June Primary Market Overview: 42 Deals, $898 Million
According to RootData financing data, the crypto primary market disclosed 42 investment, financing and M&A events in June 2026, with a total financing amount of approximately $898 million. This represents a sharp decline of 60.5% month-over-month and 67.3% year-over-year. Additionally, there were 15 M&A events with a disclosed amount of approximately $305 million. Overall, capital continued to flow into infrastructure, DeFi and CeFi, with institutional capital markets, on-chain credit, derivatives trading, and stablecoin payment/settlement emerging as key growth areas.
Sector Performance: DeFi Most Active, Infrastructure Biggest by Value
DeFi was the most active sector this month, with 18 financing and M&A events totaling approximately $330 million. On-chain credit protocol Morpho raised $175 million, becoming the largest DeFi funding project this month; Fomo completed a $75 million Series B round, indicating that on-chain trading and consumer-facing entry points remain attractive.
Infrastructure saw 13 events with a disclosed amount of approximately $453 million, ranking first by value. Projects such as Digital Asset, Ornn, and Trace Finance received funding for institutional capital markets, AI computing financialization, and stablecoin settlement infrastructure respectively. Digital Asset’s $355 million raise was the largest single financing of the month.
CeFi had 12 events. While non-M&A financing was relatively limited, M&A and institutional trading services stood out. SBI Holdings acquired Japanese crypto exchange Bitbank for approximately $289 million, the largest M&A deal this month; SignalPlus completed a $50 million Series B1 round, and EDGE Markets raised $29.2 million in Series A, highlighting that institutional-grade trading, derivatives, and compliant financial services remain key areas of capital deployment.
Top Projects and Investor Activity: Top 5 Account for Over 76%
The top five projects this month raised a combined approximately $944 million, representing 76% of the total disclosed amount. The top three projects by financing and M&A value were: institutional 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. Leading capital continues to favor projects with clear institutional client bases, compliance paths, and real use cases. Despite the cyclical downturn, the trend of capital concentrating on high-quality, compliant, institution-oriented projects is increasingly evident.