Blockchain companies across Southeast Asia have pulled in $680 million so far in 2026, more than double the $319 million raised in all of 2025, yet the headline figure masks a market where capital is concentrating around a shrinking pool of established players rather than fueling a broad startup revival.

Data from market intelligence platform Tracxn shows the region recorded just 25 funding rounds through the first eight-plus months of the year, down from 46 in 2025 and a fraction of the 206 deals completed at the 2022 peak. The widening gap between dollars deployed and transactions closed underscores a shift toward larger checks written to proven crypto infrastructure companies.

A single transaction accounts for nearly 60% of the 2026…