儘管分配給該行業的總資本下降，但在2024年接受風險投資投資的比特幣本地初創公司數量增加

獨特的比特幣本地公司資助的人數增長了27.5％

The number of Bitcoin-native startups receiving venture capital investment increased in 2024 despite a decline in the total capital allocated to the sector, according to a new report published by Trammell Venture Partners (TVP).

根據Trammell Venture Partners（TVP）發表的一份新報告，儘管分配給該行業的總資本的總資本下降，但在2024年接受風險投資投資的比特幣本地初創公司數量增加。

The report, released on Thursday, highlighted that the number of unique Bitcoin-native companies funded rose 27.5% on a yearly basis, while the number of individual transactions grew 31.8%. At the same time, the total amount of capital raised across those deals fell 22.1% compared to 2023, totaling $234 million for the year.

該報告於週四發布，強調，獨特的比特幣本地公司的數量每年增加27.5％，而個人交易的數量增長了31.8％。同時，這些交易中籌集的總資本總額下降了22.1％，而當年總計2.34億美元。

The report's focus was on early-stage Bitcoin-native software startups, excluding mining operations and atypically large or late-stage funding rounds. TVP defined a “Bitcoin-native” company as one founded on the principle that Bitcoin serves as a foundational global monetary asset and digital cash, with business models aligned to the Bitcoin protocol stack. This emerging category includes startups building infrastructure, applications, and services that leverage the base Bitcoin network or related layers.

該報告的重點是早期比特幣本地軟件初創公司，不包括採礦業務和非典型或晚期融資。 TVP將一家“比特幣本地”公司定義為基於比特幣充當基礎全球貨幣資產和數字現金的原則，其業務模型與比特幣協議堆棧保持一致。此新興類別包括利用基本比特幣網絡或相關層的啟動構建基礎架構，應用程序和服務。

“We observe a divergence in trends, with startups seeing increased funding activity, suggesting a shift toward broader investment and earlier-stage participation from venture firms,” said Gino Matos, a legal researcher at Trammell Venture Partners.

Trammell Venture Partners的法律研究員Gino Matos說：“我們觀察到趨勢的分歧，初創企業看到了增加的資金活動，這表明將轉移到更廣泛的投資和風險投資公司的早期參與。”

The increase in deal count was driven by heightened activity in earlier-stage funding rounds. Pre-seed transactions grew by 50%, while seed-stage deals rose by 30%. Series A transactions also saw a notable 60% increase year over year. This suggests growing interest among investors in backing Bitcoin-native companies from their earliest phases of development despite broader market caution in crypto venture capital.

交易數量的增加是由早期資金回合中的活動增強所驅動的。預婚交易增長了50％，而種子階段交易增長了30％。 A系列交易的同比增長了60％。這表明，儘管Crypto Venture Capital的市場警告更廣泛，但投資者對支持比特幣本地公司的興趣日益增加。

The divergence between the increased startup funding and lower capital allocation indicates a shift in market trends. Venture firms are spreading investments across a wider range of early-stage companies, potentially favoring leaner rounds and valuation discipline over large, concentrated bets.

增加的啟動資金和較低的資本分配之間的差異表明市場趨勢發生了變化。風險投資公司正在將投資傳播到更廣泛的早期公司，這有可能支持更精簡的回合和估值紀律，而不是大型，集中的賭注。

According to the report, the median round sizes remained stable across funding stages, though the aggregate capital dropped from $301 million in 2023 to $234 million in 2024. Pre-seed Bitcoin-native transactions increased by more than sevenfold over the four years from 2021 to 2024.

根據該報告，中間的圓形尺寸在資金階段保持穩定，儘管總資本從2023年的3.01億美元下降到2024年的2.34億美元。在20211年的四年中，預播的比特幣本地交易增加了7倍以上。

The consistent rise in early-stage deal activity positions Bitcoin-native startups as a distinct and increasingly active segment within the broader crypto investment landscape.

在更廣泛的加密投資格局中，比特幣本地初創企業的早期交易活動位置的持續上升是一個獨特且日益活躍的細分市場。

Small but growing

小但成長

Although Bitcoin-native startups remain a small portion of the total venture capital funding in the market, they have shown relatively higher momentum. According to TVP, these startups represented 5.98% of the total crypto venture capital invested in 2024 and 2.34% of all venture-backed crypto deal counts. This compares to Bitcoin’s massive share of the total crypto market cap, which currently stands above 62%. The disparity highlights a continued gap between Bitcoin’s market dominance and its representation in startup investment flows.

儘管比特幣本地初創企業仍然是市場中風險投資總資金的一小部分，但它們顯示出相對較高的勢頭。根據TVP的數據，這些初創公司佔2024年投資的Crypto Venture Capital的5.98％，佔所有風險投資支持的加密交易的2.34％。相比之下，比特幣在目前超過62％的加密貨幣市值中的巨大份額。差距突出了比特幣市場的統治地位與其在啟動投資流動中的代表之間的持續差距。

“We can see that the Bitcoin-native sector is entering a breakout phase, with four consecutive years of growth across key investment metrics,” said Matos.

Matos說：“我們可以看到，比特幣本地部門正在進入突破階段，在關鍵投資指標中連續四年增長了四年。”

The report also highlighted that Bitcoin-aligned entrepreneurs are increasingly attracting the interest of prominent investors, including Founders Fund, Ribbit Capital, Accomplice, Valor Equity Partners, Boost VC, Plug and Play, Village Global, GSR Ventures, and Y Combinator. All of these investment funds participated in syndicates for Bitcoin-native deals in 2024.

該報告還強調，與比特幣一致的企業家越來越吸引著名投資者的興趣，包括創始人基金，里里比特資本，同夥，英勇股票合作夥伴，增強VC，插件，插件，鄉村全球，GSR Ventures和Y Combinator。所有這些投資基金都參加了2024年的比特幣本地交易的聯合組織。

While overall venture capital allocations to crypto have contracted over the past two years, the Bitcoin-native segment has demonstrated resilience through consistent growth in startup formation and early-stage capital access. The number of startups receiving funding increased even as the total capital fell, reflecting rising investor interest in the category and a shift toward earlier-stage participation.

儘管過去兩年對加密貨幣的總體風險投資分配已簽約，但比特幣本地細分市場通過啟動組和早期資本訪問的持續增長表現出了韌性。即使總資本下降，獲得資金的初創公司的數量也有所增加，這反映了投資者在該類別中的利益上升，並轉移了較早的參與。