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The number of M&A deals held steady, but large acquisitions gave way to smaller deals that add specific capabilities, such as licenses, payments, and institutional trading.
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Established lead VCs lost influence over deal terms, while strategic investors became more active, including CEX-affiliated VCs seeking to grow their own CEX and blockchain ecosystems.
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Seed and other early-stage rounds contracted, while capital concentrated in Series A to C rounds of companies that had already proven their business through revenue and licenses.
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Venture equity investment declined, while financing based on cash flow, such as bond issuance, credit lines, and SPAC listings, expanded.
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Capital concentrated in areas connected to…
