The total disclosed investment for 2025 was $49.75 billion, up 433.2% year-over-year (compared to $9.33 billion in 2024). This surge highlights a shift toward large-scale funding and strategic acquisitions across the crypto sector.
In November, Naver acquired the operator of Upbit, Dunamu, for approximately $10.3 billion in an all-stock deal. This acquisition is the largest financing deal in crypto history, with Naver Financial and Dunamu valued at approximately 4.9 trillion Korean won and 15.1 trillion Korean won, respectively. Through this share swap, Naver Finance became Dunamu’s fully owned parent company.
Coinbase: In May, Coinbase acquired Deribit, the largest crypto options exchange, for $2.9 billion. The deal included $700 million in cash and the remaining amount paid in stock.
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