Crypto Valley funding up 37% in 2025 as TON's $400M round leads

Crypto Valley emerged as a dominant European blockchain hub in 2025, raising $728 million across 31 disclosed deals, according to an annual report cited by Cointelegraph and released by venture firm CV VC. A single transaction — The Open Network (TON)'s $400 million round — accounted for the bulk of the year's inflows and materially boosted the region's totals.

The data show a shift toward larger, concentrated financings: Crypto Valley's total rose about 37% from $531 million in 2024 even as deal counts remained relatively modest. Sector allocation in the report highlights networks (blockchain protocols) capturing 62% of funding, infrastructure at 14%, centralized financial services at 10% and decentralized finance (DeFi) applications at 10%. Other notable rounds included Sygnum Bank ($58m), stablecoin platform M0 ($40m), Impossible Cloud Network ($34m) and CratD2C ($30m).

Geography and concentration were key features: companies based in Zug accounted for 20 of the 31 deals and roughly 88% of disclosed capital, underscoring Zug's central role within Crypto Valley. The report also calculated that Crypto Valley captured about 47% of Europe's blockchain venture capital in 2025, while global blockchain venture funding reached $15.5 billion across 986 deals, indicating a broader market rebound concentrated in larger late-stage and infrastructure transactions.

The findings suggest an ecosystem that is maturing and consolidating. While headline valuation metrics and unicorn counts showed some retracement—partly tied to weaker market conditions late in the year—the concentration of capital into bigger rounds signals increased investor confidence in established projects and infrastructure plays. CV VC comments point to regulatory clarity, local expertise and supportive institutions as persistent comparative advantages for the region.

Market participants expect the near-term trend to favor larger, infrastructure- and finance-oriented deals, with capital continuing to flow to projects demonstrating clear product-market fit and regulatory readiness. However, sustaining the momentum will depend on macro liquidity, regulatory developments across key jurisdictions and execution by portfolio companies; absent these, the pattern of fewer but larger transactions may temper over the medium term.