POPA ReconCrypto VC Activity Over the Past 18 Months
Crypto VC Activity Over the Past 18 Months Crypto venture funding has been a rollercoaster over the last 6 quarters - from a $2B low in Q2 2025 to an $8.5B peak in Q4, now cooling to ~$4B as Q2 2026 wraps. Off the highs, but still billions every quarter. The biggest rounds this quarter: • Kalshi - $1.2B • Polymarket - $600M • Replit - $400M • Canton - $355M • Exa - $250M • Arc - $222M • Morpho - $175M • Elliptic - $120M • OpenRouter - $113M • Slash - $100M The trend tells the story - funding never went to zero, it just rotated. The "crypto VC is dead" narrative keeps getting disproven…
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