Объем венчурных инвестиций в криптоиндустрию в III квартале вырос до $4,6 млрд — Galaxy Digital

cryptonews.ruPublished on 2025-05-24Last updated on 2025-11-25

Объем венчурных инвестиций в индустрию цифровых активов в июле-сентябре составил $4,65 млрд. Об этом говорится в отчете Galaxy Digital.

Половина указанной величины пришлась на семь сделок, включая раунд Revolut на $1 млрд. Метрика выросла на 290% относительно II квартала и немного уступила значению I квартала ($4,8 млрд).

«Секторы вроде стейблкоинов, искусственного интеллекта, инфраструктуры блокчейна и торговли продолжают закрывать раунды, а предпосевные инвестиции остаются стабильными», — отметили в компании.
Динамика венчурных инвестиций в криптоиндустрию. Источник: Galaxy Digital.

Текущие показатели в высокой степени уступают тем, которые наблюдались незадолго до коллапса FTX в ноябре 2022 года (на пике квартальное значение достигло почти $12 млрд).

По теме: объем венчурных инвестиций в криптоиндустрии во втором квартале превысил $10 млрд

Небольшое количество сделок

В III квартале венчурные инвесторы закрыли 414 раундов, семь из которых сформировали половину полученного стартапами капитала.

В этом списке — Revolut с $1 млрд, Kraken с $500 млн и Erebor с $250 млн.

На долю учрежденных в 2018 году компаний пришлась большая часть привлеченных средств. Основанные в 2024 году фирмы заключили наибольшее число сделок.

«Доля сделок на предпосевной стадии постоянно снижается по мере взросления индустрии. […] Все более вероятно, что золотая эра венчурных инвестиций в цифровые атаки на раннем этапе позади», — указали специалисты.

По теме: в 2025 году крипторынок стал зрелым и глобальным — отчет a16z

Смещение фокуса на криптоказначейские компании и ETF

Предыдущие буллраны в 2017 и 2021 годах характеризовались высокой корреляцией между венчурной активностью и ценами на ликвидные криптовалюты. В последние два года бычий рынок сопровождался более сдержанной активностью со стороны венчурных инвесторов.

Динамика BTC/USD и инвестированного капитала венчурными инвесторами. Источник: Galaxy Digital.
«Стагнация обусловлена рядом факторов, таких как снижение интереса к ранее популярным секторам вроде игр, NFT и Web3; конкуренция со стороны стартапов в области ИИ; а также более высокие процентные ставки, которые в целом снижают мотивацию венчурных инвесторов», — говорится в обзоре.

Спотовые биржевые продукты и криптоказначейские компании также могут концентрировать на себе внимание инвесторов. Препятствия создают и макроэкономические тенденции. В Galaxy Digital рассчитывают, что изменения в регуляторной среде вернут венчурную активность к прежним показателям.

«Мы ожидаем усиления доминирования США, когда GENIUS Act вступил в силу, и в дальнейшем в случае принятия Конгрессом CLARITY Act», — заключили эксперты.

По теме: CLARITY, GENIUS и Anti-CBDC: как новое регулирование в США повлияет на криптоиндустрию

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