Crypto VC financing landscape hit a major milestone in 2025—pulling in $49.75 billion total, representing over 4x growth compared to previous years. Interestingly, the bulk of this capital is flowing into CEX reserve vault infrastructure, signaling where the industry sees its next infrastructure priority.

Breaking down December 2025: crypto VCs disclosed 58 investment projects, up 3.6% month-over-month from November's 56 projects. While the monthly uptick might seem modest, the trend tells a bigger story—sustained institutional interest in specific sectors. The shift toward reserve vault construction particularly suggests major exchanges are preparing their infrastructure for the next market cycle, whether that's enhanced custody solutions, liquidity management, or operational resilience.

This financing surge underscores how seriously players are taking infrastructure buildout. Beyond just protocol development, the capital deployment reflects maturation in how the ecosystem thinks about stability and security—CEX operations are becoming a primary focus rather than an afterthought.