Key facts
- Crypto venture capital saw 79 deals in May 2026.
- Total crypto VC funding reached approximately $2.92 billion in May 2026.
- Hana Bank invested $670 million in Dunamu.
- Payward acquired Reap Technologies for approximately $600 million.
- Major crypto miners reported net losses in Q1.
- Venezuela reiterated its ban on crypto mining.
- Russia expanded reporting requirements for crypto miners.
- Brazil approved import tax exemptions for mining cooling equipment.
- South Carolina passed legislation protecting digital asset mining.
- Solana generated $91 million in application revenue in May.
- Ethereum generated $52 million in application revenue in May.
- BNB Chain's real-world asset market grew 60% in Q1.
In May 2026, the cryptocurrency venture capital landscape experienced a significant upswing, with deal counts rising by 23.4% month-over-month to 79. Total funding for the month reached approximately $2.92 billion, marking an 88.1% increase from the previous month. Key investments included Hana Bank's $670 million stake in Dunamu and Payward's acquisition of Reap Technologies for around $600 million.
Simultaneously, the global crypto mining sector faced considerable challenges and shifts. Major mining companies reported net losses for the first quarter of the year. Regulatory actions intensified, with Venezuela reinforcing its ban on crypto mining operations and Russia enhancing its reporting requirements for miners. Conversely, Brazil provided a boost by approving import tax exemptions for mining cooling equipment, and South Carolina enacted legislation aimed at protecting digital asset mining activities within the state. Analysts are observing a trend where Bitcoin miners are increasingly exploring and pivoting towards AI infrastructure due to high demand in that sector.
In terms of blockchain performance, Solana emerged as a leader in application revenue for May, generating $91 million. This figure surpassed other major blockchains, including Ethereum, which recorded $52 million in application revenue during the same period. This highlights Solana's growing ecosystem and its success in capturing user spending.
Further contributing to the diverse market activity, BNB Chain's real-world asset (RWA) market demonstrated substantial growth in the first quarter, expanding by 60% to reach $3.6 billion. This expansion was primarily fueled by the increasing popularity of tokenized treasuries, alongside a rise in the adoption of stablecoins and AI-native applications. The network also reported improved performance metrics, processing 1.29 billion transactions during the quarter.