Follow the Money: $3.6B in Web3, Token Sale Breakthroughs, and DeFi Leadership — November 2025
In November 2025, the Web3 sphere recorded quite a few venture capital projects and a significant monthly amount of fundraising in tokensails.
Last month, the Incrypted team counted 93 deals, 71 of which received funding totalling almost $3.6 billion. The investment amount in the remaining cases was not disclosed. This month’s focus is on DeFi and CeFi.
Our editorial team analysed, selected and sorted through the venture capital infusions, corporate fundraising, acquisitions, tokensales and other capital deals that took place in November.
Incrypted infographic.
Kalshi, a cryptoasset event betting platform, received the largest amount of financial injections this month — $1bn. Its total valuation reached $11bn. Sequoia, CapitalG, Andreessen Horowitz, Paradigm, Anthos Capital and Neo were participants in the round, the details of which were not disclosed.
Second place went to biotech company Tharimmune, which decided to create a $540 million digital asset management (DAT) treasury, with the funds coming in a private funding round following a public offering (post-IPO). It was led by DRW and Liberty City Ventures. In addition, other investors included ARK Invest, Polychain Capital, Kraken, and others.
The third position was taken by Ripple Labs, which develops the XRP Ledger ecosystem and offers enterprise solutions based on this blockchain. The capital raise totalled $500 million. The strategic funding round was led by Fortress Investment Group and Citadel Securities. Other participants include Pantera Capital, Brevan Howard, Citadel Securities, Galaxy Digital and others. For Ripple Labs, this round marked as the largest in its history.
The listed deals accounted for about 56.7 per cent of the total funds raised through November 2025. Two of them are in the venture capital category and one in the corporate category of financial agreements.
Investments in Kalshi and Ripple Labs put the venture capital sector in the lead in terms of capital raised with more than $2.2bn, with the aforementioned sector distinguishing itself with the most deals in terms of quantity — 57 deals.
As mentioned above, venture capital deals were the main source of funding for crypto projects in November. The segment accounted for about 61.7% of the amount of all agreements recorded by Incrypted. Out of over 90 projects, 54 disclosed the amount of infusion, while another 11 did not disclose this information.
The corporate investment sector received 31.9% of the $3.6 billion. Overall, this segment recorded nearly $1.15 billion in infusions. As for the number of deals, there were 12.
The mergers and acquisitions (M&A) segment witnessed 10 deals during the month, but none of them disclosed the transaction amount.
Apart from this, ecosystems and DAOs did not allocate funds to support projects.
According to Incrypted, 77 tokensales took place in November, raising more than $259 million. This amount was more than the previous three months combined. Thanks to the Monad project, whose team conducted an initial exchange offering (IEO) on the Coinbase platform and raised almost $188 million, the sector managed to achieve this result.
Read more about the biggest tokenisation campaigns of the month in the infographic.
Incrypted infographic.
In addition, you can find out about current and future tokensales through the corresponding section on the website, where information about active and future tokenisation campaigns is available to all users. Our team also maintains a profile Telegram channel and tracks the most relevant events.
Counterparties attracted the most investments in the first reporting period of November, namely from 1 to 8 November, when 25 projects were recorded, of which 21 reported $1.57bn in funding.
Tharimmune and Ripple Labs received the lion’s share of investments. Investors focused on the DeFi and blockchain infrastructure sectors.
Incrypted infographic.
During 8-15 November, Incrypted’s editorial team counted 20 investment deals, 13 of which were worth more than $203 million. The leaders in terms of funds received were Lighter, Cypherpunk and LISA.
In the period from 15 to 22 November, the total number of deals recorded by our team was 21, of which 15 received funds worth $1.41 billion. The largest amount of capital was raised by the Kalshi platform.
From 22-29 November, 27 projects received investment, but only 22 disclosed a total funding amount of $414 million. The leaders were Monad, Metaplanet and Figure Technology Solutions.
There were no funding deals for 30 November.
During the analysed period, investors focused their main attention on DeFi. At the same time, CeFi and blockchain services became sectors of interest.
Incrypted infographic.
The most active investors of the month were Coinbase’s venture capital arm (Coinbase Ventures), Paradigm and Andreessen Horowitz, according to CryptoRank. They have led four rounds each. Meanwhile, Coinbase Ventures maintained its investment lead for the fourth consecutive month.
Incrypted infographic.
In November 2025, our editorial team recorded several major deals in artificial intelligence (AI)-based technology. We’ve selected the top 5 largest funding rounds in the AI industry.
Incrypted Infographics.
- $2.3bn — Anysphere. The parent company of AI platform Cursor raised investment in a Series D round with participation from Accel, Thrive Capital, a16z, DST Global, Coatue, NVIDIA and Google. The round raised the company’s valuation to $29.3bn, triple what it was six months ago.
- $1.5bn — Lambda. The AI cloud infrastructure provider received capital in a Series E round led by TWG Global. In total, the company has already raised $3.2bn in debt and venture capital. Also investing was Thomas Tull’s US Innovative Technology Fund (USIT) and several other round participants.
- $900 million — Luma AI. The company, which develops AI video and image generation technologies, raised the above amount of funds in a Series C round led by Humain and with the active participation of AMD. The new capital strengthens the company’s position in the multimedia artificial intelligence segment.
- $600 million — Physical Intelligence. The developer of AI software for robotics reported investment in a round led by CapitalG, setting the company’s valuation at $5.6bn. Investors include Lux Capital, Thrive Capital, Jeff Bezos, Index Ventures and T. Rowe Price.
- $500 million — Metropolis. The cashless parking AI platform secured $1.6bn in debt and investment funding, including $500m in a Series D round at a $5bn valuation.It was led by LionTree, while JP Morgan Chase Bank provided a $1.1bn loan.The round also saw participation from affiliated credit funds BDT & MSD Partners, DFJ, Eldridge Industries, Slow Ventures, SoftBank Vision Fund 2, Tekne Capital and Vista.
At the end of November, the market continues to expand, with venture deals and corporate rounds once again being the key drivers of capital, and tokensale volume reaching its highest level in two years. November was also marked by large-scale fundraising in Web3 projects and activity in the DAT segment.
Funding peaked in the first week of the month, while the majority of deals were traditionally concentrated in the venture capital area. Investors were most interested in DeFi, CeFi and blockchain infrastructure, which confirms the market shift towards basic financial services and fundamental technologies.
The field of artificial intelligence also retains global attention, demonstrating stable billion-dollar rounds that continue to shape the innovation landscape.
As a reminder, Web3 projects raised $7.65bn in investment in October.
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