Crypto funding in 2025 hits record highs with billion-dollar mega-mergers.

• Mergers and acquisitions will lead crypto financing in 2025.
• Dunamu registers the biggest cryptocurrency deal of the year.
• Brokerage firms concentrate the largest investments and acquisitions.

Cryptocurrency venture capital funding in 2025 was marked by large-scale operations, notably... billion-dollar mergers and acquisitions which redefined the size and relevance of companies in the sector. Throughout the year, brokerage firms, trading platforms, and infrastructure providers concentrated the largest transactions, reflecting investors' preference for already established business models with revenue generation.

The main highlight of the year was Naver Financial's acquisition of Dunamu, completed in November 2025 for US$10,3 billion. The transaction became the largest cryptocurrency deal of the year, symbolizing the consolidation of large trading platforms in strategic markets and the growing interest of traditional companies in digital assets.

Other significant mergers reinforced this trend. DigitalBridge was acquired by SoftBank in December for US$4 billion, while Deribit came under Coinbase's control in May, in a transaction valued at US$2,9 billion. Kraken also expanded its presence by acquiring NinjaTrader for US$1,5 billion, strengthening its operations in regulated markets and derivatives products.

In addition to acquisitions, private rounds and public offerings moved significant volumes. Binance raised US$2 billion in March, with the support of MSX, while Polymarket raised the same amount in October, reaching a fully diluted valuation of US$9 billion. Circle accessed the public markets through an IPO in June, raising US$1,1 billion, a move similar to Bullish, which raised US$1,1 billion in August.

Funding rounds near or below US$1 billion also played a significant role in the annual total. Companies such as Mara Holdings, Rapyd, Ripple Labs, and Kraken secured substantial investments, indicating that the appetite for cryptocurrency investments extended beyond mega-transactions. Projects at various stages, from infrastructure to token and payment strategies, managed to attract significant capital.

The outlook for 2025 shows that cryptocurrency funding was less focused on early-stage startups and more concentrated on companies with scale, licenses, and a global presence. This pattern reinforced the consolidation of the sector, with large groups expanding market share through strategic acquisitions and access to capital markets.