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)