Has the "broad net" era of crypto venture capital come to an end? In February 2026, $883 million was raised, with stablecoins and AI becoming the core tracks
February 28 News: Despite the market sentiment remaining low, venture capital firms still invested approximately $883 million in cryptocurrency startups in February. According to DefiLlama, this figure is about 13% lower than the same period in 2025, when the bull market saw funding surpass $1 billion. Funds have not exited, but investment logic has clearly become more cautious.
Andrei Grachev, Managing Partner of DWF Labs, stated that investors are now more focused on a project’s actual revenue, user growth curve, and its ability to operate sustainably in a bear market environment, rather than just the concept. He pointed out that in 2026, venture capital will focus on stablecoins and payment infrastructure, AI agents, and compliance and fund management tools for institutions. Before large-scale institutional capital enters, these underlying infrastructures will be prioritized.
Looking at specific cases, Andre Cronje’s Flying Tulip raised $206 million through token sales, focusing on integrated DeFi financial architecture and native stablecoin ftUSD, with structured downside protection mechanisms. Whop received a strategic investment of $200 million from Tether to promote stablecoin self-custody payments and expand the global creator economy. U.S. digital asset bank Anchorage Digital also completed $100 million in equity financing to strengthen compliant stablecoin issuance and institutional custody capabilities.
Cryptocurrency financing data indicates that in 2026, capital will prefer projects with real cash flow, compliant frameworks, and stablecoin payment scenarios. The market is gradually shifting from narrative-driven to a new stage emphasizing fundamentals and sustainable development.
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