TLDR:
- Venture capital funding for cryptocurrency startups surged to $2.4 billion in Q1 2024
- This increase was driven by the debut of the first U.S. Bitcoin spot ETF
Venture capital funding for cryptocurrency startups reached $2.4 billion in Q1 2024, reflecting a 40.3% increase from the previous quarter. This surge was attributed to the debut of the first U.S. Bitcoin spot ETF, which enhanced the credibility of the asset class. The market saw increasing investments in early-stage deals, and it is expected that more deals will happen later this year among crypto exchanges, wallet providers, and infrastructure providers. The resilience of the cryptocurrency market was demonstrated by the surge in Bitcoin’s value and increased institutional adoption. Global venture capital investments also reached a level not seen in nearly 5 years during the same period.
