The investment arm of the Coinbase exchange — Coinbase Ventures — has become the absolute leader among crypto venture funds in terms of the number of deals closed in the first half of 2026. According to analysis conducted by my team, the fund closed 30 investment rounds during this period, placing it first in the ranking.
In second place is Animoca Brands, which completed 19 deals. The top three is rounded out by a16z (Andreessen Horowitz) with 18 investments, while Tether took fourth place with 15 investments.
However, the overall picture of the crypto financing market in recent months shows a notable cooling. In June 2026, the volume of funds raised fell to $1.4 billion — a sharp drop compared to the $3.8 billion recorded in April of the same year. Additionally, the number of unique investors actively participating in deals decreased from 452 in October 2025 to 242 in June 2026.
Analytical Commentary: This dynamic is a classic sign of a bear market, where capital concentrates around the largest and most resilient players, such as Coinbase Ventures. The 46% decline in the number of unique investors over eight months indicates that retail and small institutional funds are leaving the market, while giants like a16z and Tether continue to aggressively expand their portfolios. I expect that in the second half of the year, we will see further consolidation: only those projects that can attract the attention of these top funds will survive.