According to financing data compiled by RootData, the crypto primary market disclosed 47 funding events in September. Of those, 34 included exact amounts, with total disclosed funding reaching about $1.114 billion.
That compares with roughly $602 million in August, a month-on-month increase of 85.0%. Against about $1.022 billion in September 2025, the total was up 9.0% year on year. Deal count, however, fell 4.1% from 49 in August and dropped 25.4% from 63 in the same period last year.
Infrastructure, CeFi and DeFi led the month
By sector, infrastructure recorded the highest number of funding events in September, with 14 deals and about $263 million in disclosed funding. CeFi and DeFi each logged 11 deals, with disclosed totals of about $394 million and $369 million, respectively.
Combined, CeFi, DeFi and infrastructure accounted for about 92.0% of the month’s disclosed funding amount.
Large rounds drove the rebound in total funding
The three biggest financings in September were Polymarket at $300 million, Félix at $200 million and Jeeves at $110 million. Together they totaled $610 million, equal to about 54.8% of the month’s funding total. Separately, Kraken received a $100 million investment from Nasdaq.
RootData’s data shows that the rebound in monthly funding was mainly driven by a small number of large deals, while the overall number of financing events did not rise in step.
RWA-related funding increased from August
September saw 8 disclosed RWA-related financing events. Six of them reported exact amounts, totaling about $52.75 million. That represented about 17.0% of the month’s deal count and about 4.7% of total funding.
Compared with August, when 2 such deals and $14 million were disclosed, the number of RWA financing events rose 300% and funding amount increased about 276.8%. The top three projects by amount were OpenReserve at $25 million, Tare at $13.25 million and CatchBack at $8 million. Together they made up about 87.7% of disclosed funding in the RWA segment.
M&A activity reached 11 disclosed deals
September also recorded 11 disclosed mergers and acquisitions, up 57.1% from 7 in August but down 42.1% from 19 a year earlier. Tools and information services was the most active segment in M&A, with 4 deals.
Representative transactions included MoonPay’s acquisition of North Capital, CoinMarketCap’s acquisition of CoinGlass, Circle’s acquisition of Tazapay, and S&P’s acquisition of OpenZeppelin.
Most active investors and capital flows
On the investor side, Coinbase Ventures participated in 6 financings, making it the most active institution in September. a16z and Maven11 each took part in 3 deals.
Overall, capital in September mainly flowed into payments, prediction markets, trading and data infrastructure, CeFi and RWA.