The yr 2025 witnessed billions of {dollars} in main crypto funding throughout high offers, with Naver Monetary’s acquisition of Dunamu for $10.3 billion main the listing.
Abstract
- Crypto funding in 2025 was led by large M&A offers value billions.
- Naver Monetary’s $10.3B acquisition of Dunamu was the yr’s greatest deal.
- Exchanges and buying and selling platforms dominated the most important crypto transactions.
M&A exercise dominated the most important transactions all through 2025. Exchanges, derivatives platforms, and infrastructure suppliers led multi-billion greenback valuations.
Right here’s a breakdown of this week’s crypto funding exercise as per Cryptofundraising information:
Dunamu
- Dunamu acquired for $10.30 billion by M&A in November 2025
- Acquired by Naver Monetary
- Largest crypto deal of 2025
DigitalBridge
- Acquired for $4 billion by M&A in December 2025
- Acquired by SoftBank
Deribit
- Deribit was acquired for $2.90 billion by M&A in Could 2025
- Acquired by Coinbase
Binance
- Raised $2 billion in an unknown spherical in March 2025
- Funding was backed by MSX
Polymarket
- Raised $2 billion in an unknown spherical in October 2025
- Totally diluted valuation of $9 billion
- Backed by ICE
NinjaTrader
- Acquired for $1.50 billion by M&A in March 2025
- NinjaTrader was acquired by Kraken
Hidden Street
- Hidden Street was acquired for $1.25 billion by M&A in April 2025
- Acquired by Ripple
Circle
- Raised $1.10 billion by IPO in June 2025
Bullish
- Raised $1.10 billion by public sale in August 2025
- Totally diluted valuation of $5.41 billion
Kalshi
- Raised $1 billion in an unknown spherical in November 2025
- Totally diluted valuation of $11 billion
- Backed by Sequoia, CapitalG, and AI6Z
Funding beneath $1 billion
- Mara Holdings, $950 million in an unknown spherical (July 2025)
- Determine, $787.50 million by IPO (September 2025)
- Verb Know-how (TON Technique Co.), $558 million in an unknown spherical (August 2025)
- PumpFun, $500 million in a public sale with $4 billion FDV (July 2025)
- Rapyd, $500 million in a Collection F spherical (September 2025)
- Tempo, $500 million in a Collection A spherical with $5 billion FDV (October 2025)
- Ripple Labs (XRP), $500 million in a strategic spherical with $40 billion FDV (November 2025)
- Kraken, $500 million in an unknown spherical (September 2025)
- IREN (ex Iris Vitality), $450 million in a non-public spherical (June 2025)
- Mili Metropolis Ventures III, $450 million in an unknown spherical (August 2025)
