Kalshi Investments and Venture Activity in the Crypto Market
Date: 2025-11-24 Author: Gabriel Deangelo Categories: BUSINESS
Last week, Incrypted recorded 21 investment rounds, 15 of which have been disclosed. The total funding amounted to $1.41 billion, with the largest deal being $1 billion for the Kalshi platform. These events demonstrate that investors are actively focusing on venture projects, while corporate treasury firms (DATs) are struggling to raise capital.
Kalshi led the venture capital investment, raising $1 billion at a valuation of $11 billion. Sequoia, CapitalG, Andreessen Horowitz, Paradigm, Anthos Capital, and Neo participated in the deal. There has been no comment from the Kalshi team yet. The second-largest round was $200 million in Kraken from Citadel Securities, which will be used for the exchange's global expansion. Doppel raised $70 million in a Series C round with support from Bessemer Venture Partners, NTT DOCOMO Ventures, Aurum Partners, a16z, and others; the company develops technologies to protect against AI attacks and deepfakes.
New incubators and fintech projects also received support. Obex raised $37 million to develop stablecoins, Deblock raised €30 million for a European on-chain asset management platform, and Numerai received $30 million to crowdsource machine learning models. Smaller rounds were raised by Wizzwoods ($10 million), RateX ($7 million), HelloTrade ($4.6 million), 0xbow ($3.5 million), Mu Digital, and ZENi ($1.5 million each), expanding the range of innovations in blockchain and tokenization.
Several projects received funding without disclosing details. Parfin raised funding from Tether to expand USDT adoption in Latin America. Ledn received Tether backing for Bitcoin-backed consumer loans, USD.AI received a strategic investment from Coinbase Ventures, Zengo Wallet partnered with MoonPay, and IXS Finance received investment from Flowdesk to integrate its exchange infrastructure.
In the token sale segment, MiRA raised $300,000 on Kommunitas, Solomon Labs raised $8 million on MetaDAO, and BOB raised $4.2 million, expanding DeFi capabilities on the Bitcoin network.
Last week also saw some M&A activity: pvp.trade acquired analytics service Hyperdash to improve the Hyperliquid platform. However, no corporate placements or DAO rounds took place, and accelerators and grants remained largely unnoticed.
Tether, a16z, Echo, Coinbase Ventures, and Animoca Brands were among the most active investors. Investors also focused on CeFi projects, blockchain infrastructure, DeFi, and related technologies, demonstrating continued venture capital activity despite the overall crypto market volatility.
