The Block Research data shows that Coinbase Ventures has topped the list with 443 investments since 2017, accounting for about 4% of all deals since 2017. Animoca Brands Corp. and Outlier Ventures Ltd. ranked second and third, respectively. PitchBook data shows that this year Quarter 1 crypto venture capital has increased from a recent low of $1.90 billion in the fourth quarter of 2023 to $2.50 billion. With this rise, the valuations of startups such as Farcaster, Berachain and Hidden Road Partners have returned to the eye-catching $1 billion level.