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March Crypto Fundraising Hits $1.2B, But Q1 Still Registers 23% Dip

Published 06/04/2024, 12:05
Updated 06/04/2024, 12:15
March Crypto Fundraising Hits $1.2B, But Q1 Still Registers 23% Dip
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Coin Edition -

  • Despite a strong March, crypto fundraising dropped 23% in Q1 2024 compared to Q4 2023.
  • Early-stage crypto deals surged 73% in Q1, suggesting investor interest in new projects.
  • Eigen Labs and HashKey Group led fundraising in Q1 with $100 million each.

Messari, a prominent source of insight into the crypto market, has revealed a 23% decrease in fundraising for crypto projects quarter-over-quarter. Messari noted that this decline is primarily attributed to an exceptional month of fundraising in Q4 last year, spearheaded by Bitcoin miners.

Although March’s fundraising volume was remarkable, it failed to match the figures generated in November 2023. Consequently, the overall fundraising volume at the end of the first quarter of 2024 represents a 23% drop from the previous quarter.

Source: Messari

According to the chart accompanying Messari’s update, the total number of deals in March exceeded 280, with the total amount surpassing the $1.2 billion threshold. These figures significantly defeat those recorded in February and January.

For instance, fundraising in February was under $750 million, though deal counts surpassed 200. In January, approximately $1 billion in crypto fundraising volume was documented, with deal counts of lower than 200. These figures imply that February was the worst-performing month regarding fundraising volume for the just-concluded quarter.

Notably, similar metrics are observable in October and December 2023. November was the outlier, as it saw a staggering $2 billion in fundraising volume. The November figure made the numbers for Q1 2024 pale in comparison, as a cumulative $2.98 billion was realized compared to about $3.87 billion in Q4 2023.

Meanwhile, the data analytics firm highlighted a significant surge in early-stage deals for Q1 2024. In particular, Messari reported Messari a remarkable 73% increase in volume for early-stage deals and a 53% rise in deal count quarter-over-quarter.

According to the intelligence platform, this trend underscores a bullish appetite for new opportunities in the market.

Notably, Eigen Labs and HashKey Group led the fundraising funds for Q1 2024, with $100 million each, followed by Optimism, with $89 million.

The post March Crypto Fundraising Hits $1.2B, But Q1 Still Registers 23% Dip appeared first on Coin Edition.

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