币界网报道：In the first half of 2025, the primary crypto financing market completed a total financing amount of US$7.75 billion, up 40.17% year-on-year and 77.75% month-on-month. In March alone, US$2.895 billion was completed, of which Binance completed US$2.00 billion in financing. If the impact of this financing is ignored, the average monthly financing amount in the first half of the year remained at around US$950 million, with an average financing amount of US$12.419 million and a median of US$5.425 million. In terms of the number of financing events, there were 463 financing events in the first half of the year, an average of 77 per month, a year-on-year decrease of 49.72% and a month-on-month decrease of 26.27%. In terms of financing tracks, CeFi is in the lead with US$2.719 billion, surpassing the previously popular infrastructure track (US$1.87 billion). It is worth noting that there were 66 mergers and acquisitions, an increase of 60.9% from 41 in the second half of 2024. In addition, crypto-related listed companies such as Circle and Sol Strategies raised US$2.233 billion. Both types of financing data set historical highs. The most active institutions in the first half of the year were Coinbase Ventures, a16z, and Amber Group, all of which invested more than 20 times. They were followed by Animoca Brands, GSR, Selini Capital, 1kx, Mirana Ventures and other institutions. The most active angel investors were Raj Gokal, Sam Kazemian, and Balaji Srinivasan. Overall, the amount of financing in the primary financing market of cryptocurrencies increased significantly in the first half of 2025, but the number maintained the downward trend in recent years, showing the characteristics of large-scale financing concentration, increased M&A activities, and changes in track preferences. At the same time, more funds began to shift to the more liquid secondary stock market.