Seven Biggest VC Crypto Raises — Who Landed the Most Cash?

Key Takeaways

• VC activity is rising in crypto companies but remains far below bull-market levels.
• Seven companies landed mega-rounds.
• |A more favourable U.S. regulatory environment and rising valuations are boosting confidence.

Crypto venture capital (VC) investment has remained subdued in the closing months of 2025, extending a two-year slump despite rising digital asset prices and improving market sentiment.

However, despite market caution, several companies have recently secured substantial funding for their future growth.

Activity Rises but Stays Below Bull-Market Pace

VCs invested $4.59 billion across 414 crypto-related deals during Q3, Galaxy data showed.

While that marked a quarter-on-quarter increase, activity remained “depressed compared to prior bull-market levels,” with allocators still cautious amid broader venture pullbacks.

Later-stage companies absorbed 56% of deployed capital, continuing a 2025 trend in which growth-stage firms dominate dollar flows.

Meanwhile, early-stage dealmaking remained active, particularly in infrastructure, AI-adjacent crypto tooling, and stablecoin-related financial technology companies, the report stated.

Seven Recent Mega Crypto Deals

Revolut — $1 billion

London-based Revolut secured the quarter’s largest VC raise with a $1 billion investment, according to Galaxy.

The data comes as the firm announced it had completed a share sale valuing the company at $75 billion.

Revolut said it had accelerated a series of major expansion milestones in 2025, including gaining a banking incorporation licence in Colombia.

“The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability,” said Revolut CFO Victor Stinga.

The company says its push into new key markets is central to its strategy to build what it calls the world’s first “truly global bank.”

Kalshi — $1 billion

Kalshi, a prediction-market operator, has secured approximately $1 billion in new financing at a valuation of roughly $11 billion, TechCrunch reported last week , citing someone familiar with the deal.

The funding comes less than two months after the firm disclosed a previous $300 million capital raise that valued it at $5 billion, according to the report.

The latest round was led by existing backers Sequoia and Alphabet’s growth fund CapitalG, the source told TechCrunch.

Other investors in the company include Andreessen Horowitz, Paradigm, Anthos Capital, and Neo.

Kraken — $500 million

In September, Crypto firm Kraken raised  $500 million in VC funding as it continues to expand its product suite and prepare for public markets.

In November, parent company Payward, Inc. confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission for a planned initial public offering.

The filing did not disclose the expected share count or pricing range, and the listing is anticipated to occur as early as the first quarter of 2026.

Chief Financial Officer Sethi recently told Yahoo Finance that crypto-market volatility does not alter the company’s long-term outlook.

“Just like any other asset, the more it goes up, there’s speculation around it… When it goes down, you tend to get a little bit more negative news,” he said.

Adding: “But that’s across every asset class.”

Sethi said Kraken’s diversified offering provides insulation during downturns.

“We have over 400 crypto-related assets… We have all of the stocks and ETFs in the U.S., as well as some international stocks that are going to be on the platform soon,” he added.

Erebor — $250 million

Erebor raised $250 million in October as the newly formed U.S. bank moved closer to launching operations aimed at…