Crypto-industry venture funding reached $1.65 billion in October 2026, more than double September’s total, according to an Odaily report published on November 9, 2026, at 16:22:36 UTC+8. But the increase was heavily concentrated: Kalshi’s $1 billion Series G accounted for 61% of the month’s funding.
A headline increase, not a broad-based surge
Excluding Kalshi, other projects raised $651 million—below the $665 million raised across the entire industry in September. Excluding each month’s two largest funding rounds, October’s remaining total was $451 million, broadly unchanged from September’s $455 million.
The top 10 funding rounds accounted for 91% of October’s total, underscoring the gap between the headline funding figure and the amount reaching the rest of the market.
October recorded 46 funding rounds, up from 44 in September but below the 116 rounds recorded in October 2025. Seed and pre-seed funding rose 8% to $123 million across 20 rounds.
Payments and RWA funding
Payments projects recorded 12 deals totaling $342 million, including a $200 million raise by Whop.
The real-world asset, or RWA, sector raised $137 million. Spiko secured $90 million, while Meanwhile raised $37.5 million. These figures describe financing activity; they do not, on their own, establish growth in product usage or adoption.
Investor participation and acquisitions
A total of 155 institutions participated in October’s funding rounds, up 16% from September. Tether was the most active by round count, participating in four rounds. Sequoia Capital participated in three rounds and led all three.
The industry also disclosed 13 mergers and acquisitions in October, one more than in September. None disclosed transaction values.
The central distinction in the report is concentration: October’s aggregate funding rose sharply, while funding outside the largest deals remained close to September’s levels.
