Originally reported on November 9, 2026, at 16:18:31 (UTC+8).
Crypto-sector venture funding reached $1.65 billion in October 2026, more than doubling September’s total, according to CryptoRank data cited by BlockBeats. But the increase was largely driven by a single transaction: prediction-market platform Kalshi’s $1 billion Series G round.
Excluding Kalshi, projects raised $651 million—less than the $665 million raised across the entire sector in September. The figures point to a rebound concentrated in large deals rather than a broad expansion in funding.
More capital, but only slightly more rounds
October recorded 46 funding rounds, up modestly from 44 in September and well below the 116 rounds recorded in October 2025. Seed and pre-seed funding rose 8% to $123 million across 20 rounds.
Concentration remained pronounced:
- Kalshi alone accounted for 61% of October’s venture funding.
- The ten largest rounds represented 91% of the total.
- Excluding October’s two largest rounds, the remaining funding was $451 million, broadly unchanged from September’s $455 million.
Payments led deal activity; RWA attracted $137 million
Payments was the most active sector, with 12 deals raising a combined $342 million. That included a $200 million round for Whop.
Real-world asset, or RWA, projects raised $137 million. Spiko secured $90 million, while Meanwhile raised $37.5 million. These figures measure fundraising, not adoption or use of the projects’ products.
Institutional participation recovered from September
Institutional participation increased for a second consecutive month. A total of 155 institutions participated in October funding rounds, up 16% from September but still far below the 353 recorded a year earlier.
Tether was the most active institution by round count, participating in four rounds. Sequoia Capital participated in three and led all three.
The sector also disclosed 13 merger-and-acquisition deals in October, one more than in September. None disclosed transaction values.
The distinction beneath the headline is between aggregate funding growth and the breadth of activity: October’s dollar total rose sharply, while deal count increased only slightly and funding outside the largest transactions remained broadly flat.
