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ARTICLE · 12 FEBRUARY 2026

Blockchain Investing Trends

Baker Botts L.L.P.
Baker Botts L.L.P.
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The investment narrative has shifted from pure DeFi and NFTs toward real-world utility and computational infrastructure. The "AI x Crypto" intersection is the undisputed winner of the current cycle.

United StatesTechnology
Ali Dhanani
Ali Dhanani

The investment narrative has shifted from pure DeFi and NFTs toward real-world utility and computational infrastructure. The "AI x Crypto" intersection is the undisputed winner of the current cycle. The AI Premium: For every VC dollar invested in crypto in 2025, 40 cents went to AI-focused blockchain companies.

#blockchain #VC #privateequity #trends

This pattern suggests crypto startups are finding clearerproduct-marketfit, driven by enterprise and retail demand rather than fragile speculation. - Investors deployed $7.9 billion, up 44% from 2024, according to PitchBook. More capital concentrated in fewer companies. - Deal volume fell 33%, but the median check size climbed 1.5x to $5 million as investors prioritized higher-quality projects and follow-ons into proven teams. - Median valuations rose meaningfully across stages. Seed companies had a median valuation of $34 million, up 70% from 2023 levels.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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