Crypto industry funding and M&A activity totaled $12.86 billion in the second quarter of 2026, up about 45% from $8.87 billion in the first quarter, according to Odaily. The tally covered 271 completed deals.
Venture capital remained the largest category at $4.99 billion, accounting for 39% of the total across 218 rounds. Debt financing ranked second at $4.36 billion, though it came from only nine transactions. Odaily said that figure was more than triple the previous quarter.
A single $3.65 billion financing by IREN made up 84% of all debt financing in the quarter. Separately, merger and acquisition activity reached $3.33 billion across 40 deals.
The data also pointed to a concentrated market. The 10 largest transactions represented 67% of disclosed funding, indicating that capital raising in the crypto sector remained heavily skewed toward a small number of large deals.
Crypto industry funding and merger-and-acquisition activity reached $12.86 billion across 271 completed deals in the second quarter of 2026, according to Odaily. That was up about 45% from $8.87 billion in the first quarter.
Venture capital led the quarter with $4.99 billion, or 39% of the total, spanning 218 rounds. Debt financing came next at $4.36 billion, but was concentrated in just nine transactions. Odaily said that amount was more than triple the level seen in the previous quarter.
IREN accounted for most of the debt total through a single $3.65 billion financing, equal to 84% of debt financing in the quarter. M&A transactions, meanwhile, totaled $3.33 billion across 40 deals.
The market remained concentrated. The 10 largest transactions made up 67% of disclosed funding.
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