Web3 startups and token issuers raised approximately $3.6 billion across 93 announced transactions in November 2025, according to venture-data tracker Incrypted, with 71 deals disclosing financing terms.

Event-betting platform Kalshi captured the month's largest single check: a $1 billion round that pushed its valuation to $11 billion. Participants included Sequoia, CapitalG, Andreessen Horowitz, Paradigm, Anthos Capital and Neo, Incrypted reported, citing undisclosed round details.

Biotech firm Tharimmune secured $540 million for a digital-asset treasury (DAT) in a private placement tied to a post-IPO offering. DRW and Liberty City Ventures led, with ARK Invest, Polychain Capital and Kraken among participants.

Ripple Labs registered its largest-ever funding round: $500 million in strategic capital led by Fortress Investment Group and Citadel Securities. Pantera Capital, Brevan Howard, Galaxy Digital and others joined the round, which Ripple said ranks as the largest in the company's history.

Where Did the Capital Concentrate?

Those three transactions accounted for roughly 56.7% of November's disclosed dollar volume. Venture capital claims the wider share at about 61.7% of the monthly total, spread across 57 rounds with disclosed terms.

Corporate financings contributed $1.15 billion across 12 transactions. The mergers-and-acquisitions segment logged 10 deals, none of which disclosed value.

How Did Token Sales Perform?

Incrypted counted 77 token-sale events that together raised more than $259 million — the highest monthly token-sale volume in two years. Nearly $188 million came from Monad's initial exchange offering on Coinbase, the period's standout sale by a wide margin.

What Drove the Weekly Cadence?

Funding peaked in the 1–8 November window, when 21 reported deals totalled $1.57 billion and the Tharimmune and Ripple rounds landed. The 8–15 November stretch cleared $203 million across 13 disclosed rounds, led by Lighter, Cypherpunk and LISA.

The 15–22 November window delivered $1.41 billion across 15 disclosed rounds, anchored by Kalshi. The closing partial week of 22–29 November added $414 million across 22 rounds, with Monad, Metaplanet and Figure Technology Solutions at the top.

Which Investors Set the Pace?

Coinbase Ventures, Paradigm and Andreessen Horowitz each led four rounds, according to CryptoRank data cited by Incrypted. Coinbase Ventures has now topped the monthly investor table for four consecutive months.

Across the parallel AI sector, deal sizes continued to inflate. Anysphere closed a $2.3 billion Series D at a $29.3 billion valuation; Lambda raised $1.5 billion in a Series E; Luma AI drew $900 million in a Series C; Physical Intelligence took $600 million at a $5.6 billion valuation; and Metropolis secured $500 million in Series D funding at a $5 billion valuation.

What's the Sector Mix?

DeFi drew the heaviest investor interest, with CeFi and blockchain infrastructure trailing. Incrypted noted that ecosystems and DAOs did not deploy treasury capital into external projects during November.

The October comparison sharpens the picture: Web3 firms raised $7.65 billion the prior month, per Incrypted — meaning November's dollar volume cooled even as deal count held steady. The next monthly tally from Incrypted, due in early January, will show whether DAT-treasury momentum and exchange-led token offerings carry that pace into year-end.

---

Reporting based on Incrypted's November 2025 monthly venture, corporate, M&A and token-sale roundup, with deal-level cross-references to CryptoRank leaderboards.