Crypto VC Funding: Kalshi dominates with $1B investment, Kraken bags $200M

The week of November 16-22, 2025, recorded $1.42 billion in crypto VC funding across 16 projects.
Summary

• Crypto VC funding hit $1.42B across 16 deals, led by Kalshi’s huge $1B raise.
• Kraken added $200M at a $20B valuation, while Doppel raised $70M in Series C.
• Smaller rounds included WizzWoods ($10M), Solomon Labs ($8M), and RateX ($7M).

As per the data, Kalshi’s $1 billion raise led this strong funding period that featured multiple nine-figure investments across trading platforms and infrastructure ventures.

Here’s a breakdown of this week’s crypto VC activity as per Cryptofundraising data:

Kalshi

• Kalshi raised $1 billion in an unknown round
• Fully diluted valuation of $11 billion
• The investment was backed by Sequoia, CapitalG, and AI6Z
• The regulated prediction market exchange has raised $1.52 billion so far

Kraken

• Secured $200 million in an unknown round
• Kraken has a fully diluted valuation of $20 billion
• The investment was backed by Haun Ventures
• Part of $800 million total fundraising across two tranches for global expansion

Doppel

• Doppel raised $70 million in a Series C round
• Investors include Bessemer Venture Partners, AI6Z, and South Park Commons
• The AI-powered digital risk protection platform has raised $124 million so far

Obex

• Obex bagged $37 million in an unknown round
• Investment was backed by Framework, LayerZero Labs, and Sky

1/ We’ve officially raised $37M in a round led by @hiFramework, @LayerZero_Core, and @SkyEcosystem.

$2.5B will also be deployed by Sky into projects incubated by Obex.

Our mission: Provide teams with capital to launch innovative, yield-seeking stablecoin projects on Sky.

🧵👇 pic.twitter.com/2mjYMRLvGy

— Obex (@obexincubator) November 18, 2025

Deblock

• Deblock raised $35 million in a Series A round
• Investors include Speedinvest, Commerz Ventures, and Latitude
• The crypto wallet has raised $63.81M so far

Today, we’re excited to announce our €30m Series A funding round.

Led by @speedinvest , along with @commerzventures and Latitude, and supported by existing investors Shapers, @HeadlineVC, Chalfen Ventures, and @triton_xyz (formerly Kraken Ventures), this round will enable us to… pic.twitter.com/4nn3oVWjYi

— Deblock (@DeblockApp) November 19, 2025

Numerai

• Secured $30 million in a Series C round
• Numerai has a fully diluted valuation of $500 million
• Investment was backed by Union Square Ventures and Shine Capital
• The project has raised $51.5 million so far

Projects Under $30 Million

• WizzWoods, $10 million in a series A round
• Solomon Labs, $8 million in a public sale with $20.64 million fully diluted valuation
• RateX, $7 million in a strategic round
• Immunefi, $5 million in a public sale with $133.70 million fully diluted valuation
• HelloTrade, $4.6 million in a seed round
• BOB (Build on Bitcoin), $4.2 million in a public sale
• 0xbow, $3.5 million in a seed round
• ZENi, $1.5 million in a seed round
• Mu Digital, $1.5 million in an unknown round
• Vooi, $1.25 million in a public sale

Read our last week’s crypto VC funding report from here.