In July, the crypto market attracted 2.67 billion USD! This represents a 6% increase month-on-month, reaching the second highest point of the year, with ETH, SOL, and other corporate reserves becoming a new trend.

According to DefiLlama data, the total amount of financing in the cryptocurrency sector reached $2.67 billion in July 2025, a month-on-month rise of 6%, making it the second highest financing month of the year (only behind March's $3.5 billion). The financing amount for this single month accounted for 85% of the total for the second quarter, significantly higher than June's $2.5 billion. It is worth following that enterprises are increasingly using huge financing for crypto assets reserve allocation, with BitMine investing $250 million to increase its ETH holdings, and Upexi investing $200 million to acquire SOL, together accounting for 88% of the month's "corporate investment" financing. In terms of sectors, the stablecoin infrastructure ($352 million), DeFi protocols ($107 million), and underlying facilities (over $100 million) are the most favored by capital, with Hong Kong project OSL Group leading globally with a single financing of $300 million.

Corporate Reserve Fund Allocation Wave: ETH/SOL Becomes a New Favorite for Institutions

• BitMine Invests $250 Million in Ethereum: In a $512 million financing categorized as "Corporate Investment," Bitcoin mining company BitMine allocated $250 million in ETH reserves for the largest single financing of the month, highlighting the strategy of traditional mining companies to diversify into PoS assets.
• Upexi Invests $200 Million in Solana: E-commerce platform Upexi has secured $200 million in funding, which will be explicitly used to increase holdings in SOL assets. The two major companies account for 88% of the total financing in this category, reflecting that publicly traded companies are using encryption asset treasury management to hedge against inflation risks.

Race Financing Overview: Hong Kong Projects Lead Stablecoin Infrastructure

• Stablecoin infrastructure strongly attracts 352 million:
  • Hong Kong licensed exchange OSL Group secures $300 million in strategic investment to accelerate global compliance expansion
• RD Technologies, also based in Hong Kong, received $40 million to build a compliant stablecoin system covering issuance to circulation.
• Decentralized Finance protocol raised 107 million against the trend: In addition to the phenomenon of Pumpfun, native DeFi projects have shown impressive performance:
  • The order book protocol Kuru has raised $11.6 million and will build a high-performance CLOB trading engine based on Monad.
  • GAIB raised $10 million to develop a decentralized economic layer for GPU computing power tokenization and revenue distribution.
  • Falcon Finance received a $10 million investment from World Liberty Financial to develop over-collateralized stablecoins.
• Underlying infrastructure receives continuous capital injection:
  • Green mining company Soluna receives $20 million to optimize Bitcoin green mining operations.
  • Bitzero completes a $25 million Series B funding round to expand its mining operations.
  • xTAO received $22.8 million support for the Bittensor ecosystem expansion

Phenomenal Event: Pumpfun Pre-sale Ignites the Market

• The decentralized token issuance platform Pumpfun completed nearly $1 billion in pre-sale financing in July, accounting for 37.5% of the total financing for the month. The massive fundraising before its token generation event (TGE) became a key factor in boosting the overall data for the month, confirming the explosive potential of the Meme coin infrastructure.

Conclusion: In July, the crypto financing market showed a "rise in both quantity and quality," with $2.67 billion in capital flowing, highlighting three major trends: 1) Traditional enterprises achieve financial strategy upgrades through crypto asset reserve allocation; 2) Hong Kong becomes a global financing hub for stablecoin infrastructure thanks to its policy advantages; 3) DeFi and underlying facilities, apart from the phenomenal performance of the Pumpfun phenomenon, continue to receive robust capital support. With the continuous influx of funds into the US spot ETF and the improvement of the global compliance framework, the capital efficiency of the crypto market is expected to be further unleashed in the mid-term of the bull market.