Crypto industry on pace to break 2021 fundraising record

A new breed of crypto entrepreneur is building in stablecoins, per Dragonfly’s Rob Hadick

article-image

Dragonfly general partner Rob Hadick | Ben Solomon Photo LLC for Blockworks

share

This is a segment from the Empire newsletter. To read full editions, subscribe.


First, the really bullish stuff.

Pantera Capital managing partner Paul Veradittakit just put out a State of Crypto Venture Capital report with plenty to prick up your ears.

First, the industry is on pace to break 2021’s fundraising record of $29.17 billion. Crypto companies this year have raised over $16 billion — which is already more than the total deal value of 2024.

(BTW: Very cool that Veradittakit’s report is grounded in Blockworks Research data, which covers all things deal flow, including fundraising, M&A and debt financing.)

Veradittakit characterizes this year’s fundraising as a game-changer fueled by record M&A and IPO activity. 

He wrote: “2024 was a record year for acquisitions with over 100 mergers and acquisitions (M&A) totaling $1.73 billion and 2025 is set to surpass 2024 in deal count. From January to July of this year it is already at 76 deals and $6.23 billion, which is 3.6× 2024’s full-year dollar volume and is on pace for 130 deals if the current run rate holds.”

Nice big green candles. Source: VeradiVerdict

“The momentum in 2025 is less about unleashing pent‑up demand and more a sign of the industry’s natural maturation,” Veradittakit added.

Crypto IPO successes like Circle and Bullish, as well as others coming up (including Figure and BitGo) are making new entrants more comfortable with investing in the blockchain industry. 

“This is a pattern seen in other major technological shifts, where a multi-decade build-out precedes explosive growth,” per Veradittakit.

Over on the Empire podcast, Rob Hadick, general partner at Dragonfly Capital, floated the notion that raises like M0’s $40 million and Rain’s $58 million Series Bs were probably the “tail end of the fervor” that came just before the Genius Act rolled out in June.

“I can tell you right now, there’s definitely some fatigue,” Hadick said. 

Interestingly, Hadick pointed out that the level of entrepreneurs that are now building in stablecoins is increasing. 

One deal that Dragonfly is looking at right now involves founders that were executives at “some of the largest payment companies in the world and they just know how money flows — we haven’t seen that level of entrepreneur before.”

“And so I think we’ll see this kind of dip in the market, and then we’re going to see new novel, awesome entrepreneurs, an acceleration into maybe the end of the year [and] next year,” Hadick said.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (23).png

Research

The sUSDe term structure on Pendle reveals the market’s expectations channel, offering a forward-looking signal to changes in the cost of carry, price level of BTC, and all metrics downstream of these. Historical data supports the hypothesis that the term structure can be used to forecast market regimes, with steep backwardation signalling a bearish outlook while contango is bullish.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics