Crypto Valley secures 47% of Europe’s crypto VC in 2025

A report from CV VC covering 2025 activity and published in April 2026 found Switzerland’s Crypto Valley captured 47% of European crypto venture capital, with Swiss firms raising $728 million in 2025.

The report shows Europe-wide venture funding for 2025 totaled $67 billion across roughly 6,600 deals. Europe’s share of global venture funding fell to 13% in 2025 from 16% in 2024, even as regional funding edged up slightly year over year.

Crypto Valley, centered on the Canton of Zug, hosts about 1,760 blockchain firms, including several dozen registered in Liechtenstein. Zug is home to roughly 40% of those companies and Zurich accounts for about 15%, together representing nearly 1,000 entities. The region’s population of blockchain firms has increased 134% since 2020, and nearly half of the companies added in the past year were established in Zug.

The report lists 10 blockchain unicorns based in Switzerland, including two private blockchain companies and eight blockchain platforms with publicly traded tokens. The combined valuation of the top 50 companies reached an estimated $467 billion, a record for the Swiss-focused crypto ecosystem.

Swiss-based crypto companies raised $728 million in 2025, a 37% increase from 2024. The number of funding rounds fell while the average round size increased. The largest disclosed transaction was a $400 million raise by TON, followed by Sygnum Bank’s $58 million financing and M^0’s $40 million round. The report notes a move toward larger, more selective investments.

Funded business models shifted away from consumer financial products and toward infrastructure and enterprise technology. Infrastructure developers accounted for 19% of funded models, financial services providers 18%, and consulting and technology services firms 17%. The study also highlights growing links between blockchain and artificial intelligence and an increase in academic research on distributed ledger technologies. Zug authorities committed more than $50 million to initiatives that support research and development in the area.

A similar pattern appeared in Germany, where Berlin accounted for more than 70% of the country’s $45 million in blockchain investments in 2025.

CV VC wrote that the data reflect a maturing European crypto market marked by concentrated investment in established hubs, larger funding rounds and a shift to infrastructure and technology that supports broader blockchain adoption.