TL;DR: 137 venture funds closed a combined $39.26B in Q2 2026, but the money is stacked at the top: 15 mega-funds took 69% of it. Crypto's share was $3.92B, and almost all of it is three familiar names.

Murph Capital's Q2 2026 recap frames the quarter as "concentration inside a contraction." The 15 platforms that cleared $500M captured 69% of all capital raised, while 76 emerging funds under $250M split just 13% between them. The headline number, $39.26B across 137 funds, hides how few hands it landed in.

The top of the table is generalist and AI-heavy. Sequoia Capital's $7B Expansion Fund leads, followed by Accel ($5B, Leaders Fund V) and Menlo Ventures ($3B). Those three alone account for $15B, more than a third of the entire quarter.

Crypto kept its seat at the table, but barely a broad one.

Dedicated crypto and Web3 vehicles raised $3.92B. That headline masks how narrow the base is: a16z crypto's $2.2B Fund V (the #4 fund overall, ahead of Benchmark and every biotech or defense fund on the board), Haun Ventures' $1B Fund II, and Framework Ventures' $400M together make up 92% of the whole category.

Murph's read is blunt: "Crypto's Q2 recovery is a story about 3 franchises re-upping, not broad LP re-entry into the sector." a16z crypto even passed on the AI diversification its peers chased, committing Fund V entirely to crypto founders.

Beyond crypto, Q2 funded a wide "hard" spread: physical and industrial AI at Eclipse Ventures ($1.3B), biopharma at Jeito Capital ($1.17B), European defense via E2D ($570M), healthtech at Lauxera Capital ($570M), and climate at Lightrock ($500M). It is capital positioning for physical infrastructure and sovereignty, the same real-world thesis that crypto's own RWA and DePIN narratives are chasing.

Full ranking, Q2 2026 (top 15)

1. Sequoia Capital: $7B, Expansion Fund (AI, multi-stage)

2. Accel: $5B, Leaders Fund V (late-stage AI)

3. Menlo Ventures: $3B, two vehicles (AI)

4. a16z crypto: $2.2B, Fund V (crypto, Web3)

5. Benchmark: $2B, two vehicles (early-stage, growth)

6. Eclipse Ventures: $1.3B, physical and industrial AI

7. Jeito Capital: $1.17B, Fund II (biopharma)

8. Haun Ventures: $1B, Fund II (crypto)

9. BAI Capital: $800M target (first close ~$600M), cross-regional

10. Luminous Ventures: $733M, China AI and robotics

11. 137 Ventures: $700M, growth

12. E2D: $570M, Fund I (European defense)

13. Lauxera Capital: $570M, Growth II (healthtech)

14. Lanchi Ventures: $560M, Fund IV (China AI)

15. Lightrock: $500M, Accelerate7 (climate)

What it means for crypto: The funding class is normalizing crypto into the same table as biotech, defense and climate, a mature asset class competing on merit rather than hype. But this quarter's crypto capital is a few franchises re-upping, not a wave of new LPs. When a16z crypto, Haun and Framework deploy that $3.92B, the projects raising in 2026 and 2027 will feel it.

Data: Murph Capital, Q2 2026 recap. Fund sizes are self-reported closes and may revise. Not financial advice.

Lumia's July update highlighted continued momentum across the real-world asset sector, as tokenized asset value reached $37.55 billion and the number of RWA holders climbed to 1.48 million.

During the month, Lumia outlined its upcoming AI infrastructure, designed to support the full RWA lifecycle by helping users evaluate assets, manage portfolios, and navigate compliance, while assisting issuers with tokenization and market access.

The update also pointed to growing institutional adoption, with DTCC bringing tokenized securities into live production and BNY launching digital transfer agency services for blockchain-based funds, including offerings from BlackRock.

Lumia emphasized that the next phase of tokenization extends beyond issuance, requiring infrastructure that combines compliance, liquidity, data, and intelligent automation to support real-world assets at scale.

Wells Fargo will roll out tokenized deposits for select corporate and commercial clients later this year, beginning with 24/7 U.S. dollar-to-British pound settlements on its proprietary blockchain.

Unlike stablecoins, the tokenized deposits represent traditional bank balances onchain while maintaining the same regulatory protections and deposit insurance eligibility as conventional deposits. The bank plans to introduce programmable payments through smart contracts and expand support to additional clients, countries, and currencies throughout 2027.

The platform will automatically route eligible transactions through tokenized deposits when they offer faster or more flexible settlement, without changing the client experience.

The move places Wells Fargo alongside JPMorgan and Citi in adopting tokenized deposit infrastructure as major banks accelerate efforts to modernize cross-border payments.

OKX Chief Compliance Officer Jonathan Brockmeier said the recent Coldcard exploit, one of the largest bitcoin hardware-wallet thefts on record, is pushing users back toward centralized exchanges.

“We're seeing record levels of inflows now to centralized exchanges post-Coldcard,” according to Brockmeier, adding that the trend is “the flip side of FTX,” when users rushed into self-custody after the exchange collapse.

To reduce fraud-related losses, OKX says it is expanding its security stack with AI tools that monitor suspicious transfers, compromised devices, and social engineering risks before funds move.

In the first half of 2026, the exchange said it blocked $26.3 million in scam-related losses and protected more than $1.1 billion in assets for over 500,000 customers.

Galaxy Research linked the Coldcard vulnerability, disclosed last week, to thefts exceeding 1,300 BTC worth more than $80 million across thousands of addresses. Amid rising exploit activity, OKX is leaning on stronger security controls as it expands in the U.S. and Europe.

Western Union has launched Stablecard, enabling customers in 37 markets to receive remittances as USDPT, its dollar-backed stablecoin issued by Anchorage Digital Bank on Solana, and spend funds instantly through a Visa card powered by Rain.

The new service allows recipients to hold USDPT in the Stablecard app, convert it to local cash at Western Union locations, or make purchases at more than 175 million merchants worldwide via Apple Pay, Google Pay, or the physical card.

Beyond improving the customer experience, Stablecard helps Western Union reduce reliance on prefunded bank accounts by enabling near-instant stablecoin settlement, making cross-border remittances more capital efficient while keeping funds within its digital ecosystem.

Western Union plans to expand Stablecard from 37 to more than 60 markets by the end of 2026, marking a major step in integrating stablecoins into one of the world's largest remittance networks.

Most holders had never heard of Kulipa. That's the catch: you don't choose the company that actually issues your crypto card. A handful of invisible issuers power the cards you use every day: MetaMask (Baanx), Phantom (Bridge), Ledger, Bitget Wallet, and more.

And the layer is consolidating fast: Stripe bought Bridge ($1.1B), Mastercard bought BVNK ($1.8B). The strong get acquired — the weak, like Kulipa, brick their partners' cards and disappear.

Your card is only as alive as its issuer. Here's who's really behind them 👇

Bending Spoons, the Italian software firm behind Evernote and WeTransfer, has agreed to acquire no-code database platform Airtable for $1.285B in an all-cash deal.

Airtable blends a spreadsheet with a database so teams can build simple apps without code, and it runs about $480M in annual recurring revenue.

Including Airtable's net cash the implied equity value is around $2.25B, while the headline enterprise price is $1.285B, so do not conflate the two. The deal is expected to close later in 2026. This is a traditional software acquisition, with no crypto or token angle to it.

Fortitude, the Zcash-mining arm of DCG, has bought a 12.5 MW data-center facility in Prosser, Nebraska, for a net $4.7M, expanding its owned-and-operated mining portfolio.

The site comes with land, a building and a 67 kV substation, plus cheap power near $0.045 per kWh that Fortitude says could cut its cost to about $40 per ZEC. It is the company's third Nebraska site in a 60+ MW, seven-site footprint.

The headline price is a gross $6.25M, or a net $4.7M after adjustments, so do not conflate the two. Fortitude's planned Nasdaq listing as TUDE, via a HeartSciences merger, is still pending and not yet approved. ZEC's recent rally is broader market momentum, not a result of this deal, and there is no token or airdrop tied to it.

Boltz has disabled its swaps indefinitely after months of automated, AI-assisted attacks outpaced its small team's ability to patch bugs. Boltz is the trustless engine that lets wallets swap between Bitcoin, Lightning and Liquid.

Because it never holds your coins, no user funds were lost or at risk, and Boltz itself absorbed the cost of the exploits. This is a pause until further notice, not a permanent shutdown.

Boltz says attackers now iterate faster than a team its size can find and patch, and that it cannot responsibly re-enable swaps for now. AI-assisted here means automated probing that surfaces bugs quickly, not an AI breaking Bitcoin. Refunds are still processed through the API and can also be claimed unilaterally, and wallets that used Boltz, like Aqua and Bull Bitcoin, are lining up other swap rails.

Its Unified Trading Account (UTA) is the industry's first to pool crypto, 100 tokenized US stocks (rTokens) and RWA into one shared margin account; 370+ assets, a single collateral pool.

That means one tokenized stock like rNVDA does four jobs at once: hold your exposure, earn dividends in USDT, back your futures margin, and pledge it for a stablecoin loan.

It's the third generation of the trading account, and $100M+ flowed in within the first month.