Switzerland's Crypto Valley accounted for 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to a report by venture firm CV VC. The report also revealed that global blockchain funding rose by 30% to $15.5 billion across 986 deals, while Crypto Valley's total climbed 37% from $531 million in 2024. The Open Network (TON) contributed $400 million of the funding, followed by Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, and Impossible Cloud Network at $34 million. Despite this growth, the report noted a more selective market, with deal count falling even as capital deployed increased. The number of unicorns fell to 10 in 2025 from 17 a year earlier.