尽管分配给该行业的总资本下降，但在2024年接受风险投资投资的比特币本地初创公司数量增加

独特的比特币本地公司资助的人数增长了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).

根据Trammell Venture Partners（TVP）发表的一份新报告，尽管分配给该行业的总资本的总资本下降，但在2024年接受风险投资投资的比特币本地初创公司数量增加。

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.

该报告于周四发布，强调，独特的比特币本地公司的数量每年增加27.5％，而个人交易的数量增长了31.8％。同时，这些交易中筹集的总资本总额下降了22.1％，而当年总计2.34亿美元。

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.

该报告的重点是早期比特币本地软件初创公司，不包括采矿业务和非典型或晚期融资。 TVP将一家“比特币本地”公司定义为基于比特币充当基础全球货币资产和数字现金的原则，其业务模型与比特币协议堆栈保持一致。此新兴类别包括利用基本比特币网络或相关层的启动构建基础架构，应用程序和服务。

“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的法律研究员Gino Matos说：“我们观察到趋势的分歧，初创企业看到了增加的资金活动，这表明将转移到更广泛的投资和风险投资公司的早期参与。”

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.

交易数量的增加是由早期资金回合中的活动增强所驱动的。预婚交易增长了50％，而种子阶段交易增长了30％。 A系列交易的同比增长了60％。这表明，尽管Crypto Venture Capital的市场警告更广泛，但投资者对支持比特币本地公司的兴趣日益增加。

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.

增加的启动资金和较低的资本分配之间的差异表明市场趋势发生了变化。风险投资公司正在将投资传播到更广泛的早期公司，这有可能支持更精简的回合和估值纪律，而不是大型，集中的赌注。

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.

根据该报告，中间的圆形尺寸在资金阶段保持稳定，尽管总资本从2023年的3.01亿美元下降到2024年的2.34亿美元。在20211年的四年中，预播的比特币本地交易增加了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.

在更广泛的加密投资格局中，比特币本地初创企业的早期交易活动位置的持续上升是一个独特且日益活跃的细分市场。

Small but growing

小但成长

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.

尽管比特币本地初创企业仍然是市场中风险投资总资金的一小部分，但它们显示出相对较高的势头。根据TVP的数据，这些初创公司占2024年投资的Crypto Venture Capital的5.98％，占所有风险投资支持的加密交易的2.34％。相比之下，比特币在目前超过62％的加密货币市值中的巨大份额。差距突出了比特币市场的统治地位与其在启动投资流动中的代表之间的持续差距。

“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说：“我们可以看到，比特币本地部门正在进入突破阶段，在关键投资指标中连续四年增长了四年。”

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.

该报告还强调，与比特币一致的企业家越来越吸引著名投资者的兴趣，包括创始人基金，里里比特资本，同伙，英勇股票合作伙伴，增强VC，插件，插件，乡村全球，GSR Ventures和Y Combinator。所有这些投资基金都参加了2024年的比特币本地交易的联合组织。

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.

尽管过去两年对加密货币的总体风险投资分配已签约，但比特币本地细分市场通过启动组和早期资本访问的持续增长表现出了韧性。即使总资本下降，获得资金的初创公司的数量也有所增加，这反映了投资者在该类别中的利益上升，并转移了较早的参与。