Rough start to the year for crypto venture deals

Data: The Block; Note: Includes venture capital, crowdfunding, and token sales; Chart: Lucinda Shen/Axios

Crypto companies and projects are on track to raise about 13% less in the first half of 2026 than they did a year earlier, data from The Block shows.

Why it matters: The combined momentum of the GENIUS Act and the furor for tokenized assets have not been enough to stave off a slowdown.

By the numbers: Crypto companies have raised an estimated $6.8 billion so far this year, versus $7.8 billion raised in the 1H25, and $6.4 billion raised in the 1H24.

The big picture: Crypto funding roughly correlates with the price of bitcoin, which is down 43.7% in the last year.

Strategy's CEO previously said the company would "never" sell bitcoin, but the company quietly sold some in May and plans to continue doing so.

Meanwhile, AI has taken over the majority of capital for generalist venture investors.

Bitcoin's struggles are also contributing to the bottleneck in crypto IPOs.

Blockchain.com, FalconX, Grayscale, and Consensys have all taken steps toward IPOs, but none have gone public, with some reportedly citing market conditions.

BitGo, which went public in January, is down about 72% since its first day, also likely holding up new offerings.