VC Valuations for #Crypto Startups Have Split From Their Market Caps


Several blockchain startups once valued near $1 billion now trade at market capitalizations representing only a fraction of those figures as tighter liquidity forces valuation resets.


Humanity Protocol, which carried a venture valuation of approximately $1 billion, now has a market capitalization of about $285 million. Fuel Network, previously valued near $1 billion, trades closer to $11 million, while Bubblemaps has a market cap of roughly $6 million despite a similar #VC valuation.


Fundraising Digest, CryptoRank's venture deals tracker, wrote on X that during bull runs and narrative hype, VCs tend to overprice projects and assign aggressive valuations. Once sentiment fades or narratives lose traction, most projects receive a reality check and the market resets those euphoric numbers.


The recent crypto market downturn has exposed gaps between venture capital valuations and public market pricing, revealing how aggressively projects were priced during the last bull cycle. Projects with relatively lower valuations show similar patterns.

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December 24, 2025 at 7:55 PM
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