Crypto Valley VC funding up 37% to $728M in 2025

Crypto Valley raised $728 million in 2025, a 37% increase from $531 million in 2024, across 31 disclosed deals, CV VC’s annual report released Wednesday found. The Open Network’s $400 million round accounted for more than half of the region’s venture investment.

Globally, blockchain venture funding rose 30% to $15.5 billion across 986 deals in 2025, while the number of blockchain deals declined, the report showed.

Network-focused projects attracted 62% of Crypto Valley’s funding. Infrastructure companies received 14%, centralized financial services 10% and decentralized finance applications 10%. After TON’s $400 million raise, the largest financings were Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million.

Firms based in the canton of Zug accounted for 20 of the 31 disclosed deals and 88% of reported capital. Zurich-based companies completed five deals. CV VC’s data show Crypto Valley hosted 1,766 active blockchain companies in 2025, a 134% increase since 2020.

The number of unicorns in Crypto Valley fell to 10 in 2025 from 17 in 2024. A Crypto Valley spokesperson attributed the decline mainly to weaker market conditions late in the year that pushed six token projects below the $1 billion valuation threshold. The spokesperson also said 21Shares exited the ecosystem after being acquired by FalconX.

Mathias Ruch, founder and CEO of Crypto Valley, described the result as evidence of a maturing ecosystem focused on infrastructure, finance and the convergence of technologies driving digital innovation.

The report noted a broader industry pattern in 2025: rising aggregate funding totals driven by a small number of very large rounds, alongside a decline in deal volume and in some valuations.