Cryptocurrency Primary Market Financing Reaches $8.658 Billion in the First Half of the Year with 259 Financing Events

In the first half of the year, the total financing amount in the cryptocurrency industry was $9.081 billion, with 259 financing events; among them, the primary market financing amount was $8.658 billion, a decrease of 26.1% compared to the same period last year, and the number of financing events decreased by 28.5% year-on-year. March and May were the two peaks for financing amounts, with the number of financing events reaching 66 and 68 respectively; in June, the number of financing events dropped to 43, indicating a cooling in market funding activity. In the first half of 2026, there were a total of 75 merger and acquisition transactions in the cryptocurrency industry, of which 16 disclosed specific amounts (totaling approximately $3.836 billion), mainly concentrated in the CeFi, tools and information services, DeFi, and infrastructure sectors. Notable M&A events include Mastercard's acquisition of BVNK ($1.8 billion) and Kraken's acquisition of Reap ($600 million). Leading cryptocurrency venture capital firms maintained a high frequency of investments, with Coinbase Ventures participating in 25 investments, ranking first, followed by Animoca Brands with 20, and a16z and Tether each participating in 14. Over the past 12 months, Coinbase Ventures participated in a total of 68 investments, continuing to lead the industry. DeFi, infrastructure, and CeFi are the three most active areas for financing, with DeFi completing 129 financing events, infrastructure completing 116, and CeFi completing 69. Overall, the market structure has changed, with the total financing amount supported by a few large transactions, institutional investments becoming more concentrated, and funds shifting towards infrastructure, DeFi, CeFi, payments, AI, and RWA sectors.