The crypto sector recorded a sharp acceleration in mergers and acquisitions in 2025, with total deal value reaching a record $8.6 billion, according to data cited by the Financial Times. A total of 267 transactions were completed during the year, marking an 18% increase from 2024 and reflecting renewed strategic activity across exchanges, brokers, and infrastructure providers.
The surge represents a nearly 300% increase in deal value compared with the prior year, when crypto mergers totaled roughly $2.2 billion. Market participants attribute the rebound to a combination of regulatory clarity, institutional reengagement, and a wave of consolidation among mature crypto businesses seeking scale, licenses, and diversified revenue streams.
Large Exchange Deals Reshape Competitive Landscape
Coinbase led the year’s dealmaking with its $2.9 billion acquisition of crypto options platform Deribit, the largest transaction ever recorded in the sector. The purchase significantly expanded Coinbase’s derivatives footprint and underscored the growing importance of options and futures trading in global crypto markets.
Other notable transactions included Kraken’s $1.5 billion acquisition of futures trading platform NinjaTrader and Ripple’s $1.25 billion purchase of prime broker Hidden Road. These deals reflect a broader trend of exchanges and infrastructure providers moving deeper into regulated derivatives and institutional services as competition intensifies.
From a competitive standpoint, consolidation has become a tool for accelerating product expansion and geographic reach. Rather than building capabilities organically, established players are increasingly using acquisitions to secure licenses, technology, and client bases, particularly in jurisdictions with well-defined regulatory regimes.
Regulatory Clarity Draws Institutional Capital
The rebound in dealmaking has coincided with a more favorable policy environment in the United States, where the Trump administration rolled back several enforcement actions and signaled a more permissive stance toward crypto markets. That shift has encouraged traditional financial institutions to revisit acquisition opportunities after years of regulatory uncertainty.
Legal advisers noted rising interest in firms holding licenses aligned with Europe’s Markets in Crypto-Assets (MiCA) framework, as well as growing demand for stablecoin-related businesses. As new regulatory regimes take shape in the US and UK, compliance considerations are increasingly shaping M&A strategy.
At a macro level, the pickup in transactions has occurred even as digital asset prices cooled in the second half of the year. Bitcoin fell more than 30% from its October peak, suggesting that strategic dealmaking is being driven more by long-term positioning than short-term market sentiment.
IPO Activity Complements the Consolidation Trend
Alongside mergers, 2025 was also a standout year for crypto initial public offerings. 11 crypto companies raised a combined $14.6 billion through public listings, a sharp increase from the prior year’s limited activity.
High-profile offerings included Bullish, Circle Internet Group, and Gemini, signaling that public markets are again open to established crypto firms with institutional-grade governance. Together with record M&A activity, the IPO resurgence points to a maturing industry increasingly shaped by traditional capital markets dynamics rather than speculative cycles.
