Tiger Research: Crypto company funding stayed weak in Q3 despite greed

In short

• Tiger Research's Q3 2026 report says crypto sentiment swung from fear to greed but company funding stayed weak.
• Seed deals made up 15.0% of all deals, the lowest quarterly share since 2024, according to Tiger Research.
• Series A to C disclosed investment rose 29% month on month, and Q3 Series C topped the whole first half of 2026.
• Money favoured payments, stablecoins, tokenised securities and AI infrastructure over new Layer 1 and Layer 2 blockchains.

Crypto investor sentiment swung from fear to greed in the third quarter of 2026, but that did not turn into broader funding for crypto companies, according to a report from Tiger Research, an Asian Web3 research and consulting firm. The report, titled "The Era of Industry: Q3 2026 Crypto Industry Investment Report", was published on 9 October 2026. Tiger Research says capital that came in alongside rising coin prices went mostly into direct crypto investments, while funding for companies that need long-term backing did not follow short-term market mood.

Tiger Research's Q3 2026 findings

Tiger Research is a research and consulting firm focused on Asian Web3 markets, and its quarterly investment report tracks where venture money goes in crypto. The firm's central finding is a split: prices recovered, company funding did not. It says money favoured later-stage companies with proven business models over early-stage bets, and that sectors tied to traditional finance, including payments, stablecoins, tokenised securities and AI-linked infrastructure, drew more attention than new Layer 1 and Layer 2 blockchains.

Seed deals hit lowest share since 2024

The numbers behind that split are the firm's own. Seed deals made up 15.0% of all deals in the quarter, the lowest quarterly share since 2024, and the monthly number of seed deals fell 28%, more than double the 13% decline in overall deals. At the other end, disclosed investment in Series A to C rounds rose 29% month on month, and Series C funding in the third quarter alone exceeded the total for the whole first half of 2026. No other data provider has confirmed these figures.

What it means for founders and traders

For ordinary holders, the report describes a market where the coins they own can rally while the startups building around them struggle to raise money. For founders, especially those at the earliest stage, it points to a harder pitch: a working product and revenue matter more than a story. For traders, the signal is about where venture money is heading, not where prices go next. For exchanges, payment firms and stablecoin issuers, the report suggests the money is moving toward businesses with licences and real customers.

The market backdrop in October shows sentiment still leaning positive. Bitcoin traded at $83,694, up 0.85% in 24 hours, and Ethereum at $2,554, up 2.11%, as of 06:32 UTC on 12 October 2026, according to InvestIn.News market data. Total crypto market value stood at $2.82 trillion, with Bitcoin dominance at 59.52%. The Crypto Fear & Greed Index read 69 of 100, in Greed, the same mood the report says failed to reach company funding.

Licences and orders as the new anchor

阿军 (@LuoKemin94871) said on X that the new anchor is not narrative but orders and licences, and that teams without a distribution channel should be repriced. HiSeven (@hisevenih) said on X that licences and distribution channels are indeed looking more and more like hard currency. Both posts are the authors' own views, not established fact.

The report also notes a shift in who holds sway over deal terms. According to TechFlow's coverage of the report, the influence of established lead venture capital firms on deal terms is declining, with strategic investors becoming more active. That fits the report's broader picture: money is going to companies that can show traction, and the investors writing cheques are increasingly the ones who can offer distribution or a licence rather than just capital.

What isn't confirmed yet

It isn't clear yet whether the seed-deal low and the Series C surge will hold into the fourth quarter, or whether other data providers will confirm the figures. The report is one firm's read on the quarter, and the numbers on seed and Series C rounds come from Tiger Research alone.

Questions readers ask

How low were seed deals in Q3 2026?

According to Tiger Research, seed deals made up 15.0% of all deals in Q3 2026, the lowest quarterly share since 2024. The monthly number of seed deals fell 28%, more than double the 13% decline in overall deals. No other data provider has confirmed these figures.

Which crypto sectors attracted more investment in Q3 2026?

The report says areas tied to traditional finance drew more attention than new blockchains. These included payments, stablecoins, tokenised securities and AI-linked infrastructure. New Layer 1 and Layer 2 blockchains attracted less interest, according to the report.

What did people say about the Tiger Research report?

On X, 阿军 (@LuoKemin94871) said the new anchor is not narrative but orders and licences, and teams without a distribution channel should be repriced. HiSeven (@hisevenih) said licences and distribution channels are looking more and more like hard currency. Both are the authors' own views.

Our view

The recovery in crypto prices has not reached the companies building in the sector, and that is a healthy correction rather than a failure. Investors have learned from previous cycles, when teams raised on a minimum viable product and little else. Capital is now going to businesses that already make money, which is why seed deals fell to 15.0% of all deals while Series C funding in the third quarter alone beat the entire first half of 2026. In my view, the old is gold: proven operators with licences, distribution and revenue deserve the funding, and early-stage teams without an entry point should expect to be repriced. The test will be whether the seed-deal low persists into the fourth quarter, or whether it proves a one-quarter pause.

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— Keshav Aggarwal

What to watch: Tiger Research's next quarterly investment report, expected in January 2027, will show whether the seed-deal low and Series C surge held into the fourth quarter.