Data from The Block Research shows that since 2017, Coinbase Ventures has topped the list with 443 investments, accounting for about 4% of all transactions since 2017. Animoca Brands Corp. and Outlier Ventures Ltd. ranked second and third respectively. PitchBook data shows that crypto venture capital increased from a recent low of $1.9 billion in the fourth quarter of 2023 to $2.5 billion in the first quarter of this year. With this increase, valuations for start-ups like Farcaster, Berachain and Hidden Road Partners have returned to an impressive level of $1 billion.