VCs Back Crypto Startups with $1.15B in June
June’s Funding Numbers at a Glance
140 Deals and $1.15 Billion – A Steady Climb
June 2025 brought a notable surge in momentum for the blockchain and Web3 ecosystem. According to data from Messari, crypto startups collectively secured $1.15 billion across 140 deals. That’s a 3% increase in total capital raised and a 9% rise in deal volume compared to May.
While those might sound like modest numbers, context matters.
We’re witnessing consistent engagement across early-stage protocols, token-centric ventures, and compliance-forward fintechs, all of which suggest that investor confidence is gradually returning.
Source: Messari Data of: June 30,2025 Note: Fundrasing data excludes post- IPO debt, debt financing, and IPO rounds.
How This Compares to May 2025
May’s numbers were solid, but June took things further. The uptick in deal volume may be more telling than the funding itself. Investors are not just allocating capital, they’re diversifying their bets and reengaging with earlier-stage opportunities, which typically require more conviction and vision.
Kalshi Grabs the Spotlight
$185M Raised at a $2B Valuation
Kalshi’s headline-making raise dominated the June landscape. With $185 million in fresh capital and a valuation reaching $2 billion, the prediction market startup is now firmly on the radar of institutional and retail investors alike. Backers include some of the biggest names in venture, Paradigm, Sequoia Capital, Multicoin, and even Citadel’s CEO Peng Zhao.
This is more than a big number; it signals strategic faith in Kalshi’s unique model.
Betting on Real-World Events
Kalshi’s platform allows users to trade on real-world events, political, economic, and even sports-related. Its legal victory over the U.S. Commodity Futures Trading Commission (CFTC) earlier this year paved the way for broader adoption.
With new funds, Kalshi is planning deeper integration with mainstream brokers and introducing new contract types. This could mean the arrival of legally-compliant prediction markets for a wide spectrum of traders.
Digital Asset and the Canton Network’s Institutional Bet
$135M for Enterprise-Grade Blockchain
Digital Asset, known for its Canton Network, secured $135 million in strategic funding led by DRW Venture Capital and Tradeweb Markets. This round aims to scale its enterprise blockchain protocol, designed to tokenize real-world assets like bonds and funds.
What’s compelling here isn’t just the size of the round, but the direction it points toward: institutional-grade blockchain use.
Canton’s Role as a Bridge Protocol
Canton operates as an interoperable layer for financial institutions looking to tokenize traditional assets. It enables seamless communication between different systems without compromising performance or regulatory compliance.
The latest raise underscores a growing consensus: enterprise blockchain is not a buzzword, it's becoming operational.
The Return of Token Sales
$100M for World Liberty Finance
World Liberty Finance made waves by raising $100 million in a private token distribution for its USD1-pegged stablecoin. The return of such sizable token sale rounds marks a notable shift in capital formation strategies.
These deals aren’t just about coins anymore, they’re part of hybrid fundraising models blending equity and token offerings, catering to both traditional VCs and crypto-native investors.
Zero-Knowledge and Privacy-First Plays
Eigen Labs brought in $70 million to enhance zero-knowledge (ZK) tooling for its projects, including EigenLayer and EigenDA. Privacy and scalability are top of mind for investors in the ZK space, and Eigen's momentum reflects a strong appetite for infrastructure that balances both.
Spotlight on Zama FHE and Homomorphic Encryption
A $57M Series B Round
Zama FHE raised $57 million at a $1 billion valuation, emphasizing the potential of fully homomorphic encryption (FHE). Pantera Capital and BlockChange Ventures led the round, betting on tech that has long been considered the “holy grail” of data privacy.
Use Cases from Healthcare to Finance
FHE allows computations on encrypted data, which is critical for sectors like healthcare, finance, and government. Zama's ability to turn theoretical security into practical applications may redefine how smart contracts operate across sensitive data sets.
New Funding Models Taking Shape
Hybrid Deals are Becoming Standard
One clear trend from June is the emergence of hybrid funding rounds. Founders are now combining equity investment with token distributions to capture a broader range of capital sources.
This structure provides strategic flexibility—startups can attract regulatory-savvy VCs alongside crypto-native funds who want exposure to token upside.
Equity + Tokens = The Future
It’s no longer a novelty. These dual-structure rounds are becoming best practice for Web3 startups looking to scale responsibly while keeping one foot firmly in the decentralized world.
A Look Ahead: H2 2025 and Beyond
Prediction Market Rivalries to Watch
With Kalshi's massive round, the heat is on for rivals like Polymarket, which is reportedly working on its own $200 million round. The second half of 2025 may shape up to be a defining era for the prediction market sector.
Expect these platforms to compete not only on contract variety but also on legal clarity, user trust, and interface accessibility.
Canton’s Institutional Scaling Challenge
Digital Asset's task now is execution, onboarding the promised financial institutions and expanding tokenized assets at scale. The burden of proof lies in showing that blockchain can match legacy systems in security, uptime, and interoperability.
What This Means for Web3 Builders
Signals of Investor Confidence
From zero-knowledge tools to tokenized assets and prediction platforms, the spread of funding indicates that VCs are increasingly focused on utility, compliance, and scalability. Flashy ideas are out; foundational tech is in.
Opportunity for Startups with Solid Tech
This is the moment for startups with clear value propositions and resilient infrastructure to stand out. Builders focused on real-world integrations, regulatory compatibility, and scalability will likely benefit most from this capital influx.
FAQs on June 2025 Crypto Startup Funding
Why is Kalshi's raise so significant?
It validates the prediction market model and signals institutional comfort with trading on real-world outcomes.
Are token sales really back?
Yes, and they’re being used alongside traditional funding models to offer greater flexibility.
What's the appeal of zero-knowledge tech?
It allows private, scalable, and secure operations, ideal for complex, compliance-heavy industries.
What’s a hybrid funding model?
A deal that includes both equity and token components to attract a wider investor base.
Will this momentum last?
If product-market fit continues and regulations stay favorable, the trend should sustain into late 2025.
What sectors are VCs most interested in?
Infrastructure, institutional finance, privacy tech, and real-world asset tokenization.
Final Thoughts: Innovation Capital is Flowing Again
It’s hard to ignore the signal from June 2025, crypto funding isn’t just back, it’s maturing.
With careful capital deployment and strategic bets on scalable technology, the industry is moving toward a more sustainable future. Startups that blend technical depth with user-facing value will be the ones shaping the next era of Web3.
Ready to Build in Web3? Let SpaceDev Guide You Forward
At SpaceDev, we specialize in turning visionary blockchain ideas into scalable, enterprise-ready products. Whether you're building the next Kalshi or designing your own interoperable protocol like Canton, our team is here to architect, develop, and scale your Web3 solution.
