According to RootData, the crypto industry raised a total of $9.081 billion across 259 financing events in the first half of 2026.
Primary market financing, excluding IPO, post-IPO and M&A rounds, totaled $8.658 billion, down 26.1% from the same period last year. The number of financing events fell 28.5% year over year.
March and May stood out as the funding peaks
By month, March and May were the two high points for funding volume in the first half, with deal counts reaching 66 and 68 respectively. In June, the number of financing events fell back to 43, indicating that capital activity cooled toward the end of the second quarter.
Overall, large rounds continued to lift monthly funding totals, while the pace of regular financing rounds had already started to contract.
75 M&A deals were recorded in the first half
The crypto industry logged 75 mergers and acquisitions in the first half of 2026. Of those, 16 disclosed transaction values, totaling about $3.836 billion.
M&A activity was concentrated in CeFi, tools and information services, DeFi and infrastructure. Representative transactions included Mastercard’s acquisition of BVNK for $1.8 billion and Kraken’s acquisition of Reap for $600 million.
Coinbase Ventures led major crypto VCs by deal participation
Top crypto venture firms remained active. Coinbase Ventures ranked first with participation in 25 investments in the first half of 2026. Animoca Brands took part in 20, while a16z and Tether each participated in 14.
Over the past 12 months, Coinbase Ventures participated in 68 investments, keeping its lead in the industry. Animoca Brands, Pantera Capital, YZi Labs, a16z, Tether and GSR followed.
DeFi, infrastructure and CeFi were the busiest sectors
By sector, DeFi, infrastructure and CeFi were the three most active funding categories in the first half of 2026. DeFi recorded 129 financing events, infrastructure saw 116, and CeFi posted 69.
AI, payments, prediction markets and RWA also drew capital attention. AI-related projects recorded 59 financing events, payment-related projects had 46, and RWA-related projects logged 28.
Market structure shifted in the first half
Overall, RootData’s figures show that the crypto primary market did not come to a complete standstill in the first half of 2026, but its structure changed. Total funding remained supported by a small number of large transactions, investor participation became more concentrated, sector preferences turned more pragmatic, and M&A became an important route for industry consolidation. Capital shifted toward structural allocations around infrastructure, DeFi, CeFi, payments, AI and RWA.