[Q3 Crypto Industry Venture Capital Totals $4.65 Billion, Up 290% QoQ] A research report published by Galaxy Digital reveals that the total venture capital investment in the crypto industry reached $4.65 billion in the third quarter of 2025, marking a 290% quarter-over-quarter increase. This is the second-highest record since the FTX collapse in 2022, second only to the $4.8 billion recorded in the first quarter of this year. A total of 414 deals were completed this quarter, with seven major transactions—including Revolut's $1 billion financing and Kraken's $500 million financing—accounting for half of the total funding. U.S. companies received 47% of the investment amount, while companies in Singapore and the U.K. accounted for 7.3% and 6.8%, respectively. Research director Alex Thorn pointed out that areas such as stablecoins, AI, and blockchain infrastructure continue to attract capital, though the proportion of Pre-seed investments has declined. The report also mentioned that venture capital activity remains below the levels seen during the 2021-2022 bull market, influenced by factors such as reduced enthusiasm for gaming and NFTs, capital diversion to AI, and the interest rate environment. Meanwhile, regulated investment channels like spot ETFs are competing with traditional venture capital for institutional funds.