What to know:
- Crypto Valley up 37% YoY, TON’s $400M deal drove 47% of Europe’s blockchain VC.
- Networks dominate funding, 62% to blockchain networks, 14% to infrastructure, 10% each to CeFi and DeFi.
- Unicorns fell 17 to 10, top 50 valuation hit $467B as investors got selective.
In 2025, Switzerland’s Crypto Valley even further established itself as Europe’s blockchain financing center by raising $728 million through 31 transactions and capturing 47% of Europe’s blockchain venture capital, according to the CV VC annual report published on Wednesday. Besides accelerating global blockchain financing growth, the region also showed a move to investing fewer, larger rounds of capital.
On the one hand, such results highlight the evolving digital assets environment in Switzerland; on the other, the tightening of capital is going to only a few projects, with one main deal that has defined this year’s performance. The biggest deal in the crypto valley, amounting to $400 million, was led by TON.
TON-Led Growth Drives Crypto Valley Deals
Crypto Valley financing increased 37% from $531 million in 2024 to $728 million in 2025, while global blockchain venture capital grew 30% to $15.5 billion from 986 deals. The Open Network (TON) contributed $400 million towards Crypto Valley’s total.
The second largest investment was Sygnum Bank at $58 million, stablecoin platform M0 got $40 million, Impossible Cloud Network attracted $34 million, and CratD2C raised $30 million. The majority of the transactions and disclosed capital (88%) happened at Zug, with 20 of the 31 total deals, whereas 5 deals were recorded in Zurich.
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Funding Shifts to Networks and Infrastructure
Capital investment is shifting toward blockchain networks and blockchain infrastructure. As per sector, blockchain networks received 62% of the overall funding in Crypto Valley, with infrastructure coming second at 14%, centralized financial services at 10%, and decentralized finance apps at 10% each.
Mathias Ruch, the founder and CEO of Crypto Valley, called the area a “maturing ecosystem” which, at present, besides infrastructure, also has finance and frontier technologies convergence as its focus. At present, the valley is home to a total of 1,766 active blockchain companies, and that number has gone up by 134% since 2020. However, the top 50 valuation has fallen to $467 billion, and the number of unicorns has decreased from 17 to 10.
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Unicorns and Market Outlook
According to a Crypto Valley representative, the decrease in the number of unicorns was primarily due to the market weakening significantly toward the end of the year, which led to six token projects falling below the $1 billion mark. 21Shares also disappeared from the ecosystem as a result of its takeover by FalconX. Although Crypto Valley is responsible for 5% of the world’s blockchain funding and has nearly half of Europe’s investment in blockchain, fewer deals being struck and valuations being lower are a clear indication that venture capital is getting more selective.
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