This report summarizes the Web3 industry’s fundraising landscape in May 2025. A total of 122 deals were completed, raising $1.92 billion. Among them, the CeFi sector dominated with over $1.2 billion in funding. Traditional financial instruments such as mergers & acquisitions and PIPE investments were frequently employed, indicating that institutional capital is accelerating its deployment into compliant, integrable centralized infrastructure. The report also highlights major projects including Antix, Turtle Club, T-Rex, VOYA Games, and KYD Labs.