
Venture flows, token sales, and corporate treasuries align to make October one of 2025’s strongest months for digital asset capital formation.

Market Pulse: October marked a return of risk appetite across crypto’s capital stack.
Venture funding reached 5.11 billion dollars, the second-best month of 2025, driven by Coinbase Ventures, Yzi Labs, and a surge in late-stage rounds such as Echo at 375 million and Kalshi at 300 million.
Token sales added another 7 billion dollars, showing a shift from retail speculation to structured private placements led by funds and whales.
Average deal sizes are rising again, especially in AI, RWA, and developer tooling, while NFT and gaming allocations have faded into near dormancy.
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Deep Dive: Coinbase Ventures and the New Late-Stage Cycle
Coinbase Ventures led ten deals in October, topping the leaderboard as crypto’s most active fund. The firm’s bets focused on infrastructure and prediction markets rather than consumer apps, signaling that this phase of capital rotation favors scalability and integration over novelty.
AI-related startups accounted for 32 percent of all funding rounds, showing how deeply the AI narrative now overlaps with crypto infrastructure.
Private token placements continue to dominate fundraising, with 177 private deals and only 61 public events, a sharp reversal from 2021’s retail-driven wave. For individual investors, airdrops and point farming have replaced ICO participation.
Global View: Asia’s Mid-Caps Step Up
As venture capital heats up, a parallel story is unfolding in corporate treasuries. Japan and Korea’s mid-cap firms are quietly absorbing new Bitcoin supply, potentially offsetting a meaningful share of miner issuance.
Japan’s Metaplanet now holds 30,823 BTC after transforming from a hotel operator into a Bitcoin treasury company. Korea’s Bitplanet launched the country’s first regulated corporate accumulation program targeting 10,000 BTC through daily purchases.
If their pace continues, Asia’s mid-cap cohort could absorb 20 to 30 percent of monthly Bitcoin issuance, creating a new structural bid on top of ETF inflows. These flows mirror what is happening in venture: disciplined, programmatic accumulation replacing impulsive speculation.
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Macro Frame: Corporate Bitcoin Holdings Widen Globally
The corporate balance sheet bid is no longer confined to Asia.
Public companies worldwide now hold an estimated 120 billion dollars’ worth of Bitcoin, marking the highest level on record. While a handful of large U.S. names still dominate that total, international firms are expanding their presence.
The trend suggests that corporate treasuries are maturing into a third structural layer of Bitcoin demand, alongside ETFs and institutional funds.
Treasury participation has evolved from symbolic adoption into consistent balance sheet management, often supported by clearer accounting standards and regulated custody infrastructure.
If this pattern continues, corporate programs could absorb as much as one-quarter of new issuance in 2026, tightening available float and reinforcing the long-term scarcity narrative.
Investor Signal
Capital is clustering again around frameworks rather than hype. Venture funds are returning to structured late-stage bets. Corporates are adding Bitcoin through formal treasury policies. ETFs continue to show steady inflows.
Each layer reinforces the next. It is not a blow-off top environment but a quiet rebuilding of crypto’s financial foundation.
Closing Lens
October showed that crypto no longer needs euphoria to expand. Venture rounds, token sales, and corporate treasuries all advanced without the speculative mania of prior cycles, hinting at a more mature base for 2026.
If November sustains similar flows, this could mark the turning point of the next expansion, one built on discipline rather than chaos.



