The first half of 2025 saw significant growth in the crypto financing market, raising $7.75 billion, reflecting a 40.17% increase compared to the previous year. However, the number of financing events declined, shifting focus to larger deals and M&A activities.
$7.75 Billion Raised Amidst Decline in Financing Events
According to ChainCatcher and RootData, the primary crypto financing market raised $7.75 billion in the first half of 2025, representing a notable 40.17% increase from the previous year and a 77.75% quarter-on-quarter growth. Binance played a crucial role, contributing $2 billion in March. Excluding Binance's financing, the average remained around $950 million monthly, indicating a significant concentration in large deals. Additionally, there were 66 M&A events in the half-year, a 60.9% increase from the previous half-year.
Increase in M&A Activity in CeFi
According to CoinMarketCap, cryptocurrency financing reached $10.11 billion in 2024, with a significant shift towards infrastructure and DeFi funding, contrasting with the dominance of CeFi in 2025. The rising M&A activities in the sector also indicate trends toward consolidation in the market.
Market Analysis and Trends
Coincu's analysis suggests continued financial and regulatory evolution due to rising M&A activities and a concentrated focus on substantial financing. Infrastructure and DeFi tokens could face increasing pressure, given ongoing market shifts towards CeFi dominance.
The crypto financing market in the second half of 2025 is expected to continue developing with an emphasis on large deals and M&A, alongside changes in the regulatory landscape and concentration of financing.
