Digital Assets Report 2025 (AlbionVC)

Summary

• UK digital asset startups have raised £2.7bn in equity over the past ten years, with the top three companies raising £894m.p.3
• The UK has 23 million digital asset users, representing 35% of adults and the highest adoption rate in Europe.p.3
• Annual investment peaked at £713m in 2022 across a record 106 deals, before moderating to £475m in 2024.p.7
• Digital asset funding rose 26% in 2024 while the wider equity market fell 9.4%, but first-half 2025 deal value of £100m was the lowest H1 figure since 2020.p.8
• Over 70% of deals done in 2025 are B2B, versus just 27% in 2015, based on analysis of 1,426 startups.p.3
• There have been 25 exits to date in the UK digital asset sector.p.30

Key insights

1. Two Blockchain.com rounds of £86.5m and £218m together accounted for 49% of all capital raised in the sector in 2021.p.7
2. Seed now accounts for 58.0% of deals, down from 81.8% a decade earlier.p.13
3. Banking companies raise the highest average amount per deal at £8.9m.p.19
4. Capital Markets companies collectively raised £896m between 2015 and H1 2025, the most of any sub-segment.p.19
5. Blockchain.com is the top investment recipient with £425m.p.20
6. 46% of all crypto-focused VC investors are US-based.p.16
7. Between 2020 and 2024 the FCA approved only about 50 of 359 applications, a 13% success rate.p.26
8. As of January 2025, around 50% of UK crypto firms reported account denials or closures by banks.p.27