Crypto VC Splits by Stage: Record Prices, Smaller Rounds

In an October 23 preview of Galaxy’s third-quarter venture report, vice president of research Thaddeus Pinakiewicz put crypto startup valuations at a record of roughly $90 million after two weaker quarters, while the median deal size fell to about $3 million from a second-quarter record of about $4.9 million. Galaxy’s data showed pre-seed deals, which it tracks as a gauge of founder activity and investor risk appetite, rising to 25% of transactions from 21%; later-stage companies’ share slipped to 24% from 26%. The firm had valuation data for only 16% of second-quarter deals, skewed toward later-stage businesses. In the second quarter, $5.68 billion went into 384 crypto deals, with about 78% of capital going to later-stage companies.