The industry’s funnel also narrows sharply beyond its earliest stages. Of 3,957 blockchain companies tracked by Tracxn, 1,323 have received equity funding, but only 167 have reached Series A or later. Fifty have reached Series B, 14 Series C and just four Series D or beyond.
Singapore dominates
Geographically, Southeast Asia’s crypto investment market basically starts and ends with Singapore.
The city-state accounts for 82.5% of the regions’s $6.2 billion cumulative blockchain funding and is home to 2,285 if the companies tracked, Tracxn said. Jakarta, Indonesia is the next largest funding hub, which accounts for just 3%.
Exits are also somewhat uneven. Tracxn counted 43 acquisitions but only four IPOs across the sector, including SBI Group’s acquisition of Singapore-based CoinHako and Bybit’s purchase of NOBI this year.
Southeast Asia has neverthless produced six blockchain unicorns, including Sygnum, Bitkub, Sky Mavis and Amber Group.
The numbers suggest the regions’s blockchain investment market has enjoyed a recovery year in 2026, but not be recreating the funding boom of 2022. Capital is clustering around financial services and mature businesses, rather than speculative early-state ventures.
