To explained that the market once saw a proliferation of new chains, but that kind of speculative investment isn’t viable today. “Who has been using it?” she asked, emphasizing the need for a more critical lens on investments. The focus is now on the practical usage of new infrastructure and whether there’s enough transactional volume to justify investment.

By 2025, projects had been raising funds at inflated valuations, heavily relying on optimistic future cash flow projections. However, the lack of solidified revenue streams has led to a more cautious approach. “The potential revenue and the pipeline they’ve got aren’t solidified,” To noted, marking 2025 as “a slow year” for crypto investments.

Crypto Venture Capitalists and Market Maturity

Echoing this sentiment, Eva Oberholzer, chief investment officer at Ajna Capital, confirmed that VC firms are now more selective with crypto projects. This shift signifies a maturation of the market. “It’s more about predictable revenue models, institutional dependency, and irreversible adoption,” Oberholzer mentioned.

Galaxy Research’s VC report supports this trend, revealing a 59% decline in funding and a 15% drop in deal count for crypto startups in Q2 2025. Total venture capital in crypto amounted to $10.03 billion for the three months ending June, showcasing a more discerning investment landscape.

Investment Trends: A Cautious Approach

Leading this cautious approach, Strive Funds, an asset manager founded by entrepreneur Vivek Ramaswamy, secured $750 million in May for Bitcoin-related investment strategies. This move reflects a broader trend toward “alpha-generating” strategies within the crypto investment space.

The evolving strategies of crypto venture capitalists underscore a significant shift in the landscape. With a focus on sustainability and realistic revenue models, the industry is navigating toward a more mature and stable investment environment.

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Several venture capitalists (VCs) anticipate a continuous stream of IPOs, assuming no severe macroeconomic downturn. Diogo Mónica, a general partner at Haun Ventures and co-founder and executive chairman of Anchorage Digital, has described this as “the first phase of a multi-year cycle.” He highlights the growing S-1 pipeline and the public market’s appetite for crypto businesses with recurring revenues.

Richard Galvin, the executive chairman and chief investment officer at Digital Asset Capital Management, concurs, stating he is aware of about 15 crypto IPOs being prepared for this or the upcoming quarter. Meanwhile, Cosmo Jiang, a general partner at Pantera Capital, predicts 3-5 crypto companies will go public this year based on current conditions.

The driving force behind this momentum is a combination of product maturity, significant revenue, and a cooperative policy environment. Mónica noted that the settlement volumes of the USDC stablecoin are now on par with Visa’s, making stablecoin platforms more appealing to traditional investors.

The companies most IPO-ready today, according to VCs, fall into four main categories: exchanges, custodians, infrastructure firms with SaaS-like models, and stablecoin platforms. Among the companies named by multiple investors are Kraken, Gemini, BitGo, and Anchorage. Other companies mentioned include OKX, Uphold, FalconX, Ledger, Chainalysis, Fireblocks, Alchemy, Consensys, MetaMask, Flashbots, and the Digital Currency Group or DCG. Ripple was also mentioned as a potential but speculative candidate.

Despite the reopening of the IPO window, most crypto VCs maintain their investment strategies, especially concerning the balance between equity and tokens. Tokens continue to offer clear advantages: they are more liquid, provide earlier flexibility, and remain the preferred exit route across the industry. However, the recent public market appetite for equity may have balanced the situation and prompted some VCs to incorporate IPOs into outcome models for high-quality equity stories.

Disclaimer: This article is provided only for informational purposes and is not intended as legal, tax, investment, financial, or other advice.

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