Market Overview: Sharp Decline in Financing, M&A Gains Share
According to RootData, the crypto primary market disclosed 42 financing and M&A events in June 2026, with a total disclosed amount of approximately $898 million, down 60.5% month-over-month and 67.3% year-over-year. An additional 15 M&A events accounted for about $305 million. Despite the overall cooling, capital continued to concentrate in a few leading tracks and projects, with institutional capital markets, on-chain credit, derivatives trading, and stablecoin payments/settlements emerging as key growth areas.
Sector Breakdown: DeFi Most Active, Infrastructure Highest in Volume, CeFi M&A Stands Out
DeFi was the most active track in June, with 18 events and a disclosed amount of approximately $330 million. Morpho raised $175 million, becoming the largest single deal in the DeFi sector; Fomo completed a $75 million Series B, indicating continued appeal for on-chain trading and consumer-facing entry points. Infrastructure recorded 13 events with a disclosed amount of approximately $453 million, ranking first by volume. Projects such as Digital Asset, Ornn, and Trace Finance secured funding for institutional capital markets, AI computing finance, and stablecoin settlement infrastructure, respectively. CeFi saw 12 events, and while non-M&A financing was limited, M&A and institutional trading services were prominent. Japan's SBI Holdings acquired crypto exchange Bitbank for approximately $289 million, the largest M&A deal of the month; SignalPlus raised $50 million in Series B1, and EDGE Markets raised $29.2 million in Series A, signaling that institutional trading, derivatives, and compliant financial services remain key areas of capital deployment.
Top Projects and Investor Trends: Top 5 Account for 76%, Capital Favors Compliance-Focused Use Cases
The top five projects in June totaled approximately $944 million, representing 76% of the overall disclosed volume. The three largest deals by value were: institutional-grade blockchain infrastructure company Digital Asset ($355 million), Japanese crypto exchange Bitbank ($289 million, M&A), and on-chain credit protocol Morpho ($175 million). On the investor side, Coinbase Ventures, a16z, Pantera Capital, CoinFund, Paradigm, Animoca Brands, HashKey Capital, and others remained active, with top-tier capital increasingly favoring projects that demonstrate clear institutional clients, compliance pathways, and real-world use cases.