Fundraising by crypto businesses reached over $25 billion in 2025, shattering analysts’ expectations that companies would raise just north of $18 billion. The top 10 raises alone brought in over $10 billion, DefiLlama data shows. Leading investors this year include not only tech-centric firms like Paradigm and Sequoia Capital, but also white-shoe stalwarts BlackRock, JP Morgan, and Goldman Sachs. The blockbuster deals underscore the convergence between crypto and traditional financial institutions, acc ...