November 2025 delivered some of the biggest deals the crypto industry has ever seen. The month was dominated by Naver Financial’s $10.3B acquisition of Dunamu, one of the largest M&A transactions in the sector to date.

It also featured a $1B investment in Kalshi at an $11B valuation, backed by Sequoia Capital, a16z Crypto, Paradigm, and others.

Adding to the momentum, XRP secured a $500M strategic round at a $40B valuation with participation from Pantera Capital, Galaxy, and additional institutional investors.

Together, these massive deals propelled November 2025 to become the biggest month in crypto fundraising history.

November 2025 delivered some of the biggest deals the crypto industry has ever seen. The month was dominated by Naver Financial’s $10.3B acquisition of Dunamu, one of the largest M&A transactions in the sector to date.

It also featured a $1B investment in Kalshi at an $11B valuation, backed by Sequoia Capital, a16z Crypto, Paradigm, and others.

Adding to the momentum, XRP secured a $500M strategic round at a $40B valuation with participation from Pantera Capital, Galaxy, and additional institutional investors.

Together, these massive deals propelled November 2025 to become the biggest month in crypto fundraising history.