Switzerland’s Crypto Valley raised $728 million across 31 deals in 2025, a 37% increase from $531 million in 2024, according to an annual report published by venture firm CV VC. The region captured 47% of all European blockchain venture capital and roughly 5% of the $15.5 billion deployed globally last year.
A single transaction dominated the totals. The Open Network raised $400 million, accounting for more than half of Crypto Valley’s entire annual haul and skewing the headline figure significantly upward.
Fewer Deals, Bigger Rounds Define the Market Shift
Beyond TON, the next largest raises came from Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million.
The concentration of capital into a small number of large rounds mirrors a broader global pattern: worldwide blockchain venture funding climbed 30% in 2025 even as deal volume fell 32%, the report said.
Mathias Ruch, founder and CEO of CV VC, framed the trend as evidence of a more selective but maturing market.
“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” Ruch said, describing the ecosystem as increasingly focused on infrastructure, finance and the convergence of frontier technologies.
Zug remained the dominant hub within the region. Companies based there accounted for 20 of the 31 total deals and 88% of disclosed capital.
Zurich followed with five deals, while the broader Crypto Valley ecosystem now hosts 1,766 active blockchain companies, up 134% since 2020.
Unicorn Count Falls as Valuations Reset
Despite the funding increase, Crypto Valley’s unicorn count dropped to 10 in 2025 from 17 the year before. A spokesperson for Crypto Valley attributed most of the decline to weaker market conditions late in the year, which pushed six token projects below the $1 billion valuation threshold.
The region’s current top crypto companies include Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank. The departure of 21Shares from the ecosystem also contributed to the lower unicorn total, the spokesperson said.
By sector, blockchain networks attracted 62% of total Crypto Valley funding in 2025. Infrastructure followed at 14%, with centralized financial services and decentralized finance applications each accounting for 10%.
The distribution reflects a continued investor preference for foundational layers over application-level projects.
The overall picture is one of rising capital alongside a shrinking deal pool, a combination that signals consolidation rather than broad expansion across the Swiss blockchain sector.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
