Crypto VC Funding annual recap 2025: Dunamu tops $10.3 billion in historic year

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

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

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)