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In November 2025, the crypto venture capital landscape exhibited contrasting trends: while deal activity decreased, the influx of capital into the sector surged significantly.
Key Takeaways:
- Crypto VC transactions dropped sharply in November, yet overall funding soared to $14 billion, primarily due to a major acquisition.
- Naver’s $10.3 billion acquisition of Dunamu represented the bulk of the month’s funding.
- Apart from this significant deal, investors concentrated on DeFi, AI, and infrastructure sectors.
According to data from RootData, there were 57 disclosed crypto VC transactions, reflecting a 28% decline from October and a 41% decrease from the same month last year.
Nevertheless, total funding surged to $14.54 billion, marking a 219% increase month-over-month, largely driven by a single major transaction.
Naver’s $10.3B Acquisition of Dunamu Marks Crypto’s Largest Deal
This standout transaction was Naver’s $10.3 billion all-stock acquisition of Dunamu, the operator of Upbit.
This deal, the largest financing event in the crypto sector to date, values Dunamu at approximately KRW 15.1 trillion and indicates a renewed interest in growth through consolidation.
Dunamu reported revenues of KRW 1.19 trillion for the first three quarters of the year, with Upbit contributing nearly all of this amount, highlighting the continued importance of trading platforms in generating cash flows as the market evolves.
Excluding the Naver-Dunamu mega-deal, November appeared more conservative. Capital was concentrated in fewer, larger investments while early-stage funding activity diminished.
By sector, DeFi (30.4%) and CeFi (12.5%) led in deal volume, followed by AI (7.1%), RWA/DePIN (7.1%), and Tooling/Wallets (5.4%), indicating that investors are favoring infrastructure and finance-oriented applications over consumer-focused initiatives.
Kalshi, a prediction-market operator, closed a $1 billion funding round led by Sequoia and CapitalG, elevating its valuation to $11 billion, while discussions emerged that competitor Polymarket might pursue a valuation in the double-digit billions.
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Ripple, a major player in payments, secured $500 million, raising its valuation to $40 billion, with support from Fortress and Citadel Securities alongside prominent crypto investment funds.
November VC Monthly Report: November 2025 recorded 57 crypto VC deals, down 28% month-over-month, while total funding surged 219% to USD 14.54 billion, mainly due to Naver’s USD 10.3 billion acquisition of Upbit operator Dunamu. Other major deals included Kalshi (USD 1B), Ripple… pic.twitter.com/rjbjEUCKyM
— Wu Blockchain (@WuBlockchain) December 2, 2025
Kraken raised an additional $200 million at a $20 billion valuation following a $600 million funding round earlier in the fall.
Market-infrastructure firm Tharimmune arranged a $540 million private placement to manage Canton tokens for institutional workflows, while Bitcoin lender Lava secured $200 million to broaden its BTC-based offerings.
In the ecosystem space, L1 contender Monad raised $188 million through a public sale, wallet company Exodus Movement completed a $175 million cash-and-BTC-financed acquisition of payments group W3C, and Lloyds agreed to purchase Curve for approximately $158 million.
Custodian Paxos Trust Company concluded the month by acquiring Fordefi in a deal exceeding $100 million.
Crypto VC Rebounds to $4.65B in Q3
As previously reported, crypto venture funding experienced a significant rebound in the third quarter, reaching $4.65 billion, marking the second-strongest quarter since the FTX collapse in late 2022.
This total represented a 290% increase from Q2 and was close to Q1’s $4.8 billion, according to data from Galaxy Digital.
Funding was heavily concentrated, with only seven deals accounting for half of all capital invested across 414 transactions.
The largest funding rounds were secured by established players, including $1 billion for Revolut, $500 million for Kraken, and $250 million for Erebor, a US-based crypto bank.
Investment focused on stablecoins, AI-related crypto tools, infrastructure, and trading technology, while early-stage fundraising remained subdued after nearly two years of cautious deal-making.
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