November 2025 Crypto VC Snapshot

Total deals: 57, down 28% month over month

Total funding: $14.54B, up 219% month over month

Notable raises and deals

• Kalshi: $1B

• Ripple: $500M

• Kraken: $200M

• DRW–Liberty City Ventures: $540M

What drove the spike?

The main contributor was Naver’s $10.3B acquisition of Dunamu, the operator of Upbit.

Fewer deals, but much larger checks. Capital is concentrating into major players rather than spreading across early-stage projects.