Kalshi dominates with $1B investment, Kraken bags $200M

The week of November 16-22, 2025, recorded $1.42 billion in crypto VC funding across 16 projects.

As per the data, Kalshi’s $1 billion raise led this strong funding period that featured multiple nine-figure investments across trading platforms and infrastructure ventures.

Here’s a breakdown of this week’s crypto VC activity as per Cryptofundraising data:

Kalshi

• Kalshi raised $1 billion in an unknown round
• Fully diluted valuation of $11 billion
• The investment was backed by Sequoia, CapitalG, and AI6Z
• The regulated prediction market exchange has raised $1.52 billion so far

Kraken

• Secured $200 million in an unknown round
• Kraken has a fully diluted valuation of $20 billion
• The investment was backed by Haun Ventures
• Part of $800 million total fundraising across two tranches for global expansion

Doppel

• Doppel raised $70 million in a Series C round
• Investors include Bessemer Venture Partners, AI6Z, and South Park Commons
• The AI-powered digital risk protection platform has raised $124 million so far

Obex

• Obex bagged $37 million in an unknown round
• Investment was backed by Framework, LayerZero Labs, and Sky