Today's News Recap
Mining Merger - Trump-affiliated mining firm American Bitcoin to go public via merger with Gryphon Digital.
Derivatives Powerplay - Bitcoin Eyes Record High Above $109K as U.S Reaches Trade Deal with China, Inflation Data Looms.
Bill Blocked - Senate Democrats Block Stablecoin Bill Amid Trump Family Crypto Ventures and Ban Proposal on Crypto Promotion.
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Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Decentralized AI Verification Layer
Consensus and Transparency Infrastructure
Modular AI Middleware
Incentivized Node Ecosystem
Layer-1
Smart Contract Ecosystem
Digital Identity & Economy
Token Utility and Governance
Gaming-First Activity Layer
Diversified DeFi Stack
High-Performance Infrastructure
Incentive-Led Ecosystem Growth
Messari Research
State of Crypto Fundraising: Q1 2025
By: Jake Koch-Gallup
In Q1 2025, crypto fundraising and M&A activity diverged sharply. M&A deal count reached an all-time high of 85, up 18% QoQ, with the six largest disclosed acquisitions totaling $3.23 billion, surpassing the combined value of the quarter’s ten largest funding rounds and accounting for over half of all capital raised.
In contrast, fundraising slowed, with total capital raised declining 19% QoQ to $6.32 billion and deal count falling 29% to 640 transactions. Despite the pullback, Q1 remained the second-highest funding quarter of the past two years. Investor participation showed modest recovery, rising 4% QoQ to 1,600 unique investors, though still well below the Q2 2022 peak of 3,300.
Accelerator activity contracted sharply, with deals down 64% and capital raised declining 66% QoQ, signaling reduced early-stage momentum. Meanwhile, newly launched fund count fell 13% to 21, but capital raised more than doubled to $1.98 billion, suggesting renewed LP appetite despite fewer new vehicles.
