Key Insights:
- November is a record month for crypto fundraising, with a total of $14 billion raised.
- Naver Financial’s acquisition of Donamu, valued at over $10 billion, is responsible for the positive performance.
- The first two months of Q4 have seen over $19 billion in investments for crypto firms, nearly matching the $22 billion invested in the first nine months.
Crypto firms had the best month on record in November 2025, raising $14 billion according to Fundraising Digest. The massive amount is mostly due to the acquisition of South Korean crypto exchange Donamu.
However, it highlights what has been a record year for crypto funding. With improved regulatory clarity, the sector has seen a surge in massive deals and is on track for its best year on record.
Naver Acquisition Drives Record Fundraising Month
Of the $14 billion in crypto funding for November 2025, $10.2 billion is tied to the purchase of Dunamu, the company operating Upbit crypto exchange. Naver Financial, the fintech subsidiary of the South Korean internet giant Naver, acquired the company in an all-stock deal worth 15.13 trillion won.
This deal was the biggest of its kind in Asia this year and highlights the massive interest in crypto. However, it was not completely surprising given Upbit’s status as the market leader in South Korea with a 70% market share.
The exchange is also one of the biggest in the world, and according to industry experts, it is very profitable. Interestingly, it suffered an exploit shortly after the acquisition announcement.
Beyond the monster deal, there were other major fundraises and acquisitions that contributed to the positive month. Prediction market frontrunner Kalshi secured a $1 billion investment, which increased its valuation to $11 billion.
San Francisco-based fintech Ripple also scored $500 million in a strategic funding round, increasing its valuation to $40 billion. However, there were other deals during the month, including Ht.digital’s $262 million M&A deal.
Bitcoin treasury company Metaplanet also raised $130 million, while institutional wallet platform FORDEFI saw $100 million in an M&A deal. Figure and Gonka also raised $25 million and $12 million, respectively, in strategic rounds.
2025 Set to Be Best Year for Crypto Deals
Beyond the amount of investments, investors also revealed a strong bullish sentiment around the crypto industry. Major investors, including Sequoia Capital, Paradigm, Andreessen Horowitz, Galaxy, Pantera Capital, and Hashkey, were involved in crypto deals during the month.
The prevalence of M&A deals also indicates that it is not just venture capital firms that are investing in crypto. Even established companies are seeking to capitalize on the potential upside in the industry. All this happened despite the crypto sector experiencing one of its biggest plunges in recent times.
Unsurprisingly, 2025 is on track to be the bigger year for crypto fundraising. The sector has already recorded over $22.7 billion in the first three quarters of the year.
With the $5.3 billion in October, it now has $19.13 billion in the first two months of Q4. This means it could see more investments in the last three months of the year than in the first nine months. The flow of funds to the sector, despite digital assets struggling, is a sign of market maturity.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
