Author | Wu Blockchain
Original Title: July VC Brief: Financing Amount Surges 88%, Numerous Listed Companies Launch Crypto Reserve Plans
According to RootData, there were 61 publicly disclosed Crypto VC investment projects in July 2025, a 7.6% decrease from the previous month (66 projects in June 2025), and a 46.5% decrease year-on-year (114 projects in July 2024). The number of small-scale financing continues to decline. Note: As not all financing is announced in the same month, the above statistical figures may increase in the future. The number of projects in each track is as follows:
Among them, CeFi accounts for about 26.2%, DeFi accounts for about 13.1%, NFT/GameFi accounts for about 13.1%, L1/L2 accounts for about 4.9%, RWA/DePIN accounts for about 6.6%, Tool/Wallet accounts for about 11.5%, and AI accounts for about 19.7%.
The total financing amount in July 2025 was $5.361 billion, hitting a historical high, an 88.4% increase from the previous month (2.846 billion in June 2025), and a 426.6% increase year-on-year (1.018 billion in July 2024). The top 10 financing rounds are as follows:
Strategy (MSTR) raised $2.521 billion through its fourth-tier preferred stock product "Stretch (STRC)", with a net proceeds of approximately $2.474 billion after issuance fees, which was entirely used to purchase 21,021 BTC at an average price of $117,256 per coin. After the transaction, Strategy's BTC holdings increased to 628,791 coins, with a market value of about $74 billion. On August 1st, Strategy co-founder Michael Saylor announced plans to issue an additional $4.2 billion in preferred stock to purchase BTC.
MARA Holdings has completed the issuance of $950 million in 0.00% convertible bonds, maturing in 2032. The bonds were privately offered to institutional investors, with an over-allotment option of up to $200 million. The company plans to use the remaining funds to purchase more BTC and for general corporate purposes, including acquisitions and asset expansion. This financing will also be used to repurchase part of the convertible bonds due in 2026.
Pump.fun issued 125 billion PUMP tokens, representing 12.5% of the total supply, which sold out in less than 12 minutes. This sale raised $500 million, with funds distributed between on-chain transactions and major exchanges like Kraken, Kucoin, and Bybit.
Mill City Ventures III completed a $450 million private placement and has initiated its SUI asset reserve strategy, currently accumulating 76,271,187 SUI through OTC agreements with Sui Foundation and in-kind contributions, at an average cost of $3.6389. Participants in this round include Big Brain Holdings, Galaxy Digital, Pantera Capital, Electric Capital, GSR, and other institutions.
Upexi (NASDAQ: UPXI) reached a stock financing agreement of up to $500 million with A.G.P. to accelerate its Solana treasury strategy. The financing terms include zero commitment fees, with Upexi having full discretion over the issuance pace, and funds will be used for general corporate purposes and expanding its SOL holdings. Upexi has recently increased its treasury to 1.9 million SOL.
Listed company Satsuma Technology PLC (Tao Alpha PLC) has completed its second round of convertible bond private placement, raising significantly more than the original minimum target of £100 million. Satsuma stated that this financing will be used to expand its business and strengthen its BTC adoption and decentralized AI strategy, with convertible bond shares to be listed on the London Main Board after conversion.
MEI Pharma (NASDAQ: MEIP) completed $100 million in financing, planning to use the funds to purchase LTC as a financial reserve asset. This reportedly makes MEI the first company listed on a national exchange to hold LTC. LTC founder Charlie Lee joined MEI's board of directors, and digital asset institution GSR was hired as a financial management advisor. This financing issued approximately 29.24 million shares at $3.42 per share, with participants including the LTC Foundation and multiple investment institutions.
UK cloud mining platform TWL Miner successfully completed Series B financing, raising $95 million to support the integration of AI technology and cloud mining business.
Gamesquare Holdings, Inc. (NASDAQ: GAME) completed a $70 million underwritten public offering, selling 46.7 million shares at $1.50 per share. According to the announcement, this fundraising aims to support the company's ETH accumulation strategy in collaboration with crypto-native asset management company Dialectic, with a large portion of the funds to be used to increase its ETH holdings.
