Crypto VC Deals Drop 28% in November 2025

In November 2025, crypto venture capital deals dropped to 57, a 28% decline month-over-month. Despite this, funding soared to $14.54 billion due to Naver’s $10.3 billion acquisition of Upbit, comprising 70.8% of the month’s funding.

Naver acquired the Korean crypto exchange operator, Upbit, for $10.3 billion in November 2025, significantly affecting venture capital dynamics in the industry during this period.

The acquisition highlights growing consolidation and corporate interest in crypto, reshaping market trends despite fewer deals. The surge in total funding underscores a shift in investor focus towards large-scale strategic investments in the industry.

Naver’s Strategic Move

Naver’s acquisition of Upbit operator Dunamu marked one of the largest single transactions in the crypto space, underscoring its strategic entry into the crypto sector. According to Naver, “Naver’s acquisition of Upbit’s operator Dunamu for $10.3 billion significantly reshapes our corporate entry into the crypto exchange sector.”

Institutional Confidence in Major Players

Major players like Ripple and Kraken raised $500 million and $200 million, respectively, enhancing their valuations. Ripple’s major funding round valued at $40 billion, along with Kraken’s increased valuation at $20 billion, underscores institutional confidence in crypto investments.

Overall Market Trends

The immediate impact of Naver’s acquisition elevated total disclosed crypto venture funding to $14.54 billion in November 2025, overshadowing the 57 reported deals. This level showcases an untypical 219% month-over-month funding surge driven predominantly by a singular acquisition.

DeFi remains a focal point, holding over 30% of venture deals despite declining deal numbers. Such significant transactions prompt questions about future financial stability and regulatory landscapes within the crypto space. The decrease in venture deals contrasts with the heightened investment levels, which could shift market participants’ strategies moving forward.