October Crypto Industry Financing Reaches $1.65 Billion, Kalshi Accounts for 61%

In October 2026, the crypto industry venture capital financing reached $1.65 billion, more than doubling from September, primarily driven by Kalshi's completion of a $1 billion Series G financing. Kalshi's round accounted for 61% of the total financing for the month. Excluding Kalshi, other projects raised $651 million, down from $665 million in September; after excluding the top two financing projects of the month, the remaining financing amount was $451 million, roughly on par with September's $455 million. A total of 46 financing rounds were completed in October, an increase from 44 in September, but lower than the 116 rounds in the same period of 2025. Seed and Pre-Seed financing increased by 8% to $123 million, with 20 rounds completed. The payments sector saw 12 transactions, totaling $342 million, with Whop securing $200 million in financing. The RWA sector raised a total of $137 million, with Spiko and Meanwhile receiving $90 million and $37.5 million, respectively. A total of 155 institutions participated in financing in October, a 16% increase from September; Tether participated in 4 financing rounds, making it the most active institution for the month. Sequoia Capital participated in 3 financing rounds, all as lead investors. The top ten financing projects accounted for 91% of the total financing for the month. Additionally, 13 M&A transactions were disclosed in the crypto industry in October, an increase of 1 from September, with no amounts disclosed for any of the transactions.