We want to be upfront about the limits. The big deal databases are paid or blocked to automated readers, so this is not a full count. It is a verified sample of dated deals plus one public tracker’s totals.
Key takeaway: The Q4 deals we could verify went mostly to companies with revenue or a strategic partner behind them, not to new tokens. Three of the seven were in AI infrastructure. Treat that as a sample, not a market-wide statistic.
Funding terms in plain English
| Term | What it means |
|---|---|
| Seed | The earliest outside funding, usually small, for an idea or first product |
| Series A, B, G | Later rounds, labeled in order. A Series G is a late round for a mature company |
| Valuation | The price put on the whole company in a round. A $40B valuation means investors priced the company at $40 billion |
| Lead investor | The firm that sets the terms and usually puts in the most money |
| Strategic investor | A company that invests because the startup is useful to its own business, not only for returns |
| Extension | More money added to an earlier round on the same terms |
The dated Q4 deals we could verify
Dates come from the announcement or the news report. A report that a company is seeking money is not the same as a closed round, and we mark it that way.
| Date | Company | Amount | Valuation | Lead or notable backers |
|---|---|---|---|---|
| Oct 6 | OKX | Undisclosed | $25B | Extension of a March round led by Intercontinental Exchange. New backers include Circle, Qube Research and Technologies, Ripple and SC Ventures |
| Oct 8 | Meanwhile | $37.5M | Not stated | Led by Bain Capital Crypto, with Haun Ventures, Framework, Pantera, Apollo and others. Total raised above $180M |
| Oct 15 | Binance.US | Seeking up to $100M, reported | About $1B sought | Bloomberg report. Not a closed round |
| Oct 18 | AIsa | Seed extension, total above $9M | Not stated | Tether Capital and HIVEN joined existing backers |
| Oct 27 | Luxor | $16M | Not stated | Led by CMT Digital, with Canaan and MicroBT |
| Oct 29 | Kalshi | $1B Series G | $40B | Co-led by Wellington Management and Sequoia |
| Oct 29 | Phase | $45M commitment | Not stated | From one founder, Kirill Eves. No outside investors |
| Nov 10 | Index Industries | $50M seed | Not stated | Tokenized assets. Lead name partly cut off on the page |
| Nov 10 | Alta, formerly Metal | $47.5M Series A | Not stated | Led by Index Ventures. Listed under the L1 category on DefiLlama; product details not verified |
| Nov 10 | Marble | $11M seed | Not stated | Trading. Lead name partly cut off on the page |
The last three rows come from DefiLlama’s public raises page, where some lead investor names are shortened. We do not show names we cannot read in full.
Kalshi is a regulated prediction market rather than a crypto company, and it appears here because crypto data trackers and news outlets cover it. Phase is not VC at all, since its backer is a single founder.
The market totals
DefiLlama’s raises page said on November 12, 2026 that it lists 7,365 funding rounds with $150.203 billion in disclosed funding since tracking began, and that 63 rounds were announced in the last 30 days, raising $1.836 billion. The page does not say whether Kalshi’s $1 billion is counted. If it is, it would be more than half of the 30-day total, so a single deal can swing a month.
On a phone the same summary line and totals appear first, then the chart, so the headline numbers are readable without scrolling sideways.
Which firms were most active
The most recent firm-level count we could verify covers the first half of 2026, not Q4. According to CryptoRank data cited by Cointelegraph in July, Coinbase Ventures led with 30 deals in H1 2026, followed by Animoca Brands with 19, a16z with 18 and Tether with 15. Over the previous 12 months, Coinbase Ventures completed 75 deals, Animoca 40, YZi Labs 39, GSR 31 and a16z 30.
| Firm | H1 2026 deals | Last 12 months to July |
|---|---|---|
| Coinbase Ventures | 30 | 75 |
| Animoca Brands | 19 | 40 |
| a16z | 18 | 30 |
| Tether | 15 | Not listed |
| YZi Labs | Not listed | 39 |
| GSR | Not listed | 31 |
Funds are also raising. Paradigm said in July it raised $1.2B and is widening into AI, and Framework Ventures reported a $400M fund in June that goes beyond crypto into AI, robotics and energy. Both fall before Q4, so we treat them as background, not Q4 deals.
What we saw on the company sites
We opened several of the Q4 companies’ public pages on November 12 on desktop, tablet and phone. We did not use any product or confirm any figure beyond what each site says.
OKX published its own announcement, dated October 6 and updated October 15, saying the new money comes at a $25 billion pre-money valuation from Circle, QRT, Ripple and SC Ventures by Standard Chartered. That confirms the investor list from a primary source.
Meanwhile sells life insurance priced in Bitcoin. Its homepage reads “Life Insurance. Now in Bitcoin.” with a single Get started button, which fits a company selling to ordinary households, not to traders.
Luxor describes itself as a full-stack compute company, from Bitcoin mining to AI infrastructure, and shows logos of mining firms such as MARA, Cipher Mining and TeraWulf. It says over 3,000 companies trust it, which is its own claim that we did not check.
What the data suggests
The points below are our reading of a small sample, not facts reported by the investors.
Money went to businesses with a customer, not to new tokens. Kalshi reported more than $1B in annualized revenue from non-sports markets, Meanwhile cited rising demand for its policies, and OKX is an operating exchange. None of the verified Q4 rounds was a new token launch. A sample of ten cannot prove a trend, but it points toward revenue over narrative.
AI infrastructure shows up repeatedly. AIsa, Luxor and Phase all pitch AI-related infrastructure, three of seven Q4 deals before the DefiLlama rows. This matches the AI crypto theme we covered in our market structure and trading coverage, although these are companies, not tokens you can buy.
Strategic money is prominent. OKX’s round came from a stablecoin issuer, a payments company, a trading firm and a bank’s venture arm. AIsa took Tether Capital. When the buyer of a startup’s services is also an investor, the funding can be as much a partnership as a bet on returns.
Valuations are being reset in some cases. Binance.US is reportedly seeking about $1 billion, against a $4.5 billion pre-money valuation in 2022, which is about 78% lower. That is a report about a round that had not closed.
We could not check which deals are missing, and November has only 12 days of data. Treat every pattern here as a question to test against a full database.
How to read a funding headline
A big number is not proof that a company will succeed. Check whether the round is closed or only reported, whether the amount is committed or paid, who led it, and whether the valuation was disclosed. Look for strategic investors who may also be customers, and be careful with rounds where one person is the only backer, as with Phase.
FAQ
How much did crypto VC raise in Q4 2026 so far?
DefiLlama listed 63 rounds worth $1.836 billion in the 30 days to November 12, 2026. That is one tracker’s figure, and it may not include every deal, so it is not a final Q4 total.
What was the biggest crypto-related round in Q4 so far?
Kalshi’s $1 billion Series G at a $40 billion valuation on October 29. Kalshi is a prediction market, not a crypto company, so a crypto-only count may leave it out.
Which VC firm is the most active in crypto?
The latest ranking we could verify is for H1 2026, where Coinbase Ventures led with 30 deals according to CryptoRank. We could not find a Q4 ranking.
Is a company that raised money a safe investment?
No. Venture funding does not mean a company is safe, and most startups fail. Funding rounds also do not give you any claim on a token.
This article is for information only and is not investment, tax or legal advice. Funding data is incomplete and changes as rounds are announced or revised.
