Switzerland’s Crypto Valley raised $728 million across 31 blockchain deals in 2025, up 37% from $531 million in 2024, according to a report cited Wednesday. The funding surge gave Crypto Valley 47% of Europe’s blockchain venture funding and about 5% of the global total for the year.
The rise, however, came with a clear concentration trend. TON accounted for $400 million of the region’s 2025 funding total, making it the largest disclosed deal by a wide margin. Other top rounds included Sygnum Bank at $58 million, M0 at $40 million, Impossible Cloud Network at $34 million, and CratD2C at $30 million.
The figures show that Crypto Valley remained Europe’s main blockchain funding hub. At the same time, they also point to a more selective market, where fewer but larger rounds lifted total capital even as pressure stayed on company valuations and unicorn counts.
TON deal shaped the year
TON’s disclosed $400 million came through purchases of Toncoin from early investors, according to the TON Foundation. The foundation said firms involved included Sequoia Capital, Ribbit, Benchmark, Kingsway, Draper Associates, CoinFund, Hypersphere, and SkyBridge, among others.
That means TON alone represented roughly 55% of Crypto Valley’s full-year funding total. As a result, the region’s annual growth depended heavily on one transaction rather than a broad wave of similarly sized deals. That concentration helps explain why total funding rose sharply even though the number of deals stayed limited.
The report also showed where investors placed their money. Blockchain networks drew 62% of total funding, while infrastructure took 14%, centralized financial services 10%, and decentralized finance applications 10%. That breakdown suggests capital kept moving toward core network and financial infrastructure projects.
Bigger rounds, fewer deals
The Crypto Valley numbers fit a wider venture pattern. Galaxy said venture capital invested $20 billion across 1,660 crypto and blockchain deals in 2025, the strongest year since 2022. Yet that recovery leaned heavily toward larger and later-stage transactions rather than a broad jump in early-stage deal flow.
Galaxy said 57% of capital invested in 2025 went to later-stage companies, the highest share it has recorded. That trend matched the Crypto Valley data, where one large TON transaction carried much of the yearly total. In other words, more money entered the sector, but it did not spread evenly across the market.
Crypto Valley also remained a large operating base for blockchain firms. The report said the region now hosts 1,766 active blockchain companies, while Zug-based firms accounted for 20 of the 31 deals and 88% of disclosed capital. So, even with funding concentrated in a few hands, Switzerland kept its place at the center of Europe’s blockchain investment market.