Crypto firms raised a record $14 billion in November 2025, largely due to Naver Financial's $10.2 billion acquisition of South Korean exchange Donamu. This surge in investment brings the total for the first two months of Q4 to over $19 billion, nearly matching the $22 billion raised in the first nine months of the year. Other significant deals included Kalshi's $1 billion raise and Ripple's $500 million funding round. Despite a market downturn, the sector is poised for its best year in fundraising history.