Exchanges· ★★★· neutral·

Tiger Research: Seed rounds fall to 15% as crypto capital shifts to proven businesses

  • —Seed rounds made up 15% of Q3 deals, the lowest since 2024, with monthly seed deal count down 28%
  • —Infrastructure accounted for 18.2% of disclosed investment, up from 8.1% in H1
  • —DeFi investment fell 71% and represented just 3.0% of total funding
  • —M&A: Circle acquired Tazapay, MoonPay bought North Capital, BitGo took over NYDIG's institutional trading business
Why it matters: Crypto venture capital is pivoting from early-stage bets to infrastructure and payment licenses, setting the industry's direction for 2027.
Source: TokenPost
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