CryptoRank Report Shows Crypto Fundraising Rebounded to $9.6B in May, Led by Kalshi and Bullish–Equiniti Deal
Crypto analytics firm CryptoRank released its May 2026 fundraising report, showing total disclosed crypto capital rebounded to $9.57B for the month after a multi-month slowdown. The total ranked among the strongest months of the past year.
Venture capital accounted for $3.52B across 83 rounds, up 408% from April and the highest monthly total since October 2025, according to CryptoRank. Round count rose 19% month-over-month, with later-stage and strategic deals making up about 88% of venture dollars.
Mergers and acquisitions reached $5.55B across 19 deals, the largest M&A month in the trailing 12, CryptoRank data shows. Bullish's $4.2B acquisition of Equiniti, a UK shareholder-services and pension registrar, accounted for 76% of the month's M&A total. Other deals included IREN's $625M purchase of cloud and AI infrastructure firm Mirantis.
The largest venture rounds were Kalshi's $1.2B Series F, backed by Andreessen Horowitz, Paradigm, and Sequoia Capital, and Dunamu's $670M strategic stake from Hana Financial Group. Dunamu operates Upbit, South Korea's largest crypto exchange. Other notable rounds included AI search firm Exa's $250M Series C and Arc's $222M presale, a Stripe-built Layer 1 blockchain for stablecoin payments.
By sector, prediction markets led venture capital with $1.20B, driven by Kalshi, while AI led by deal count with 17 rounds, according to CryptoRank. Centralized exchanges including Dunamu, Gemini, and Coinone were among the largest recipients of exchange-sector capital.
CryptoRank also reported that the number of active investors rebounded to 255 in May, up 27% from April and the first decisive increase since October 2025, though still 44% below the May 2024 peak of 458. Andreessen Horowitz was the most active fund with nine deals, followed by Coinbase Ventures and Animoca Brands with seven each.
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