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BFD Expert Voices - Private Credit

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Crypto startups raised more money across fewer deals during the second quarter, according to Pitchbook's Q2 2024 Crypto Report.

Why it matters: Investors drove up the median deal size and valuations for seed and early-stage crypto startups, indicating bullishness is back.

By the numbers: Crypto startups raised a total of $2.7 billion in the second quarter, representing a 2.5% quarter-over-quarter increase in venture financing.

The 503 deals tracked by Pitchbook in the second quarter represent a 12.5% decrease from the first quarter.

Zoom in: The median deal size at the seed stage was $2.8 million, up 27.3% from full-year 2023, compared with $4.5 million (+13.3%) for early-stage startups and $6.5 million (-7.4%) for late-stage companies.

The median pre-money valuation at the seed stage was $23 million, up 97% from full-year 2023 data. At the early stage, it was $63.8 million (+166%).

Between the lines: Those trends largely correlate to the broader venture market, where rounds continue to be competitive in the earlier stages but less so at the later stage.

Yes, but: Venture funding in the sector continues to lag behind a broader turnaround for the global crypto market.

What they're saying: "The historically strong positive correlation between the total crypto market cap and investments into private crypto startups appears to be weakening," Pitchbook senior analyst Robert Le writes.

"Although crypto's market cap has reached 93% of its previous-cycle peak, venture capital investments are not expected to reach a similar level as the $29.4 billion invested in 2022," he adds.

Early-stage crypto startups see more dollars in fewer deals

Second-quarter numbers showed more money, but fewer deals.

Illustration of a row of cube-shaped bags of money

Fintech

Crypto startups raised more money across fewer deals during the second quarter, according to Pitchbook&#x27;s <a class="gtmContentClick" data-vars-link-text="Q2 2024 Crypto Report" data-vars-click-url="https://pitchbook.com/news/reports/q2-2024-crypto-report" data-vars-content-id="2a85c0ad-e0ac-4ae7-abc4-175f56124177" data-vars-headline="Early-stage crypto startups see more dollars in fewer deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://pitchbook.com/news/reports/q2-2024-crypto-report" target="_blank">Q2 2024 Crypto Report</a>.Why it matters: Investors drove up the median deal size and valuations for seed and early-stage crypto startups, indicating bullishness is back.

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Early-stage crypto startups see more dollars in fewer deals

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