Data: Total crypto market funding in May reached $2.21 billion, driven by infrastructure and DeFi
Comparatively, according to statistics from the tokenized asset data platform RootData, the crypto primary market disclosed a total financing amount of about US$2.21 billion in May 2026, and a total of 62 financing incidents were disclosed. Judging from the distribution of the financing circuit, market capital still mainly flows to DeFi, infrastructure, and CeFi, while institutions' attention to transactions, payments, compliance, and institutional-level services continues to increase.
DeFi became the most active track this month, with 26 financings completed, covering stablecoins, liquidity agreements, on-chain transactions and revenue strategies; the infrastructure circuit ranked second with 18 financings, with capital continuously betting on underlying technology, AI+Crypto, middleware, and on-chain scaling capabilities; CeFi completed a total of 12 financings. Although the number of incidents was not as high as DeFi, it showed outstanding performance in terms of financing volume, and there was a marked increase in large-scale strategic financing.
The top three projects in terms of financing amount are: Korea Exchange parent company Dunamu ($667 million), payment infrastructure project Reap ($600 million, merger and acquisition), and institutional stablecoin infrastructure Arc ($222 million). In addition, projects such as prediction market platform Kalshi ($200 million) and on-chain compliance company Elliptic ($120 million) have also received significant financing. The top five financing projects of this month totaled more than US$1.9 billion, accounting for about 85% of the total amount of disclosed financing.
A number of high-volume financings in May focused on exchanges, payment infrastructure, predictive markets, and on-chain compliance analysis. In particular, projects related to trading and institutional services such as Gemini, Coincheck, SignalPlus, and Variational received financing, indicating that the market is laying out the next stage of incremental capital and institutional needs.
In terms of investment institutions, Kraken, Paradigm, Sequoia Capital, Coinbase Ventures, Dragonfly, and HashKey Capital continue to be active, and head capitalists prefer to bet on projects with clear business models and institutional service capabilities. Overall, the financing market in May showed a trend of gradually returning from a high narrative drive to infrastructure, financial services, and real demand scenarios.
