Southeast Asia blockchain fundraising YTD reached $680 million, more than double the $319 million for all of 2025.
But when I look at the numbers, I first focus on another line: this year there have been only 25 completed rounds, compared with 46 last year, and the 2022 peak was 206 rounds.
The average per round was about $27.2 million. The top three deals—Crypto.com’s about $400 million Series D from Citadel Securities (at an estimated valuation of about $20 billion), Edena Capital’s $100 million, and Startale’s $50 million Series A—accounted for roughly 81% in total.
The financial services sector جذب $498 million across 19 rounds (+48.4% year over year). Singapore still accounts for about 82.5% of historical regional fundraising.
The conclusion is straightforward: this is not “spring is back and everyone gets a share”; it is capital concentrating its bets on mature infrastructure. Early-stage projects are fighting over what little is left.
Data: Tracxn (reported by CryptoBriefing / Coinpaper and others on September 5); there are also related discussions on X.
Does not constitute investment advice.