Darius Baruo
Apr 15, 2026 07:26
Crypto Valley raised $728M across 31 deals in 2025, up 37% YoY. TON’s $400M round drove half the total as capital concentrates in fewer, larger bets.
Switzerland’s Crypto Valley pulled in $728 million in blockchain venture funding last year, capturing nearly half of all European crypto investment while outpacing global growth rates. The 37% year-over-year jump came despite a sharp drop in deal count—a signal that institutional money is consolidating around bigger bets.
The numbers, released Wednesday by venture firm CV VC, show Crypto Valley accounted for 47% of European blockchain VC and 5% of the $15.5 billion deployed globally in 2025.
One Deal Changed Everything
Strip out The Open Network’s $400 million raise and the picture looks different. TON alone represented 55% of Crypto Valley’s total haul. The remaining $328 million spread across 30 other deals—still respectable, but nowhere near the headline figure suggests.
Behind TON, the funding ladder drops quickly: Sygnum Bank pulled $58 million, stablecoin platform M0 grabbed $40 million, Impossible Cloud Network secured $34 million, and CratD2C closed $30 million.
Blockchain networks dominated, attracting 62% of total capital. Infrastructure took 14%, while both centralized finance and DeFi applications each claimed 10%.
Fewer Deals, Bigger Checks
The concentration trend wasn’t unique to Switzerland. Globally, deal volume dropped 32% even as total funding climbed 30%. Investors aren’t spreading bets—they’re picking winners and writing larger checks.
Zug-based companies captured the lion’s share within Crypto Valley itself, accounting for 20 of 31 deals and 88% of disclosed capital. Zurich followed with five deals.
The ecosystem now hosts 1,766 active blockchain companies, up 134% since 2020. But growth in company count hasn’t translated to unicorn expansion.
Unicorn Count Drops to 10
Crypto Valley’s unicorn roster shrank from 17 to 10 last year. Six token projects fell below the $1 billion threshold as market conditions weakened in late 2025. The departure of 21Shares following its FalconX acquisition also trimmed the list.
The surviving unicorns read like a who’s who of layer-1s: Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, and Internet Computer. Copper and Sygnum Bank round out the top 10.
“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” said CV VC founder Mathias Ruch, pointing to a “maturing ecosystem” focused on infrastructure and financial applications.
Historical Context Shows Acceleration
The trajectory has been steep. In 2024, Crypto Valley raised $586 million across 56 deals—more transactions but less capital per deal. The median deal size jumped 70% to $5.6 million in 2025, well above global medians.
Compare that to 2023’s $283.5 million across 47 deals, or the $37.5 billion total valuation back in early 2020 when the region counted just six unicorns.
What’s clear: Switzerland has cemented its position as Europe’s blockchain capital hub. Whether that concentration of capital in mega-rounds proves healthy for the broader ecosystem—or simply reflects a flight to perceived safety—will become apparent as 2026 unfolds.
Image source: Shutterstock
Source: https://blockchain.news/news/switzerland-crypto-valley-47-percent-europe-blockchain-funding-2025
