2025, venture capital funding reached $594 million, spread across 61 rounds—marking a slight decline compared to previous months. Overall funding was modest, particularly against the $2.9 billion in mergers and acquisitions dominated by the Coinbase-Deribit deal. Although this represents a decrease in both the number of rounds and total funding, experts do not find this concerning as it is consistent with seasonal trends. The average funding round was primarily in the seed stage, often smaller since they are among the first raised by projects. While there was a slowdown in momentum, analysts are optimistic that overall crypto funding could meet the projected $18 billion target for the year if trends do not continue to decline sharply. The end of June will offer additional insights as the second quarter concludes, allowing for a comparison with the first quarter.

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