The year 2025 was huge for crypto funding, with billions of dollars flowing into the industry through major acquisitions, public offerings, and large private rounds. The biggest deal of the year came when Naver Financial acquired Dunamu for $10.3 billion, making it the largest crypto transaction of 2025.
Overall, mergers and acquisitions dominated the market, especially involving exchanges, trading platforms, and crypto infrastructure companies. These deals showed that big players were betting on long-term growth, not short-term hype.
The Biggest Crypto Deals of 2025
At the top of the list was Dunamu, acquired by Naver Financial in November for $10.3 billion, the largest crypto deal of the year.
Next was DigitalBridge, which SoftBank acquired in December for $4 billion.
Deribit, a major derivatives exchange, was bought by Coinbase in May for $2.9 billion, signaling strong demand for advanced trading platforms.
Major Funding Rounds and Acquisitions
Binance raised $2 billion in March, backed by MSX.
Polymarket also raised $2 billion in October, reaching a fully diluted valuation of $9 billion, with backing from ICE.
NinjaTrader was acquired by Kraken for $1.5 billion in March.
Hidden Road was bought by Ripple for $1.25 billion in April.
Public Listings and Billion-Dollar Raises
Circle raised $1.1 billion through its IPO in June.
Bullish raised $1.1 billion in a public sale in August, reaching a valuation of $5.41 billion.
Kalshi raised $1 billion in November, with a valuation of $11 billion, backed by major firms like Sequoia and CapitalG.
Large Deals Under $1 Billion
Several companies also secured massive funding just below the billion-dollar mark.
MARA Holdings raised $950 million, while Figure pulled in nearly $788 million through an IPO.
Other notable raises included PumpFun, Rapyd, Tempo, Ripple Labs, Kraken, and IREN, all bringing in hundreds of millions.
The Big Picture
What stands out in 2025 is that this wasn’t just speculation. The biggest money went into exchanges, infrastructure, and trading platforms, showing that crypto is becoming more mature and institutional. These weren’t small bets — they were long-term commitments.
Simply put, 2025 proved that serious capital still believes in crypto, even as the market continues to evolve.
