In July 2025, the scale of encryption financing reached a new high as giants like Strategy made significant investments in Bitcoin.

According to data statistics, the number of public projects for Crypto Assets venture capital in July 2025 is 61, a decrease of 7.6% from the previous month and a year-on-year drop of 46.5%. The quantity of small-scale financing continues to decline. It is worth noting that due to some financing potentially having latency in announcements, these figures may be adjusted in the future.

The distribution of projects in each sector is as follows: CeFi accounts for approximately 26.2%, DeFi and NFT/GameFi each account for 13.1%, Tool/Wallet accounts for 11.5%, RWA/DePIN accounts for 6.6%, L1/L2 accounts for 4.9%, and AI-related projects account for 19.7%.

In July 2025, the total financing amount reached 5.361 billion USD, setting a historical high, with a month-on-month growth of 88.4% and a year-on-year growth of 426.6%. Among them, the top ten financing rounds are as follows:

1. Strategy raised $2.521 billion through preferred stock products, with a net profit of approximately $2.474 billion, all used to purchase 21,021 coins at an average price of $117,256/coin. After the transaction, Strategy holds 628,791 coins with a market value of approximately $74 billion. The company's co-founder stated plans to issue an additional $4.2 billion in preferred stock to purchase coins.

2. MARA Holdings completed a $950 million zero-coupon convertible bond issuance, maturing in 2032. The funds will be used to purchase Bitcoin, for general corporate purposes, and to repurchase some of the convertible bonds maturing in 2026.

3. A certain project sold 125 billion coins within 12 minutes, accounting for 12.5% of the total supply, raising 500 million USD. The funds are allocated to on-chain transactions and multiple major exchanges.

4. Mill City Ventures III completed a $450 million private placement financing, initiating a SUI asset reserve strategy, having purchased 76,271,187 SUI at an average cost of $3.6389. Several well-known investment institutions participated in this round of financing.

5. A publicly listed company has reached a stock financing agreement of up to $500 million with an investment institution to accelerate its Solana treasury strategy. The company has recently increased its SOL holdings to 1.9 million coins.

6. Satsuma Technology PLC has completed its second round of convertible bond private placement financing, raising more than the originally planned £100 million. The funds will be used to expand the business and strengthen Bitcoin adoption and decentralized AI strategy.

7. MEI Pharma completed a $100 million financing and plans to purchase Litecoin as a reserve asset, becoming the first company to be listed on a national exchange and hold LTC. The founder of LTC joins the board, and a digital asset institution serves as the financial advisor.

8. The UK cloud mining platform TWL Miner has completed a Series B financing, raising $95 million for the integration of artificial intelligence technology and cloud mining business.

9. Gamesquare Holdings completed a $70 million public offering, selling 46.7 million shares at $1.50 per share. The funds will support the company's Ethereum accumulation strategy in collaboration with a certain Crypto Assets management company.