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Q1 2026 Crypto Fundraising Report: $6.81B Raised Across 222 VC and M&A Rounds
Published: April 1, 2026
Coverage: January 1 – March 31, 2026
Data Source: Crypto-Fundraising Database
Segments covered: VC/Private Investment · M&A
Total Capital Raised: $6.81B across 222 rounds (137 with disclosed amounts)
Executive Summary
The crypto and Web3 fundraising market recorded $6.81 billion in disclosed capital across 222 rounds (137 with disclosed amounts) in Q1 2026, spanning VC/Private Investment and Mergers & Acquisitions activity. Capital totals are based exclusively on rounds with disclosed amounts; the 85 undisclosed rounds represent additional market activity not captured in dollar figures.
The quarter’s headline dynamic is a sharp contraction in deal count accompanied by resilient capital deployment. Total rounds fell 45.9% versus Q1 2025 (222 vs. 410 rounds), yet disclosed capital declined by a comparatively modest 8.5% ($6.81B vs. $7.45B). This divergence reflects a significant increase in average deal size across both segments — a continuation of the “flight to quality” trend observed throughout 2025.
The quarter was heavily back-loaded: March alone accounted for 65.0% of total Q1 capital ($4.43B), driven by three mega-deals — BVNK’s $1.8B M&A transaction, Kalshi’s $1.0B VC round, and Polymarket’s $600M raise. Excluding these three deals, the underlying market run-rate was considerably more subdued.
Key finding: Deal volume contracted sharply in Q1 2026 (–45.9% vs. Q1 2025), but capital held relatively firm because average disclosed deal sizes rose 76.4% in VC and 72.1% in M&A. Fewer, larger transactions now define market structure.
Market Segmentation Overview
The Q1 2026 market is split across two transaction categories: VC/Private Investment and M&A. Capital totals reflect disclosed amounts only.
| Category | Total Capital Raised | All Rounds | Disclosed Rounds | % of Total Capital | Avg Deal Size | Median Deal Size |
|---|---|---|---|---|---|---|
| VC / Investment | $4,770,303,330 | 183 | 133 | 70.0% | $35,867,000 | $8,000,000 |
| M&A | $2,043,540,476 | 39 | 4 | 30.0% | $510,885,000 | $120,920,000 |
| TOTAL Q1 2026 | $6,813,843,806 | 222 | 137 | 100.0% | — | — |
Important — M&A disclosure gap: Only 4 of 39 M&A transactions (10.3%) have disclosed values. The $2.04B M&A capital figure therefore represents a significant undercount of actual consolidation activity. Investor counts include all M&A rounds regardless of disclosure status.
Quarter-on-Quarter Comparison: Q1 2025 vs Q1 2026
Capital figures reflect disclosed rounds only; round counts include all transactions including undisclosed.
| Category | Q1 2025 Capital | Q1 2025 Rounds | Q1 2026 Capital | Q1 2026 Rounds | Capital Change | Round Count Change | Avg Deal Change |
|---|---|---|---|---|---|---|---|
| VC / Investment | $5,368,470,000 | 358 | $4,770,303,330 | 183 | –11.1% | –48.9% | +76.4% |
| M&A | $2,078,100,000 | 52 | $2,043,540,476 | 39 | –1.7% | –25.0% | +72.1% |
| TOTAL MARKET | $7,446,570,000 | 410 | $6,813,843,806 | 222 | –8.5% | –45.9% | — |
VC / Investment Market
Venture capital activity fell sharply in deal volume — from 358 to 183 rounds (–48.9%) — while total disclosed capital declined a more moderate 11.1%, from $5.37B to $4.77B. The average disclosed VC deal size grew from $20.3M to $35.9M, a 76.4% increase. The median deal at $8M signals that large outliers (particularly Kalshi at $1.0B and Polymarket at $600M) are pulling the average up substantially. The underlying bulk of VC activity remains in the single-digit to low tens of millions range.
M&A Market
M&A capital was nearly flat year-on-year (–1.7%), moving from $2.08B to $2.04B across a reduced deal count (52 → 39 rounds). The disclosed-only caveat is critical here: only 4 of 39 Q1 2026 M&A transactions had public valuations. The $1.8B BVNK acquisition alone represents 88.1% of all disclosed M&A capital for the quarter, making the segment figure highly sensitive to a single transaction.
Monthly Timeline: January – March 2026
Q1 2026 showed a pronounced ramp pattern, with capital activity concentrated in March due to three large transactions closing in the final two weeks of the quarter.
| Month | Total Capital | All Rounds | Disclosed Rounds |
|---|---|---|---|
| January 2026 | $1,696,434,476 | 72 | 48 |
| February 2026 | $686,450,000 | 63 | 35 |
| March 2026 | $4,430,959,330 | 87 | 54 |
| Q1 2026 Total | $6,813,843,806 | 222 | 137 |
January started the quarter at a moderate pace ($1.70B across 72 rounds), with a diversified deal mix across Finance/Banking, Payment, and Real-World Assets. February was the quarter’s weakest month ($686M, 63 rounds), with no mega-deals and the lowest disclosed deal count. March surged to $4.43B driven primarily by three transactions: BVNK (M&A, $1.80B), Kalshi (VC, $1.00B), and Polymarket (VC, $600M). These three deals alone represent $3.40B — 76.8% of March capital and 49.9% of the entire quarter’s disclosed capital.
Top 10 Deals of Q1 2026
The 10 largest disclosed transactions by round value, covering both VC/Investment and M&A segments.
| # | Project | Category | Round Type | Segment | Amount | Date |
|---|---|---|---|---|---|---|
| 1 | BVNK | Payment | M&A | M&A | $1,800,000,000 | Mar 17, 2026 |
| 2 | Kalshi | Prediction Markets | Unknown | VC / Investment | $1,000,000,000 | Mar 19, 2026 |
| 3 | Polymarket | Prediction Markets | Unknown | VC / Investment | $600,000,000 | Mar 27, 2026 |
| 4 | Rain | Payment | Series C | VC / Investment | $250,000,000 | Jan 9, 2026 |
| 5 | Whop | Marketplace | Unknown | VC / Investment | $200,000,000 | Feb 25, 2026 |
| 6 | BlackOpal | Real-World Assets | Unknown | VC / Investment | $200,000,000 | Jan 8, 2026 |
| 7 | LMAX Group | Finance / Banking | Unknown | VC / Investment | $150,000,000 | Jan 15, 2026 |
| 8 | Alpaca | API | Series D | VC / Investment | $150,000,000 | Jan 14, 2026 |
| 9 | Tres Finance | Tax & Accounting | M&A | M&A | $130,000,000 | Jan 7, 2026 |
| 10 | 3iQ | Finance / Banking | M&A | M&A | $111,840,476 | Jan 8, 2026 |
The top 10 deals collectively raised $4.59B, representing 67.4% of all disclosed Q1 2026 capital. The top 3 deals alone account for 49.9% of the quarter’s total. Payment and Prediction Markets are the two defining sectors at the mega-deal level, together generating $3.65B across just 4 transactions.
Sector Analysis
Breakdown by project_main_category only — no double-counting across additional categories. Based on disclosed rounds across both VC and M&A segments.
| Rank | Category | Capital Raised | Disclosed Deals | % of Total Capital |
|---|---|---|---|---|
| 1 | Payment | $2,385,300,000 | 17 | 35.0% |
| 2 | Prediction Markets | $1,716,000,000 | 11 | 25.2% |
| 3 | Finance / Banking | $834,647,476 | 25 | 12.2% |
| 4 | Real-World Assets | $284,300,000 | 7 | 4.2% |
| 5 | Marketplace | $255,000,000 | 2 | 3.7% |
| 6 | Infrastructure | $184,022,330 | 12 | 2.7% |
| 7 | Tax & Accounting | $175,000,000 | 2 | 2.6% |
| 8 | API | $150,000,000 | 1 | 2.2% |
| 9 | Social Network | $100,000,000 | 1 | 1.5% |
| 10 | DeFi | $88,730,000 | 5 | 1.3% |
Payment leads all categories with $2.39B across 17 deals, anchored by the BVNK $1.8B M&A transaction and Rain’s $250M Series C. Prediction Markets ranks second with $1.72B across 11 deals — entirely driven by Kalshi ($1.0B) and Polymarket ($600M), both closing in the final 12 days of March. Finance/Banking is the most active sector by deal count (25 deals) with $835M raised. Together, the top 3 categories account for 72.4% of all disclosed Q1 capital.
VC Round Stage Distribution
Distribution across 133 disclosed VC/Investment rounds. “Unknown” refers to rounds where the specific funding stage was not publicly disclosed.
| Round Stage | Disclosed Deals | Total Capital | Avg Deal Size | Median Deal Size |
|---|---|---|---|---|
| Unknown Stage | 39 | $2,721,607,000 | $69,785,000 | $8,000,000 |
| Series B | 11 | $518,400,000 | $47,127,000 | $45,000,000 |
| Series C | 4 | $435,000,000 | $108,750,000 | $72,500,000 |
| Series A | 17 | $370,450,000 | $21,791,000 | $14,200,000 |
| Seed | 37 | $251,774,000 | $6,805,000 | $5,500,000 |
| Strategic | 12 | $249,000,000 | $20,750,000 | $11,500,000 |
| Series D | 1 | $150,000,000 | $150,000,000 | $150,000,000 |
| Private | 2 | $57,500,000 | $28,750,000 | $28,750,000 |
| Pre-seed | 9 | $15,772,330 | $1,752,000 | $1,500,000 |
| Angel | 1 | $800,000 | $800,000 | $800,000 |
The “Unknown” category carries the most capital ($2.72B across 39 deals), but its median of $8M shows it encompasses a wide range — the two Prediction Market mega-deals (Kalshi $1B, Polymarket $600M) fall here. Among stage-identified rounds, Series C leads in average deal size ($108.8M). Seed remains the most active identified stage by deal count (37 deals) with a median of $5.5M, signaling that early-stage activity continues at a baseline level despite the overall volume contraction.
Most Active Investors
Ranked by deal participation count across VC/Investment rounds only. Includes both lead and non-lead investor positions. Each investor is counted once per round.
| Rank | Investor | Deal Count (Q1 2026) |
|---|---|---|
| 1 | Coinbase Ventures | 12 |
| 2 | Tether | 8 |
| 3 | Animoca Brands | 7 |
| 4 | CMT Digital | 6 |
| 5 | Andreessen Horowitz (a16z crypto) | 5 |
| 5 | Castle Island Ventures | 5 |
| 5 | Big Brain Holdings | 5 |
| 5 | Galaxy Digital | 5 |
| 9 | Maelstrom | 4 |
| 9 | Lightspeed Faction | 4 |
| 9 | Becker Ventures | 4 |
| 9 | Cryptogram Venture (CGV) | 4 |
| 9 | Ripple | 4 |
| 9 | Pantera Capital | 4 |
| 9 | Franklin Templeton | 4 |
Coinbase Ventures was the most active investor in Q1 2026 with 12 VC deal participations — more than double the next most active firm (Tether at 8). Notably, Franklin Templeton‘s presence in the top 15 (4 deals) reflects continued traditional finance engagement in the crypto fundraising market.
Data Methodology & Notes
- Data source: Crypto-Fundraising Database, snapshot as of April 1, 2026.
- Coverage period: January 1 – March 31, 2026.
- Segments covered: VC/Private Investment and M&A only. Public Sale and IPO transactions are excluded from all figures.
- Capital totals are based exclusively on rounds with disclosed amounts. Rounds with undisclosed amounts are counted in deal totals but excluded from all capital calculations.
- Disclosure rate: 137 of 222 rounds (61.7%) had disclosed amounts as of the data snapshot date.
- M&A disclosure gap: Only 4 of 39 M&A transactions (10.3%) disclosed deal values. M&A capital figures represent a significant undercount of actual consolidation activity.
- Segment definitions: M&A = rounds classified as “M&A” in the database. VC/Investment = all other round types (Seed, Pre-seed, Angel, Series A–D, Strategic, Private, Unknown, Grants). Round type “Unknown” indicates the stage was not publicly disclosed.
- Category analysis uses project main category exclusively to avoid double-counting.
- QoQ comparison base: Q1 2025 = January 1 – March 31, 2025, same methodology applied.
Frequently Asked Questions
How much was raised in crypto fundraising in Q1 2026?
The crypto and Web3 fundraising market raised $6.81 billion in disclosed capital across 222 rounds (VC/Investment and M&A segments combined) in Q1 2026 — January 1 through March 31, 2026. This figure covers only rounds with publicly disclosed amounts; 85 additional rounds closed without disclosing their values.
How does Q1 2026 compare to Q1 2025 in crypto fundraising?
Disclosed capital declined 8.5% year-over-year ($7.45B in Q1 2025 vs. $6.81B in Q1 2026), but deal count fell sharply by 45.9% (410 rounds in Q1 2025 vs. 222 in Q1 2026). The average VC deal size grew 76.4% — from $20.3M to $35.9M — indicating that capital became concentrated in fewer, larger transactions.
What was the biggest crypto fundraising deal in Q1 2026?
The largest disclosed transaction in Q1 2026 was the acquisition of BVNK (Payment sector) for $1.8 billion, classified as an M&A deal and announced on March 17, 2026. It accounted for 88.1% of all disclosed M&A capital for the quarter.
Which crypto sectors attracted the most investment in Q1 2026?
Payment led all sectors with $2.39B raised across 17 deals (35.0% of total capital), followed by Prediction Markets with $1.72B across 11 deals (25.2%), and Finance/Banking with $835M across 25 deals (12.2%). Together these three sectors captured 72.4% of all disclosed Q1 2026 capital.
Which crypto investors were most active in Q1 2026?
Coinbase Ventures led all investors with 12 VC deal participations in Q1 2026, followed by Tether (8 deals), Animoca Brands (7 deals), and CMT Digital (6 deals). Andreessen Horowitz (a16z crypto), Castle Island Ventures, Big Brain Holdings, and Galaxy Digital each participated in 5 deals.
Why did crypto deal count drop so much in Q1 2026?
The total round count for VC and M&A dropped 45.9% compared to Q1 2025 (222 vs. 410 rounds). The data shows a continued “flight to quality” dynamic: investors concentrated capital in fewer, higher-conviction opportunities rather than spreading across a broad deal pipeline. This pattern — fewer rounds but larger average check sizes — was already evident throughout 2025.
Which month in Q1 2026 had the most crypto fundraising activity?
March 2026 was by far the strongest month, with $4.43B raised across 87 rounds — representing 65.0% of the entire quarter’s disclosed capital. This spike was driven by three deals closing in the final two weeks of March: BVNK ($1.8B M&A), Kalshi ($1.0B VC), and Polymarket ($600M VC). February was the weakest month at $686M across 63 rounds.
What is the M&A disclosure gap in the Q1 2026 data?
Only 4 of 39 M&A transactions (10.3%) in Q1 2026 disclosed their deal values. The reported M&A total of $2.04B therefore represents a significant undercount of actual consolidation activity. The remaining 35 M&A rounds are included in deal counts but excluded from all capital calculations.
What stage of funding was most active in Q1 2026 VC rounds?
By deal count, Seed was the most active identified stage with 37 disclosed deals (median $5.5M). By capital, Series B and Series C dominated among named stages with $518M and $435M respectively. The largest share of VC capital — $2.72B across 39 deals — came from rounds where the funding stage was not publicly disclosed (“Unknown” stage).
Where does this data come from?
All data is sourced from the Crypto-Fundraising Database (crypto-fundraising.info), the largest and most complete database of fundraising rounds in the crypto and Web3 space. The data snapshot used for this report was taken on April 1, 2026. Coverage period: January 1 – March 31, 2026.
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© 2026 Crypto-Fundraising · crypto-fundraising.info · Published April 1, 2026
All figures based on disclosed data from the Crypto-Fundraising Database. Not financial advice.