[Crypto dealbook] October funding reaches $1.85 billion as Kalshi takes 80% of weekly total

Crypto venture funding reached $1.85 billion across 51 rounds in October. Kalshi led the week with a $1 billion Series G, while API, payments and artificial intelligence featured prominently in investment activity.

October's cumulative funding stood at $1,848.87 million across 51 investment rounds.

The October total compared with $680.5 million across 52 rounds in September and $1,593.05 million across 62 rounds in August.

Kalshi's $1 billion round was the largest during October 26–November 1, accounting for 80% of the week's disclosed funding.

October 26 Mochatrade ($4.87 million / seed / CoinFund and others); Fun (amount undisclosed / stage undisclosed / IOSG Ventures).

October 27 HIVE Digital Technologies ($129 million / post-IPO debt / investors undisclosed); Hyperbolic Labs ($30 million / extended Series A / Walden Catalyst and others); Luxor ($16 million / strategic / CMT Digital and others); Predicate ($8 million / Series A / Blockchain Capital and others); Cancore ($7.2 million / seed / MH Ventures and others); Spicenet ($5 million / Series A / dao5 and others).

October 28 Birch Hill ($4 million / seed / Multicoin Capital and others); Ibis (amount undisclosed / pre-seed / FalconX and others).

October 29 Kalshi ($1 billion / Series G / Sequoia Capital, Wellington Management and others); PhotonPay ($40 million / Series C / Blockchain Capital and others); trade.xyz (amount undisclosed / strategic / Intercontinental Exchange (ICE) and Stanley Druckenmiller); Marketnode (amount undisclosed / strategic / Stellar Development Foundation).

October 31 Bloquo ($3.7 million / seed / Triaxis Capital, Crescera Capital and Lattice).

Over the latest 30-day period, investment activity declined 23% from the preceding month.

The period recorded 69 funding rounds, up 9.5%, while total investment rose 121.3% to $2,822.27 million.

Average round size was in the $3 million–$10 million range, with seed the most active funding stage. API was the leading investment focus.

Over the past six months, API accounted for the largest investment share at 28.44%, followed by Payments at 21.78%, Artificial Intelligence (AI) at 19.56%, RWA at 15.56% and Developer Tools at 14.67%.

The most active investors over the same period were YZi Labs (Prev. Binance Labs) with 29 investments, Coinbase Ventures with 27, a16z Frontier with 16, Animoca Brands with 12, Circle and SBI Holdings with 11 each, and Tether with 10.