The year 2025 witnessed billions of dollars in major crypto funding across top deals, with Naver Financial’s acquisition of Dunamu for $10.3 billion leading the list.
Summary
- Crypto funding in 2025 was led by massive M&A deals worth billions.
- Naver Financial’s $10.3B acquisition of Dunamu was the year’s biggest deal.
- Exchanges and trading platforms dominated the largest crypto transactions.
M&A activity dominated the largest transactions throughout 2025. Exchanges, derivatives platforms, and infrastructure providers led multi-billion dollar valuations.
Here’s a breakdown of this week’s crypto funding activity as per Cryptofundraising data:
Dunamu
- Dunamu acquired for $10.30 billion through M&A in November 2025
- Acquired by Naver Financial
- Largest crypto deal of 2025
DigitalBridge
- Acquired for $4 billion through M&A in December 2025
- Acquired by SoftBank
Deribit
- Deribit was acquired for $2.90 billion through M&A in May 2025
- Acquired by Coinbase
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Binance
- Raised $2 billion in an unknown round in March 2025
- Investment was backed by MSX
Polymarket
- Raised $2 billion in an unknown round in October 2025
- Fully diluted valuation of $9 billion
- Backed by ICE
NinjaTrader
- Acquired for $1.50 billion through M&A in March 2025
- NinjaTrader was acquired by Kraken
Hidden Road
- Hidden Road was acquired for $1.25 billion through M&A in April 2025
- Acquired by Ripple
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Circle
- Raised $1.10 billion through IPO in June 2025
Bullish
- Raised $1.10 billion through public sale in August 2025
- Fully diluted valuation of $5.41 billion
Kalshi
- Raised $1 billion in an unknown round in November 2025
- Fully diluted valuation of $11 billion
- Backed by Sequoia, CapitalG, and AI6Z
Funding under $1 billion
- Mara Holdings, $950 million in an unknown round (July 2025)
- Figure, $787.50 million through IPO (September 2025)
- Verb Technology (TON Strategy Co.), $558 million in an unknown round (August 2025)
- PumpFun, $500 million in a public sale with $4 billion FDV (July 2025)
- Rapyd, $500 million in a Series F round (September 2025)
- Tempo, $500 million in a Series A round with $5 billion FDV (October 2025)
- Ripple Labs (XRP), $500 million in a strategic round with $40 billion FDV (November 2025)
- Kraken, $500 million in an unknown round (September 2025)
- IREN (ex Iris Energy), $450 million in a private round (June 2025)
- Mili City Ventures III, $450 million in an unknown round (August 2025)
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