Key Month-on-Month Metrics
November was a mixed month for crypto fundraising. Total funding fell to $2.74B from $3.89B in October, a decline of 29.54%, although it remained 82.43% above the $1.50B raised in November 2024. The pullback was driven by fewer deals, with the number of rounds dropping from 83 to 59, while unique investors also declined from 300 to 213. At the same time, median valuation jumped from $22.60M to $500.00M, which points to a much more top-heavy funding mix despite a smaller median round size of $7.30M versus $8.00M.
DeFi was the most active sector with 25 projects, up 6 versus its 12-month average, while Infrastructure ranked second with 16 projects. Infrastructure also posted the largest sector move in the dataset, running 13 projects below its trailing baseline, which marks a sharp cooling in activity. The distribution suggests fundraising was concentrated in DeFi while Infrastructure lost momentum. That mix points to selective risk appetite rather than broad-based expansion across categories.
DeFi was the most active sector with 25 projects, up 6 versus its 12-month average, while Infrastructure ranked second with 16 projects. Infrastructure also posted the largest sector move in the dataset, running 13 projects below its trailing baseline, which marks a sharp cooling in activity. The distribution suggests fundraising was concentrated in DeFi while Infrastructure lost momentum. That mix points to selective risk appetite rather than broad-based expansion across categories.
| Oct 25 | Nov 25 | MoM | |
|---|---|---|---|
| # of rounds | 83 | 59 | ▼-28.9% |
| Med. Round size (MM) | 8.0 | 7.3 | ▼-8.8% |
| Med. Valuation (MM) | 22.6 | 500.0 | ▲2112.4% |
| Unique investors | 300 | 213 | ▼-29.0% |
| Round Med. # investors | 5 | 4 | ▼-20.0% |
Annual trends
Top project categories
Most active investors
Largest investments
Kalshi announced a round of 1,000,000,000 on 21 Nov 2025. The round was done at a valuation of 11,000,000,000. Investors: CapitalG, Sequoia Capital, Paradigm, Anthos Capital, Neo, Andreessen Horowitz (a16z crypto). Kalshi is a CFTC-regulated prediction market exchange where users trade “event contracts” on real-world outcomes-ranging from politics and sports to economic indicators and weather. It allows participants to buy and sell binary contracts that resolve to $1 if the event occurs.
Ripple announced a round of 500,000,000 on 05 Nov 2025. The round was done at a valuation of 40,000,000,000. Investors: Fortress Investment Group, Citadel Securities, Galaxy Digital, Pantera Capital, Brevan Howard Digital, Marshall Wace. Ripple is a blockchain-based payment network designed for fast, low-cost cross-border transactions. Its native cryptocurrency, XRP, facilitates liquidity and settlements on RippleNet, which is used by banks and financial institutions worldwide. Ripple also develops CBDC platforms and enterprise blockchain solutions for tokenization and digital asset management.
Kraken announced a round of 200,000,000 on 18 Nov 2025. The round was done at a valuation of 20,000,000,000. Investors: Citadel Securities. Kraken is ocryptocurrency exchange, founded in 2011. It offers a secure platform for spot and futures trading, supporting Bitcoin, Ethereum, and over 40 other digital assets. With a focus on accessibility, Kraken empowers users to invest in their financial independence. In 2020, Kraken became the first U.S. exchange to receive a license to establish a crypto bank, further expanding its services and capabilities within the digital finance space.
Lava announced a round of 200,000,000 on 03 Nov 2025. Investors: Eric Jackson, Anthony Pompliano. Lava is a financial platform that enables users to save in Bitcoin while spending in dollars. It offers a Bitcoin-backed debit card, allowing users to make everyday purchases seamlessly. By integrating Bitcoin savings with traditional spending, Lava provides a bridge between cryptocurrency holdings and conventional financial3-5 Word Desription: Bitcoin-backed debit card.
Credits and Disclaimers
Data Source: The data presented in this report is sourced from multiple sources such as Crunchbase, Token Terminal and others. We acknowledge and appreciate all of them for providing valuable insights into the web3 funding landscape.
Methodology: The companies included in this report, meet at least one of the following criteria: they have held an initial coin offering; they have blockchain, cryptocurrency, Ethereum or Bitcoin listed as industries; in their description they have specific web3 keywords. We exclude “post-IPO” equity/debt/secondary raises, as they are both few, and introduce a lot of noise in the analysis.
Each company has multiple industries listed. When constructing the list, we have counted each appearance of the industry within each company.
Additionally, we have excluded several industries, which are very generic to the web3 space and appear in a vast majority of companies, in order to make the data more representative. Those industries include: Financial services, Information Technology, Blockchain, Cryptocurrency, Bitcoin, Ethereum, Virtual Currency, Software, FinTech, Web3.
Accuracy Disclaimer: While every effort has been made to ensure the accuracy of the information presented in this report, FinDaS does not guarantee the completeness, accuracy, or reliability of the data. Users are advised to independently verify the information before making any business decisions based on the content of this report.
Potential Bias Notice: It is important to note that the data provided in this report may exhibit biases, primarily towards equity raises, fundraising activities supported by large investors, and deals in the United States. Since the majority of pure token sales are largely unregistered, this report likely to underrepresent them. This bias is inherent to the data source and may not fully represent the global web3 funding landscape. Users are encouraged to consider this limitation when interpreting the findings.
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No Endorsement: The inclusion of specific companies, trends, or analyses in this report does not constitute an endorsement by FinDaS. The purpose of this report is to provide information and insights, and users are encouraged to conduct their own due diligence before relying on the contents for business decisions.
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