The crypto industry has raised $11.2 billion in the first six months of 2026, with not a single dollar going to permissionless, ungoverned experiments. According to Dubai-based crypto lawyer Irina Heaver, the top three sectors by capital raised were payments and stablecoins, prediction markets, and crypto exchanges and trading platforms, all of which require regulatory approval to operate.
Regulated Businesses Attract Investment
Heaver's research found that 377 financing rounds took place, with investors such as BlackRock, Apollo, and Goldman Sachs backing regulated crypto companies. Mastercard acquired stablecoin payments company BVNK for $1.8 billion, while Abu Dhabi's sovereign wealth fund backed a $355 million institutional blockchain round.
Industry Maturation
Rob Hadick, general partner at Dragonfly, attributed the shift in funding to the industry's maturation, with money flowing towards the future of finance and markets. Vineet Budki, managing partner at Sigma Capital, noted that licensing has become a key factor in valuing businesses, with a VARA license or MiCA passport taking up to 24 months and millions of dollars to obtain.
Counterpoint
Gracy Chen, CEO of Bitget, offered a counterpoint, stating that while institutional capital may be chasing licenses, retail demand is moving to different places, with 95% of volume on tokenized equities coming from individuals trading outside regulated venues.
