In an increasingly complex and highly competitive crypto market, where institutional capital flows and which projects are preferred by professional investors is becoming increasingly important. There have been several rounds of financing, especially in the last few days. Among other things, deals around Kalshi, Kraken and Obex came into focus. Venture capital is also active in a weak market. But where do VC professionals see opportunities in November 2025?
Billion round catapults Kalshi to market leader
Kalshi is at the center of the global prediction markets hype. The US platform has therefore completed a new round of financing for around $1 billion, increasing the valuation to around $11 billion. The round was led by Sequoia Capital and Alphabet investor CapitalG, flanked by existing backers such as Andreessen Horowitz, Paradigm, Anthos Capital and Neo. This is a clear signal that top tier VCs continue to see Prediction Markets as a serious financial infrastructure. Prediction markets remain an exciting product-market fit to watch.
Kalshi is fully regulated as a designated contract market by the US derivatives regulator CFTC and can therefore combine fiat onramps, institutional partnerships and legally compliant event contracts. Kalshi had already raised around $300 million at a valuation of $5 billion in October, and now the jump to $11 billion closes the gap to rivals like Polymarket.
Citadel deal makes Kraken an IPO candidate
With the new round of financing, Kraken is finally moving into the top league of global trading venues. The US stock exchange secured a total of $800 million in fresh capital, including a strategic investment of $200 million from Citadel Securities, increasing the valuation to $20 billion.
Citadel brings not only capital, but deep expertise in stock trading, derivatives and market structure. Together, both sides want to expand liquidity, risk management and access for institutional players. At the same time, Kraken has expanded its product range in recent months. Furthermore, the US stock exchange has confidentially submitted documents for a US IPO to the SEC for the first time.
Doppel secures $70 million Series C
Doppel, an AI-powered social engineering defense (SED) platform, recently closed a $70 million Series C round, bringing it to a valuation of over $600 million.
The round was led by Bessemer Venture Partners, with participation from previous investors including Andreessen Horowitz, South Park Commons and Script Capital.
Doppel uses AI to detect modern attacks such as phishing, deepfakes or identity theft across various channels, from social media to messaging to the dark web. These insights are then integrated into a “threat graph” to automatically neutralize threats.
Obex secures $37 million for stablecoin incubator
Obex has closed a $37 million funding round led by Framework Ventures, with participation from LayerZero and Sky Protocol.
The incubator focuses on stable, income-generating stablecoins backed by real-world assets (RWA). These include tokenized GPU infrastructure, energy projects or loans to large FinTechs.
Obex acts like an accelerator: in a 12-week program, start-ups receive capital, technical support and access to Sky infrastructure. Upon successful completion, they can qualify through additional funding from the pool of up to 2.5 billion USDS provided by Sky.
Numerai strengthens position in AI hedge fund market
Numerai has completed a $30 million Series C funding round and is now valued at around $500 million.
The round was led by several leading US university funds, joined by Union Square Ventures, Shine Capital and hedge fund legend Paul Tudor Jones. Numerai relies on a unique model: thousands of data scientists worldwide develop models whose predictions are combined into a single, market-neutral meta-hedge fund. The new funds will go towards expanding the AI platform, expanding the data infrastructure and strengthening institutional partnerships.
Deblock raises $34.7 million Series A
Deblock, a European on-chain banking platform, has closed a $34.7 million Series A funding round. The round was led by Speedinvest, and Headline, CommerzVentures and Triton Capital also took part.
Deblock wants to map traditional banking functions on-chain, including accounts, payment transactions and financial services, thereby merging classic banking services with blockchain technology. The fresh capital will be used to advance product development and regulatory compliance.
Crypto whales buy HYPER ICO
In the environment of growing Layer 2 innovation is emerging Bitcoin Hyper an approach that is intended to specifically accelerate the technical development of Bitcoin. While many projects only receive institutional attention after the mainnet launch, an unusual pattern emerges here: capital flows from larger wallets during the presale. This early participation signals confidence in a model that aims to open up a full-fledged execution layer for Bitcoin along the lines of modern high-performance chains. Over $28.5 million has now been invested, and the trend is rising rapidly. Contrary to most VC-financed projects. However, private investors can participate cheaply here.
The focus of the concept is a separate Layer 2, which handles complex processes outside of the Bitcoin base and relies on a concept that is based on the Solana Virtual Machine. This means that existing developer know-how can be transferred almost directly. Applications that have so far been created on Solana or Ethereum could also be implemented in the Bitcoin ecosystem without major hurdles. This would drive demand for Bitcoin and also make HYPER look bullish.
The presale reflects this dynamic: over $28.5 million has already been raised. Since fees and staking mechanisms are directly linked to the HYPER token, it will become more important as the network expands. If you want to be there cheaply, you can secure your first book profits via token swap before the next price increase tomorrow. Staking then brings 40 percent APY.
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