According to funding data compiled by RootData and cited by ChainCatcher, the crypto primary market disclosed 49 financing events in August, with total disclosed funding of about $596 million. That compares with roughly $2.312 billion in July, a month-over-month drop of 74.2%, and about $924 million in August 2025, a year-over-year decline of 35.5%.
The number of financing events rose slightly from 48 in July, up 2.1% month over month, but fell from 85 in the same period last year, down 42.4% year over year.
RootData said the figures exclude questionable financings, as well as M&A, IPO, post-IPO, and debt financing.
DeFi led by deal count, infrastructure ranked first by capital raised
By sector, DeFi was the most active category in August with 19 financing events, though disclosed funding totaled only about $73.1 million. Infrastructure recorded 14 financings and led all sectors by disclosed value at about $311 million. CeFi posted 8 financings with about $199 million disclosed.
Top three financings accounted for about 70% of the monthly total
The three largest financings in August were Ripple at $275 million, RQD Clearing at $74 million, and Fasset at $68 million. Combined, the three projects brought in about $417 million, accounting for roughly 70.0% of the month’s total disclosed funding.
RWA pipeline was large, but only one related financing was disclosed in August
On the RWA front, RootData currently tracks 529 RWA-related projects, of which 149 have recorded financing, implying a funding coverage rate of about 28.2%.
For August alone, however, there was just one disclosed RWA-related financing: Entropy raised $14 million. That represented about 2.0% of the month’s financing events and about 2.3% of disclosed funding volume.
Disclosed M&A transactions fell to 6 in August
August also saw 6 disclosed M&A transactions, a sharp drop from 19 in July. Four of those deals were in CeFi: BitGo’s acquisition of NYDIG, Nasdaq’s acquisition of LeveL Markets, Rain’s acquisition of Ansa, and OpenFX’s acquisition of Global Ledger.
Those transactions were mainly concentrated in CeFi, payments, market infrastructure, and data analytics services.
Active investors and capital flows
Among investment firms, YZi Labs, MH Ventures, Mapleblock, and Polychain remained active. Overall, August funding was concentrated in payments, clearing, stablecoins, CeFi, and institutional-grade infrastructure. RootData’s figures also show that while the RWA segment has a sizable project pipeline and remains a strong narrative, that interest did not translate into a broader pickup in monthly financing volume.