Crypto venture capital recovered in 2025, with traditional VC investment climbing to roughly $18.9 billion from $13.8 billion the year prior (The Block Pro). The money came back, but the market that returned looks nothing like 2021. Deal count dropped around 60% year-over-year. Average round sizes surged. According to Galaxy Digital’s research, 57% of all capital went to later-stage companies, the highest share on record.
The pattern has held into Q1 2026, with $6.81 billion raised across just 222 rounds and average deal sizes up over 76% (Crypto-Fundraising.info). Funds are writing bigger checks for fewer projects, and the sectors attracting those checks have narrowed: stablecoins, DeFi infrastructure, and real-world asset tokenization account for the bulk of new commitments, while NFT and GameFi plays have dropped below 10% of total funding (Crypto Fund Research).
For founders and project teams evaluating where to raise, which funds are actively deploying, and what those funds are prioritizing matters more now than in any cycle since 2022. Over 250 crypto VC funds remain active heading into 2026. These are the ones worth paying attention to.
Related resource: Crypto VC Database
The Top Crypto VC Funds
Now, let’s check out some of the notable VC funds in the cryptocurrency industry that are investing in the future:
Jump Crypto
The crypto division of proprietary trading firm Jump Trading operates across investing, infrastructure building, and market-making. Jump contributed core engineering work on Firedancer, a high-performance validator client for Solana, and has continued deploying capital into DeFi infrastructure and onchain derivatives. Its latest disclosed investment was in February 2026. The firm has made over 150 investments to date and remains one of the more technically active crypto VCs, often taking advisory or board roles alongside capital deployment.
Digital Currency Group
DCG is the parent company of Grayscale Investments, crypto media platform CoinDesk (sold to Bullish in 2023), and formerly Genesis Trading, which filed for bankruptcy in January 2023. The Genesis fallout created significant reputational and legal challenges for DCG. The firm has continued investing through its venture arm, with a portfolio spanning over 200 companies across more than 30 countries, including Coinbase, Kraken, Circle, Ledger, and Ripple. DCG remains a structural force in the industry, though its influence has shifted since its pre-2023 peak.
Coinbase Ventures
The investment arm of Coinbase was the most active crypto VC by deal count in Q1 2026, participating in 12 rounds. Since launching in 2018, Coinbase Ventures has backed over 250 projects, including Uniswap, Dune Analytics, Arbitrum, Alchemy, and Magic Eden. Current focus areas include stablecoin payments and finance, crypto-AI intersections, onchain consumer applications, and DeFi infrastructure. The fund operates without traditional fund structures, investing directly from Coinbase’s balance sheet, which gives it flexibility to deploy across market conditions.
YZi Labs (formerly Binance Labs)
Binance Labs rebranded to YZi Labs in January 2025, spinning off as an independent entity operating as the family office of Binance co-founders Changpeng “CZ” Zhao and Yi He. The fund manages a portfolio of over 250 projects across 25 countries, with reported assets exceeding $10 billion. Under returning head Ella Zhang, YZi Labs has expanded its investment scope beyond Web3 to include AI and biotech. CZ now takes a direct mentorship role with portfolio founders. Notable investments include Polygon, Aptos, LayerZero, CertiK, and Injective Protocol.
Paradigm
Founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, Paradigm has raised over $8.5 billion across its funds. The firm closed an $850 million third venture fund focused on early-stage crypto investments. Paradigm operates with an in-house research team that contributes directly to protocol design and open-source development, distinguishing it from pure financial investors. Its portfolio includes Uniswap, Optimism, Magic Eden, Phantom, and Compound, among others.
Andreessen Horowitz (a16z)
a16z crypto has deployed over $7.6 billion into the crypto sector through multiple dedicated funds, making it one of the largest crypto-focused investors globally. General Partner Arianna Simpson has emerged as a leading voice on stablecoin investment strategy, calling stablecoins “the belle of the ball” in 2025. The firm’s portfolio includes Coinbase, Uniswap, Solana, Lido, and EigenLayer. a16z participated in 5 deals in Q1 2026 and remains one of the most influential allocators in the space.
Polychain
Founded by Olaf Carlson-Wee, Coinbase’s first employee, Polychain manages capital across liquid tokens and venture investments. The fund has backed projects including Cosmos, Celo, dYdX, and Mina Protocol. Polychain raised a $200 million fund in 2023 during a period when many competitors were pulling back, signaling long-term conviction. The firm remains active in DeFi and infrastructure deals heading into 2026.
Multicoin
This crypto-native fund manages both liquid token portfolios and venture capital. Multicoin has been heavily concentrated in the Solana ecosystem, which it publicly backed well before Solana’s breakout in 2021. The thesis paid off again in 2024-2025 as Solana outperformed Ethereum and L2 ecosystems across key onchain metrics. Current focus areas include DeFi applications on Solana, crypto-AI convergence, and decentralized physical infrastructure (DePIN). Portfolio includes Helium, Render, and Hivemapper alongside core Solana positions.
Pantera Capital
One of the earliest institutional crypto investors (since 2013), Pantera now manages over $5 billion across five fund strategies. The firm made its largest single investment in 2024, reportedly exceeding $250 million in the TON ecosystem. In 2025, Pantera launched a Digital Asset Treasury (DAT) fund targeting publicly listed companies pursuing crypto treasury strategies. Its broader portfolio includes Circle, Ripple, Polkadot, Coinbase, StarkNet, and Filecoin. The firm’s current investment themes span stablecoins, crypto-AI, DePIN, and next-generation Layer 1 blockchains.
Draper Associates
Founded in 1985 by Tim Draper, the firm has been investing in crypto since the early days of Bitcoin (Draper famously bought 30,000 BTC at a U.S. Marshals auction in 2014). Portfolio positions include Coinbase, Ledger, and Tezos. Draper remains one of the most vocal and publicly bullish crypto investors, frequently making long-term Bitcoin price predictions. The fund also invests in broader tech and continues to back blockchain-adjacent companies.
Framework Ventures
Founded in 2019 by Michael Anderson (ex-Snapchat) and Vance Spencer (ex-Netflix), Framework is a crypto-native venture firm managing approximately $1.4 billion in assets. The firm invests at seed and early stages with check sizes ranging from $250K to $40 million. Current focus areas include DeFi, stablecoins, AI, and blockchain infrastructure. Framework’s portfolio includes Chainlink, Aave, Synthetix, Berachain, and Jito. The firm also operates Framework Labs, which participates in protocol governance, runs validator nodes, and provides hands-on technical support to portfolio companies. In 2025, Framework led a $24 million round for stablecoin company Plasma and co-invested in decentralized energy network Daylight alongside a16z crypto.
Galaxy Digital
Founded by former hedge fund manager Michael Novogratz, Galaxy operates across asset management, trading, and venture investment. In mid-2025, Galaxy closed its first dedicated venture fund (GVF I) at $175 million, focused on stablecoins, tokenized assets, and blockchain-enabled financial services. The firm launched a $100 million crypto hedge fund in Q1 2026. Galaxy’s research division has become a widely cited source on crypto VC trends, noting that 57% of all capital went to later-stage companies in 2025, the highest share on record.
Fabric Ventures
A London- and Luxembourg-based venture firm investing in decentralized networks since 2012, making it one of the longest-running European crypto VCs. Fabric has backed nearly 200 companies, with 9 portfolio unicorns including Coinbase, Ledger, and ConsenSys. The firm invests from pre-seed through growth stages across DeFi, Web3 infrastructure, stablecoins, and decentralized social. In 2025, Fabric co-launched a UK-based Web3 accelerator program with Coinbase, Animoca Brands, and Founders Factory. Recent investments include Lens Protocol, Tapestry (Solana social graph), and stablecoin payments company Loop Crypto. The fund also runs R[3]sidency, an accelerator focused on the intersection of AI and decentralized infrastructure.
Animoca Brands
This Hong Kong-based firm, founded by Yat Siu in 2014, has built one of the largest crypto-focused investment portfolios with stakes in over 500 projects. While Animoca rose to prominence through gaming and metaverse investments (The Sandbox, Axie Infinity, OpenSea, Dapper Labs), its more recent activity has shifted toward digital property rights, open metaverse infrastructure, and tokenized culture. Gaming and NFT-specific deals have cooled significantly, dropping below 10% of total crypto VC funding in 2025, which has pushed Animoca to diversify its thesis.
Union Square Ventures
This firm has invested in over 100 companies such as Stripe, Quizlet, and Stack Overflow, and in the crypto space, it has stakes in Coinbase, Protocol, and Numerai.
The fund leverages networks and protocols to allow trusted companies to broaden access to knowledge and capital.
Dragonfly Capital Partners
This VC firm focuses on investing in revolutionary opportunities in the crypto sector and helps early-stage projects become fully developed crypto-based companies.
Blockchain Capital
Operating since 2013, Blockchain Capital is one of the longest-running crypto venture funds. The firm has backed over 130 companies, including Coinbase, OpenSea, Kraken, Ripple, Circle, and Anchorage. Blockchain Capital invests across both equity and token-based deals, covering DeFi, infrastructure, and regulated digital asset services. The firm continues to be active heading into 2026.
Haun Ventures
Founded by Katie Haun, former General Partner at a16z crypto and former federal prosecutor, Haun Ventures launched in 2022 with $1.5 billion across two funds: a $500 million early-stage fund and a $1 billion acceleration fund. The firm’s LPs include sovereign wealth funds, endowments, and pension funds. Haun’s portfolio spans tokenization, DeFi, and regulated crypto infrastructure, with recent investments including tokenization platform Superstate ($82.5M Series B, January 2026), crypto-native bank Erebor ($350M raise), and decentralized derivatives exchange Lighter ($68M raise). Haun also co-led an $82 million round for crypto life insurance company Meanwhile alongside Bain Capital Crypto in late 2025.
Hack VC
Led by Alex Pack and Ed Roman, Hack VC has been investing in Web3 since 2014 and manages approximately $425 million across multiple funds. The firm closed a $150 million venture fund in mid-2025, focused on later-stage infrastructure, next-generation DeFi, and crypto-AI intersections. Hack VC has made over 250 investments to date and seeded dozens of projects that went on to reach unicorn valuations, including io.net, EigenLayer, and Solayer. The firm co-developed InfiniSVM alongside portfolio company Solayer, a high-performance transaction engine targeting 300,000+ TPS on Solana. Hack VC was also among the most prolific seed-stage investors in infrastructure and DeFi throughout 2025.
Electric Capital
Co-founded by Avichal Garg (former Google, Facebook) and Curtis Spencer, Electric Capital is an engineering-led venture firm that raised $1 billion across a $400 million venture fund and a $600 million token fund. The firm structures its investments with 10-year lockups, allowing it to participate in long-dated token mechanics that most VCs avoid. Electric is widely known for its annual Developer Report, an open-source analysis of over 900 million code commits across 1.7 million repositories, which has become a standard reference for gauging ecosystem health. Portfolio investments include EigenLayer, Magic Eden, Monad, and Frax. The firm publishes ongoing stablecoin and blockchain ecosystem research used across the industry.
Summary
The crypto VC market in 2026 has fewer active funds, larger average rounds, and a much narrower set of sectors attracting capital. Stablecoins, DeFi infrastructure, and real-world asset tokenization dominate new commitments.
For founders preparing to raise, the fund landscape has consolidated in ways that directly affect strategy. Many firms are nearing the end of their deployment runway from prior vintages and have not raised new capital. The ones still writing checks are doing so selectively, with a clear bias toward later-stage projects showing real revenue, regulatory clarity, and proven product-market fit. Knowing which funds are active, what stages they invest in, and where their current thesis sits is no longer background research. It determines whether a pitch lands in front of the right partner or gets filtered out at first glance.
The funds covered in this guide represent the most prominent names shaping crypto venture capital today, from mega-allocators like a16z and Paradigm to crypto-native firms like Multicoin, Dragonfly, and Framework Ventures. Each has distinct preferences by stage, sector, and geography.
For a more complete view, Coinbound maintains a searchable crypto VC database with over 100 active funds, sortable by investment thesis, round size, stage, and location. It is updated monthly and built specifically for Web3 teams navigating the fundraising process.
