Venture capital investors are ploughing billions into crypto startups and not even October’s $500 billion market wipeout is scaring them off. In fact, they’re likely to accelerate their backing of the industry in 2026.
That’s according to Eva Oberholzer, chief investment officer at VC firm Ajna Capital, who told DL News that investors are now shopping for “real revenue, unit economics, and risk controls across treasury, counterparty, and leverage.”
The October flush forced many venture investors into diligence mode, Oberholzer said, but good teams will still be funded, especially in areas like blockchain infrastructure and real-world assets.
“Base case is a quieter Q4 as diligence bites, then a gradual pickup if markets stabilise,” Oberholzer said. “Real-money allocators typically act after a reset and two stable quarters, pointing to late Q4 2025 into Q1 2026 for larger allocations.”
Oberholzer’s comments come as 12 crypto companies raised over $666 million in the first week of November, according to DefiLlama data.
That brings the total funding for crypto companies to $22 billion so far in 2025, doubling 2024’s total. Codebase and Galaxy Ventures are among investors who expect $25 billion to be doled out to crypto startups this year.
And analysts say investment into crypto ventures will accelerate in 2026. The argument? That the regulatory windfalls in the US will fuel investors’ bullishness into next year.
Those victories include industry supporters in key government positions, a smattering of pro-sector executive orders, the signing of a landmark stablecoin law, an inbound markets bill, and President Donald Trump’s continued backing of the industry.
For Oberholzer, this will translate into a a “funding resurgence” by mid-2026. She expects more institutional commitments to crypto-native managers, direct institutional involvement in protocols, and continued community participation.
Here are the crypto companies that raised the most money so far in November.
Ripple Labs, $500 million
Ripple tripled its valuation to $40 billion following a $500 million strategic funding round announced on November 5, its largest capital raise since 2019.
Major Wall Street heavyweights backed the round. Backers included Citadel Securities, Fortress Investment Group, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Ripple said the move would deepen its ties to financial partners and support expansion into new business lines.
The blockbuster raise underscores financial institutions’ broader rush into crypto, spurred by new stablecoin regulations.
Kraken’s secured a $15 billion valuation earlier this year when it raised money for an acquisition. A person familiar with the matter has told The Information that the crypto exchange is now raising money at a $20 billion valuation.
Coinbase, Circle and Gemini now respectively trade at $78 billion, $25 billion and $1.8 billion market caps.
Founded in 2012, Ripple uses the XRP Ledger to offer blockchain-powered cross-border payments. But the firm is expanding its remit.
In the past year, it acquired GTreasury for $1 billion, and non-bank prime broker Hidden Road for $1.25 billion, moves aimed at treasury and institutional finance.
The company aims to compete with established leaders including Circle, Stripe, and Western Union as the industry embraces stablecoin-based payment rails.
Canaan Inc, $72 million
Canaan Inc., the Nasdaq-listed crypto mining and high-performance computing company, announced on November 4 that it landed $72 million in strategic equity investment from top-tier institutional investors Brevan Howard’s BH Digital, Galaxy Digital, and Weiss Asset Management.
The deal, structured as a direct purchase of 63.7 million American depositary shares at $1.13 each, involves no warrants, derivatives or other complex instruments, a move the company says reflects investor confidence in its fundamentals and long-term strategy.
“This straightforward equity deal marks a significant turning point in our capital strategy,” said Canaan CEO Nangeng Zhang. “It aligns us with fundamentals-driven investors and reinforces our commitment to growing the Bitcoin ecosystem through every market cycle.”
Future Holdings, $34 million
Swiss Bitcoin treasury firm Future Holdings secured over $34 million in a strategic funding round to develop what it calls “Europe’s premier Bitcoin treasury company,” the company announced November 5.
Backed by investors Fulgur Ventures, Nakamoto, and TOBAM, the raise signals growing institutional appetite for Bitcoin-native financial infrastructure in Europe.
The firm holds Bitcoin on its balance sheet and offers treasury management, custody infrastructure, institutional research, and advisory services, aiming to connect Bitcoin with global capital markets through a regulated, Swiss-based gateway.
You’re reading the latest installment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.
