The Funding: Are crypto treasury deals hurting general startup raises?
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最新报道：Crypto VC funding is shifting sharply toward Digital Asset Treasuries (DATs), with traditional startup deals dropping 56% YoY to 856 in 2025. DATs attract capital due to instant mark-to-market pricing and liquidity advantages, especially when trading at premiums to mNAV. VCs like Hack VC's Ed Roman note DATs serve as temporary parking for idle capital, while Neoclassic Capital's Michael Bucella warns the sustainability of mNAV multiples remains untested. Early-stage funding faces pressure as investors prioritize revenue-generating protocols over narratives, with Hyperliquid setting a new benchmark. DePINs and DeFi protocols with proven models present underfunded opportunities, though market frictions persist due to reduced LP appetite and conservative exchange listings. Most VCs predict DAT consolidation, expecting only a handful of major players (BTC, ETH, SOL-focused) to survive long-term, with Arrington Capital's Ravi Kaza anticipating a "dramatic shakeout" in the next downturn.
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