Follow the Money: $188 Million Monad Token Sale, Rising Activity at Metaplanet and a Lagging Venture Market

• From November 22 to 29, 27 projects announced investments.
• Five projects did not disclose details of the deals.
• The remaining ones raised $414 million, of which $188 million came from the Monad token sale.

Between November 22 and November 29, 2025, Incrypted’s editorial team recorded a total of 27 investment rounds, of which 22 disclosed details of agreements. The latter totaled $414 million in funding.

During this period, investors’ attention shifted to token sales, among which the Monad project took center stage. The second place by the volume of injections is occupied by the sector of corporate deals, and the last position was taken by venture agreements.

During this period, 14 projects reported this type of infusion, among them:

• $25 million — Figure Technology Solutions. The fintech company, which is actively developing cryptocurrency, announced the successful completion of the strategic round. The only investor was the firm Ondo Finance. The investment will be used to strengthen the position of the YLDS stablecoin and develop the Figure and Ondo ecosystems.
  
  
• $10 million — SpaceComputer. The satellite-based cryptocurrency infrastructure platform reported receiving capital. Hashkey Capital, CMS Holdings, Amber Group, Maven 11 Capital, Lattice Capital, MoonRock Capital, Nascent, Bitscale Capital, Encode Club, Ethereal Ventures and 20 other market players participated in the seed round. The funds will be used to develop a project that will utilize satellites to improve blockchain security.
  
  
• $10 million — InitVerse. The platform, which provides decentralized infrastructure for the development and deployment of dApps, recorded a financial infusion. The total infusion could reach $50 million if a number of conditions are met. The first $10 million investors, led by Tabula Rasa, have already transferred to the project developers.
  
  
• $7 million — AiONE. The team of the blockchain-based AI development platform announced the completion of its Series A round. Its sole participant was Vestigo Ventures. The company intends to use the funds to expand its customer base.
  
  
• $7 million — RateX. The decentralized exchange offering credit products with synthetic yields received investment as part of a strategic round. Animoca Brands, GSR Investments, Crypto.com Capital, Echo, Gate Ventures, Summer Capital, BGX and Rzong Capital provided the funds.
  
  
• $4 million — Nexton. The developers of a project for liquid steak on the TON blockchain reported a financial infusion. Industry players including Outlier Ventures, Amber Group, TON Foundation, Kaia, VistaLabs, Metalabs Ventures, STON.fi, Danal, PayProtocol, and Value Systems participated in the strategic round. The additional capital strengthens Nexton’s roadmap and supports the adoption of its core products.
  
  
• $3.75 million — Votre. The lending protocol noted the receipt of funds during the seed round. It was led by a16z with participation from MaC Venture Capital, Druid Ventures and strategic business angels from Goldman Sachs, Harvard University, and OrangeDAO.
  
  
• $3 million — Pruv Finance. The Real Asset Tokenization Platform (RWA) team announced that it has raised investment. The preliminary Series A round was led by Taisu Ventures, UOB Venture Management, Saison Capital, SPIRAL VENTURES, Ascent, and Royal Group. The funds will be used to build infrastructure for RWA’s onchain distribution.
  
  
• $2 million — CreatorFi. The Avalanche-based lending platform recorded a financial infusion. The only participant in the strategic round was Aptos Labs. The investment will launch a lending platform with USDC for content creators.
  
  
• $1.1 million — Nad.fun. The team at the memecoins creation and trading platform reported receiving funds as part of a seed round. Industry players such as Tim Wang, Neoclassic Capital, Benja, Nicholas Deng, zam and others provided infusions.

Some projects have announced that they have received investments but did not disclose details. They include:

Korea Digital Asset Custody (KDAC) announced the completion of its preliminary Series A round. Shinhan Venture Capital, Nonghyup Bank and Taekwang Group participated. The funds will be used to expand technological capabilities and improve security.

Web3 game studio CiDi Games announced financial injections in the strategic round. They were secured by Pi Network. The developers did not disclose the amount and purpose of these injections.

Alchemy Pay, a company that provides infrastructure for creating and scaling blockchain applications, reported receiving capital. The funds were provided by C1 Fund.

The developers of LootGo, a mobile app that rewards users for physical activity, reported the investment. The infusion was provided by over 25 business angels in an undisclosed round. The capital will be used to further develop the game and expand its user base.

The token sales sector saw a significant increase in activity last week. A number of projects reported the completion of the public sale of their assets.

The leader in this segment and among all other investment rounds during the week was the Monad project. On November 23, the protocol completed a public sale on the Coinbase platform, raising $188 million.

According to tokenomics, 50.6 percent of MON’s supply initially remains locked. That share includes nearly 26.9 billion tokens for the team, 19.6 billion for investors, and 3.9 billion for Monad’s coffers.

Gonka, a decentralized network for training and drawing logical conclusions of AI models, has announced the completion of a private token sale. The investment came from Bitfury Group and totaled $12 million.

The public token sale raised $5 million for Immunefi, a vulnerability discovery rewards platform. The funds will be used to improve methods of finding and fixing problems in software.

Additionally, token sales were also conducted by the developers of projects such as:

• Bitdealer — $400,000;
• Glint Analytics — $350,000;
• Tectum — $300,000;
• MiRA — $150,000;
• Boredtopia — $100,000.

We remind you that you can find more information about tokensales, both past and future, on a separate page of our website. In addition, the team maintains a special Telegram channel, where the main news and updates on the topic are published promptly.

Japanese company Metaplanet has made a new borrowing as part of its bitcoin-focused financing strategy. The company received a $130 million line of credit. The loan was made on Nov. 21, and the firm that provided the infusion was not disclosed at the request of the counterparty.

Universal Digital, an investment firm specializing in blockchain and crypto assets, raised $3.34 million in a post-IPO debt financing round. In total, the firm has entered into a subscription agreement with Helena Global Investment Opportunities regarding incremental infusions of up to $50 million.

The deal is divided into 12 tranches, which are subject to certain conditions. Helena Global has already made the first transfer of funds.

On November 21, Luxxfolio announced a $1 million private placement. The firm intends to use the funds for general working capital and development of its Litecoin mining initiatives.

Abradabra Games, a developer of a video streaming gaming platform, reported raising funds by selling 5% of its shares. The buyer of the securities was MİA Technology, and the amount of the transaction amounted to $500,000.

Note that no rounds from categories such as “Acquisitions & Mergers” and “Grants, Accelerators & DAO Funding” were recorded last week.

Amber Group was the most active investor from Nov. 22 to Nov. 29, according to CryptoRank.

The DeFi sector was the focus of VCs and business angels this week. CeFi, blockchain infrastructure providers, GameFi representatives and blockchain services also caught the attention of investors.

Recall that last week, 15 projects received more than $1.4 billion in investments. More details — in a separate material.