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Charts of the Week: VC Vital Signs

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Pre-seed deals’ share of crypto and blockchain venture capital investments grew to 25% in Q3 2026, while later-stage investments slipped to 24% of completed transactions. We track pre-seed transactions’ share to gauge entrepreneurial behavior and investor risk appetite. Later-stage deals’ share of the total remained elevated compared to the historical norm, reflecting the market's growing maturity.

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Meanwhile, VC-backed crypto company valuations (bars, left-hand vertical axis in the chart below) rebounded to a new all-time high of roughly $90m in Q3 2026, as valuations across the broader VC complex outside of crypto also rose to a new high. In Q3 2026, the median crypto deal size (feverline, right-hand axis) fell sharply from Q2’s all-time high of $5m to roughly $3m.

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For more insights, stay tuned for our quarterly VC report, coming soon.

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