In Q2, the total financing and M&A in the crypto industry reached $12.86 billion, with debt financing becoming the second-largest source.

According to the Q2 2026 crypto financing report released by CryptoRank, the crypto industry saw $12.86 billion in funding across 271 completed deals, an increase of approximately 45% from $8.87 billion in Q1. Venture capital led the way with $4.99 billion, accounting for 39% of the total and involving 218 rounds. Debt financing reached $4.36 billion, with only 9 deals, more than tripling from the previous quarter. A single $3.65 billion deal by IREN accounted for 84% of the total debt financing. Additionally, M&A transactions totaled $3.33 billion across 40 deals. The report highlights that the top ten deals accounted for 67% of disclosed funding, indicating continued concentration in industry financing.