Fundraising

Crypto Venture Weekly: November 17-21, 2025

###### Jake Koch-Gallup

###### Alice Hou

Nov 21, 2025 ⋅ 6 min read

Introduction

23 projects raised $1.41 billion this week, led by Kalshi ($1B), Kraken ($200M), and Doppel ($70M), while Strategy, mF International, Metaplanet, and Hoth Therapeutics announced $1.47 billion in new digital asset treasury allocations. Coinbase acquired Vector to deepen its Solana trading stack, and pvp.trade acquired Hyperdash to strengthen its onchain execution infrastructure. On Crypto Twitter, Alana Levin highlighted crypto’s next phase across creation, accumulation, and utilization; Santiago Santos argued valuations remain anchored to cyclical “casino” flows rather than fundamentals; and Ray Dalio warned that today’s wealth-money imbalance heightens the risk of an economic and political unwind. Here’s the breakdown of this week’s top deals and insights.

Key Highlights

• Notable Deals : Kalshi ($1B), [Kraken](/project/kraken-cefi/fundraising/funding) ($200M), Doppel ($70M), [Obex](/organization/obex-incubator) ($37M), Deblock ($34.7M), [Numerai](/project/numerai/fundraising) ($30M), Wizzwoods ($10M), [RateX](/project/ratex/fundraising) ($7M), HelloTrade ($4.6M), and [0xbow](/project/0xbow/fundraising) ($3.5M).
• Digital Asset Treasuries : Strategy ($836M for BTC), [mF International](https://ir.m-finance.com/) ($500M for BCH), Metaplanet ($135M for BTC), and [Hoth Therapeutics](https://hoththerapeutics.com/) ($1M for BTC).
• M &A Activity: Coinbase acquired Vector, and pvp.trade acquired Hyperdash.
• VC CT : Alana Levin outlined crypto’s next phase across creation, accumulation, and utilization; Santiago R Santos argued that valuations remain inflated by cyclical “casino” activity rather than fundamentals; and Ray Dalio warned that today’s wealth-money imbalance heightens the risk of a broader economic and political unwind.

Notable Deals

23 projects collectively raised $1.41 billion this week. Here are the eight that stood out:

Kalshi

• The Pitch : Regulated exchange and predictions market
• Round : $1 billion funding at a$11 billion valuation
• Investor : Led by Sequoia Capital and CapitalG, with participation from a16z, Paradigm, Anthos Capital, NEO, and more

Kraken

• The Pitch : Centralized crypto exchange preparing to IPO in 2026
• Round : $200 million Strategic at a$20 billion valuation
• Investor : Citadel Securities

Doppel

• The Pitch : AI-native social engineering defense platform
• Round : $70 million Series C at a$600+ million valuation
• Investors : Led by Bessemer with participation from a16z, South Park Commons, Script Capital, and more

Obex

• The Pitch : Crypto incubator focused on yield-backed stablecoin projects building on Sky
• Round : $37 million funding
• Investors : Framework Ventures, LayerZero, and Sky

Deblock

• The Pitch : European onchain banking platform
• Round : $34.7 million Series A
• Investors : Led by Speedinvest with participation from Headline, CommerzVentures, Triton Capital, Latitude, and more

Numerai

• The Pitch : Crowdsourcing market-neutral hedge fund
• Round : $30 million Series C at a$500 million valuation
• Investors : Led by top university endowments with participation from Union Square Ventures, Shine Capital, and Paul Tudor Jones

Wizzwoods

• The Pitch : SocialFi pixel farming blockchain game
• Round : $10 million Series A
• Investors : Animoca Brands, Infinity Ventures Crypto, and angel investors

RateX

• The Pitch : Yield trading platform on Solana
• Round : $7 million Strategic
• Investors : Animoca Brands, GSR, Crypto.com Capital, Gate Ventures, and more

HelloTrade

• The Pitch : Mobile trading app built on MegaETH offering stocks, commodities, ETFs, and crypto globally with up to 10x leverage
• Round : $4.6 million funding
• Investors : Dragonfly, Mirana Ventures, and angel investors

0xbow

• The Pitch : Privacy infrastructure for Ethereum, such as Privacy Pools
• Round : $3.5 million Seed
• Investors : Led by StarBloom Ventures with participation from Coinbase Ventures, Balaji Srinivasan, Boost VC, and more

Digital Asset Treasuries

Strategy

• The Pitch : Strategy (Nasdaq: MSTR) acquired 8,178 BTC (~$836 million) at an average price of$102,171, increasing total holdings to 649,870 BTC as part of its ongoing bitcoin treasury strategy.
• Round : $836 million Bitcoin purchase
• Investors : Public market investors

mF International

• The Pitch : mF International (Nasdaq: MFI) announced a $500 million private placement to launch its digital asset treasury strategy, with proceeds earmarked primarily for acquiring Bitcoin Cash and building out treasury operations.
• Round : $500 million PIPE
• Investors : Accredited institutional investors

Metaplanet

• The Pitch : Metaplanet (TYO: 3350) approved a $135 million perpetual preferred share offering (“MERCURY” Class B) to fund additional Bitcoin acquisitions, reinforcing its position as Asia’s largest public BTC treasury.
• Round : $135 million perpetual preferred equity issuance
• Investors : Overseas institutional investors through third-party allotment

Hoth Therapeutics

• The Pitch : Hoth Therapeutics (Nasdaq: HOTH), a clinical-stage biopharmaceutical company, authorized up to $1 million in Bitcoin purchases as part of its new treasury reserve strategy.
• Round : Up to $1 million Bitcoin treasury allocation
• Investors : Public market investors (Board-approved corporate treasury action)

M&A Activity

Coinbase acquired Vector

Coinbase agreed to acquire Vector, a Solana-based onchain trading platform, to strengthen its DEX trading integration and expand access to Solana’s high-velocity markets. Vector’s asset-discovery and execution infrastructure will be folded into Coinbase’s consumer trading experience, while its standalone apps will be sunsetted and the Tensor Foundation will remain independent. The acquisition advances Coinbase’s strategy to become an “everything exchange” by increasing asset coverage, liquidity, and real-time access across the Solana ecosystem.

pvp.trade acquired Hyperdash

pvp.trade acquired Hyperdash, a Hyperliquid onchain analytics platform, integrating its market, trade, and positioning insights directly into pvp.trade’s execution stack. The team rebuilt Hyperdash as V2 to provide institutional-grade performance and real-time intelligence for perps traders, strengthening pvp.trade’s strategy to deliver a unified, high-speed trading environment on Hyperliquid. Hyperdash will support phased onboarding with priority access for active Hyperliquid and pvp.trade users.

VC CT: What VCs are saying on Crypto Twitter

Alana Levin (Variant)

• Published her 2025 Crypto Trends Report outlining crypto’s growth across three compounding S-curves (creation, accumulation, and utilization), highlighting stablecoin expansion, renewed onchain activity, and growing startup opportunities across exchanges, lending, and emerging tokenized asset categories.

Santiago R Santos (Inversion)

• Argued that crypto asset prices remain weak because valuations became disconnected from fundamentals, with blockchains priced on cyclical “casino” activity rather than durable revenue, and suggested future upside will accrue to user-facing applications rather than L1s or L2s.

Ray Dalio (Bridgewater Associates)

• Warned that financial wealth has far outpaced available money, creating a classic bubble dynamic that, when combined with widening wealth gaps and potential wealth taxes, could trigger a disruptive economic, social, and political bust.

Quick Recap

• Total Deals : 23
• Total Raised : $1.41B
• Digital Asset Treasuries : $1.47B
• Acquisitions : 2
• Newly Launched Funds : 0

That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!

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###### Jake Koch-Gallup65 Reportsimmutablejacob

Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.

###### Alice Hou48 ReportsFBitach

Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.

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About the authors

###### Jake Koch-Gallup

Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.

###### Alice Hou

Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.

Mentioned in this report