The week of November 23–29, 2025, turned out to be a huge moment for crypto venture funding. In just seven days, the space saw $10.46 billion in total activity across only 10 projects — a massive surge, driven mostly by mergers and acquisitions.
And leading the way was one headline that grabbed everyone’s attention:
Naver Financial bought Dunamu — the company behind the Upbit exchange — for $10.3 billion.
That one deal basically carried the entire week.
Big M&A Moves Dominate the Week
Most of the funding didn’t come from early-stage raises. It came from big companies buying other big companies.
Here’s what happened:
Dunamu — $10.3B Acquisition
- Dunamu, the South Korean operator of Upbit, was acquired by Naver Financial.
- The deal was valued at 15.1 trillion won.
- For every Dunamu share, the owners receive 2.54 shares of Naver Financial.
This is one of the largest acquisitions ever in the crypto exchange world.
Fordefi — $100M Acquisition
- Fordefi, known for its institutional MPC wallet and security platform, was bought by Paxos for $100 million.
- The project had previously raised $128 million, and this acquisition further cements Paxos’ push into secure crypto custody.
New Funding Rounds: Early-Stage Teams Still Building
Aside from the blockbuster M&A deals, several projects pulled in fresh capital:
Figure — $25M
- Raised $25 million in an undisclosed round.
- Figure builds blockchain tools for loan origination and equity management.
- The round was backed by Ondo.
Gonka — $12M
- Raised $12 million in a strategic round.
- Focuses on AI-powered prediction markets and social trading.
- Backed by Bitfury.
SpaceComputer — $10M Seed Round
- Raised $10 million in seed funding.
- Builds technologies around DePIN, infrastructure, security, and zero-knowledge cryptography.
- Investors included Maven11, Lattice, and Superscrypt.
Smaller Raises Under $10 Million
A handful of smaller projects also secured funding:
- Nexton — $4M (strategic)
- Pruv Finance — $3M (Series A)
- CreatorFi (Insomnia Labs) — $2M (undisclosed)
- Abrakadabra Games — $500K (undisclosed)
A Strong Week for Crypto Funding
Even though M&A dominated the headlines, this week made one thing clear:
Crypto companies are still being built, bought, and backed — and at serious scale.
