加密风投 2025：融资难背后的新趋势

深潮Published on 2025-07-11Last updated on 2025-07-11

加密货币正在引领风险投资进入一个公私融合、流动性更高的新时代。

作者：Mason Nystrom

编译：深潮TechFlow

为创始人提供有关加密货币融资现状的一些见解，以及我个人对加密货币 VC 未来的一些预测。

话说在前：融资环境艰难，因为上游DPI（深潮注：按市值加权的指数，用于追踪去中心化金融(DeFi)资产在加密货币市场中的表现）和LP的资金挑战，纵观整个 VC 领域，基金在相同时间段内向LP返还的资金与以往相比有所减少。

这反过来导致现有和新创VC获得的净资本减少，最终导致创始人的融资环境更加艰难。

这对加密企业意味着什么？

2025 年交易放缓，但与 2024 年的资本部署步伐相匹配。

- 交易数量放缓可能与许多 VC 接近基金末期，可供部署的资金较少有关。

- 一些大型交易仍由大型基金完成，因此资本部署速度与前两年持平。

过去两年，加密货币并购交易持续改善，这预示着流动性和退出机会的良好发展。近期发生的包括 NinjaTrader、Privy、Bridge、Deribit、HiddenRoaad 等在内的大型并购交易，预示着整合和承销更多加密股权风险投资的好兆头。

过去一年，交易数量相对稳定，2024年第四季度和2025年第一季度有一些规模较大、处于后期阶段的交易完成（或宣布）。

这主要是因为更多交易属于早期的Pre-seed、种子轮和加速器阶段，这些阶段的资金总是比较充裕。

加速器和 Launchpad 引领各阶段交易数量

自 2024 年以来，市场上出现了大量的加速器和 Launchpad 平台，这可能反映了更为严峻的资本环境以及创始人选择更早地推出代币。

早期阶段交易规模中位数回升

Pre-seed融资规模持续同比增长，表明市场在早期阶段仍拥有充足的资金。种子轮、A轮和B轮融资中位数已接近或回升至2022年的水平。

加密VC未来阶段预测

1：代币将成为主要投资机制

从代币和股权的双重结构转向单一资产增值的统一结构。一种资产，一个价值增值的故事。

原推文链接：点击此处

2：金融科技与加密VC的融合

每一位金融科技投资者都在转型成为加密货币投资者，因为他们希望投资于下一代支付网络、新型银行和代币化平台，而这些都建立在加密货币轨道之上。

加密 VC 的竞争即将到来，许多尚未投资稳定币/支付领域的加密 VC 将难以与经验丰富的金融科技VC竞争。

3：流动性风险投资的兴起

“流动性风险投资” ——流动性代币市场中的风险投资机会。

流动性——公共资产/代币的流动性意味着更快的流动性。

可访问性——在私人风险投资中，获得准入并不容易，而流动性风险投资意味着投资者并不总是需要赢得交易，他们可以直接购买资产。场外交易期权也可用。

仓位调整——由于公司更早发行代币，这意味着小型基金仍然可以建立有意义的仓位，大型基金也可以类似地部署到市值更大的流动性资产中。

资金配置——许多表现最佳的 VC 历史上都将其风险资金持有为 BTC 和 ETH 等代币，这些代币已产生超额回报。我个人认为，在熊市周期中，VC 提前调用更多资金，这种情况将变得更加正常。

加密货币将继续引领 VC 的前沿

公私资本市场的融合是风险投资的发展方向，随着企业推迟上市，更多传统 VC 选择在流动性市场（IPO后持有工具）或二级市场进行投资。加密货币正处于风险投资的前沿。

加密货币持续在新的资本市场形成方面进行创新。而且，随着越来越多的资产转移到链上，更多公司将着眼于链上优先的资本形成。

最后，加密货币的收益往往比传统风险投资更具幂律性（深潮注：在幂律分布中，大部分事件的发生概率很小，而极少数事件的发生概率很大。），顶级加密资产竞相成为主权数字货币和新金融经济的底层。这种分散性将更大，但加密货币的超幂律和波动性将继续推动资本进入加密货币风险投资领域，寻求非对称回报。

 

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