Crypto funding and M&A reached $12.86 billion in Q2, with debt financing the second-largest source

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.