Crypto VC Funding Dips in November, Bitcoin Yield Protocol Secures $5M

• Deal concentration: Funding skewed toward a handful of large rounds by established firms, reflecting investor selectivity in a cooling sector.

• 57 disclosed crypto funding deals in November, the weakest tally this year per RootData data.

• Sectors like centralized finance, DeFi, and NFT-GameFi dominated, with total funding influenced by high-profile raises totaling over $1.8 billion.

Crypto venture funding in November 2025 hit lows with only 57 deals, driven by big raises. Discover key investments in onchain perpetuals, yield protocols, and Web3-AI. Stay informed on crypto’s funding trends today.

What is the current state of crypto venture funding in November 2025?

Crypto venture funding in November 2025 continued a pattern of muted activity, with deal counts reaching one of the lowest points of the year. According to data from RootData, only 57 funding rounds were disclosed, a significant drop from earlier periods, as investors focused on a select few large investments in mature projects. This trend underscores a broader slowdown in the sector, influenced by market conditions and heightened caution among venture capitalists.

How did major raises impact November’s crypto funding totals?

The November 2025 landscape for crypto venture funding was shaped by standout deals that propped up overall figures despite low volume. RootData reports highlight headline deals such as Revolut’s $1 billion round and Kraken’s $800 million raise in preparation for its initial public offering, which together accounted for a substantial portion of the month’s capital inflow. These investments, primarily in centralized finance platforms, illustrate investor preference for established entities amid volatility. Galaxy Digital’s analysis of the third quarter, with $4.65 billion in total funding but lagging deal counts, mirrors this November pattern, where capital concentrated in fewer, larger opportunities. Expert Sarah Austin, co-founder of real-world-asset gaming platform Titled, noted, “Ultimately, this has a negative consequence on the entire industry because investing in tough times is when the best deals are made.” Such selectivity poses risks for innovation in emerging areas, as smaller startups struggle for visibility. Supporting statistics from RootData indicate that centralized finance, decentralized finance, and NFT-GameFi sectors claimed the majority of deals, with onchain innovations gaining traction but limited by overall market hesitancy. This divergence between headline totals and deal activity signals a cautious reset in crypto’s venture ecosystem, prioritizing resilience over rapid expansion.

Venture capital funding in the cryptocurrency sector remained muted in November 2025, continuing a broader slowdown that has persisted through late 2025. Deal activity was once again concentrated in a small number of large raises by established companies. As previously reported by Cointelegraph, the third quarter saw a similar pattern: total funding climbed to $4.65 billion, according to Galaxy Digital, but deal counts lagged as capital flowed primarily to bigger, more mature firms.

November reflected the same divergence. Figures from RootData showed only 57 disclosed crypto funding rounds during the month — one of the weakest tallies of the year — despite headline-grabbing raises such as Revolut’s $1 billion round and Kraken’s $800 million raise ahead of its anticipated initial public offering.

According to RootData, the majority of deals in November were in the centralized finance, decentralized finance, and NFT–GameFi sectors.

While some of the slowdown in deal volume can be attributed to broader market conditions, the trend poses longer-term risks, said Sarah Austin, co-founder of the real-world-asset gaming platform Titled. “Ultimately, this has a negative consequence on the entire industry because investing in tough times is when the best deals are made,” she told Cointelegraph.

The latest edition of VC Roundup highlights just three funding deals across the decentralized perpetuals, onchain-yield and Web3–AI sectors.

Ostium secures $24 million to scale onchain perpetuals protocol

Ostium, a decentralized perpetuals platform founded by former Harvard classmates, has raised $24 million in new funding to scale its onchain perpetuals protocol across non-crypto markets such as stocks, commodities, indexes and currencies.

The raise supports the company’s broader push to position Ostium as a leading perpetuals protocol for real-world assets, expanding access to traditional markets through self-custodial infrastructure.

Ostium said the capital will go toward strengthening its underlying systems, including smart contracts, pricing infrastructure and liquidity engines, to support higher trading volumes.

The company is backed by investors including General Catalyst, Jump Crypto, Susquehanna International Group, and angel investors from Bridgewater, Two Sigma and Brevan Howard.

Axis raises $5 million for onchain yield protocol

Onchain revenue protocol Axis has raised $5 million in a private funding round led by Galaxy Ventures, as the company prepares to launch an onchain yield protocol offering exposure to Bitcoin (BTC), gold and the US dollar. Axis said the capital will support the development of what it describes as a transparent, onchain yield infrastructure for digital assets.

The round also included participation from OKX Ventures, Maven 11 Capital, CMS Holdings and FalconX, among other investors.

Axis said that $100 million in private capital from investors has already been deployed through its beta platform to stress-test the protocol’s engine.

PoobahAI closes $2 million seed round for no-code platform

PoobahAI, a Texas-based startup that enables users to build tokenized Web3 networks and AI agents without writing code, has raised $2 million in seed funding to expand its no-code development platform. The company’s tools are designed to let creators, developers and businesses launch onchain ecosystems and deploy AI agents without technical expertise.

The emerging AI–Web3 ecosystem, which combines artificial intelligence with decentralized infrastructure, is viewed as a means to create more autonomous and user-controlled digital systems, enabling applications to operate without centralized oversight.

The round was led by FourTwoAlpha, a venture firm known for early investments in Ethereum and Cosmos.

Frequently Asked Questions

What were the largest crypto funding rounds in November 2025?

The largest rounds included Revolut’s $1 billion raise for expansion and Kraken’s $800 million ahead of its IPO, per RootData. These deals in centralized finance boosted monthly totals, but represented outliers in a month with only 57 overall disclosures, emphasizing investor focus on proven platforms.

Why is crypto venture funding activity low in late 2025?

Crypto venture funding has slowed due to market volatility and economic caution, leading to fewer deals and selective investments. Experts like Sarah Austin highlight that while tough times offer prime opportunities, reduced volume risks stifling innovation across DeFi, NFTs, and emerging onchain sectors, as noted in Galaxy Digital reports.

Key Takeaways

• Subdued Deal Volume: November 2025 saw just 57 funding rounds, the year’s lowest, per RootData, signaling investor restraint amid market challenges.
• Major Raises Dominate: Revolut’s $1B and Kraken’s $800M accounted for significant portions, with focus on centralized finance and established firms.
• Emerging Sector Investments: Key deals in onchain perpetuals, yield protocols, and Web3-AI, like Ostium’s $24M raise, point to targeted growth areas for future innovation.

Conclusion

In summary, crypto venture funding in November 2025 exemplified a cautious approach, with low deal counts offset by select large investments in areas like DeFi and onchain protocols. Secondary trends in Web3-AI and real-world assets, such as Axis’s yield infrastructure and PoobahAI’s no-code tools, suggest pockets of resilience. As the sector navigates ongoing uncertainties, forward-looking investors may find value in these targeted opportunities—consider monitoring established platforms for sustained growth potential.