The venture capital landscape within the digital asset sector presented a mixed picture in April 2025. While the frequency of investment deals saw a significant downturn, the total capital injected into crypto-related ventures soared, largely influenced by substantial merger and acquisition activities.
Deal Count Hits Multi-Year Low
Analysis from observer Colin Wu indicated that April 2025 concluded with merely 66 investment rounds in the cryptocurrency space. This represents the lowest count since February 2021. Compared to the previous month, March 2025, the number of deals declined by 15.4%. More strikingly, this figure is nearly 63% lower than the investment activity recorded in April 2024. Among the sectors attracting the most attention for these deals were projects focused on Real-World Asset (RWA) tokenization and Decentralized Physical Infrastructure Networks (DePIN).
Funding Volume Reaches New Heights
Despite the reduced number of deals, the total funds raised in April 2025 reached an impressive $2.986 billion. This marks the highest capital influx since May 2022. It’s crucial to note that this substantial sum, as reported by Wu, includes capital from mergers and acquisitions (M&A) and other non-traditional funding mechanisms, which significantly inflates the total compared to direct venture investments alone.
Key Transactions Driving April’s Figures
Several large-scale financial activities contributed to the month’s high funding total. Based on data from WuBlockchain, the most prominent deals included:
| Company/Project | Activity | Amount |
| Ripple Labs | Acquisition of brokerage firm Hidden Road | $1.25 billion |
| SOL Strategies | Raised via convertible bonds (sole investor: ATW Partners) | $500 million |
| Bitdeer | Raised through loans and equity capital | Approximately $179 million |
For context, separate reports focusing solely on direct investments (excluding M&A) indicated that 64 crypto projects secured a total of $1.75 billion in April 2025, underscoring the significant impact of including broader financial activities in overall funding assessments.
Chris brings over six years of hands-on experience in cryptocurrency, bitcoin, business, and finance journalism. He’s known for clear, accurate reporting and insightful analysis that helps readers stay informed in fast-moving markets. When he’s off the clock, Chris enjoys researching emerging blockchain projects and mentoring new writers.