Image Source: Nick Youngson CC BY-SA 3.0 Alpha Stock Images

The cryptocurrency space witnessed a major adoption curve in 2025, with mergers and acquisitions hitting a fresh record. 

Across the ecosystem, there were deals involving crypto exchanges, payments firms, blockchain platforms and publicly-traded entities.

Many of these pursued deals aimed at fostering traction, expansion and product growth.

Overall, crypto companies struck $8.6 billion in deals in 2025, notching the industry’s busiest mergers and acquisitions year.

2025 marked the busiest year in crypto deals

Data from PitchBook shows that the cryptocurrency sector saw 267 transactions in 2025, including mergers, acquisitions, and strategic investments.

These accounted for an 18% increase over the prior year, while the aggregate value of $8.6 billion is a quadruple of the $2.17 billion recorded in 2024.

Standout deals featured Coinbase’s $2.9 billion purchase of Deribit in May, the largest acquisition in crypto history, enhancing its position in derivatives trading.

The industry also saw Kraken strike a $1.5 billion acquisition of NinjaTrader, completed in May after the platform reported strong revenue growth. 

Ripple contributed prominently by acquiring prime brokerage firm Hidden Road for $1.25 billion in April to bolster institutional capabilities.

It also purchased stablecoin-related assets like Rail for $200 million in August. 

Additionally, Australian platform Swyftx acquired brokerage Caleb and Brown to target affluent clients.

Grayscale also highlighted that 2025 saw some of the biggest fundraising deals so far. The chart below shows the leading deals.

Biggest crypto funding deals 2025: Source: Grayscale

Crypto IPOs came to the fore in 2025

Public markets welcomed a wave of cryptocurrency firms in 2025, building on pioneers like Coinbase. 

Eleven listings collectively raised $14.6 billion, dwarfing the $310 million from just four offerings in 2024.

Notably, Circle’s June debut on the New York Stock Exchange stood out as the year’s biggest.

The stablecoin giant achieved a multi-billion valuation amid strong demand, with its stock skyrocketing in the days after debut. 

Blockworks co-founder Jason Yanowitz pointed out via X that Circle’s listing could open the flood gates for crypto IPOs.

Circle trading at $85 up from $31 IPO price.

Every investment bank and CEO is staring at this number right now saying "it's go time"

Get ready for an onslaught of crypto IPOs. pic.twitter.com/Qpxm4V42k7

— Yano 🟪 (@JasonYanowitz) June 5, 2025

Another company, the exchange Bullish that’s backed by investor Peter Thiel, went public in August at a $13 billion mark.

Blockchain lender Figure Technologies and retail platform eToro also listed, while Tron joined via a $210 million reverse merger with SRM Entertainment.

In 2026, companies such as Kraken and custody provider BitGo will be on the frontline.

The platforms have submitted filings, positioning for potential 2026 debuts. Ripple has also been in the news over IPO rumours.

What catalyzed the 2025 crypto M&A splash?

Improved regulatory clarity in key jurisdictions allowed established players to pursue growth via acquisitions, bypassing slow approval processes for new licenses.

Analysts point to transformative policies under President Donald Trump’s administration, including the GENIUS Act for stablecoin oversight and initiatives like a national digital asset reserve. 

The Securities and Exchange Commission also resolved major enforcement actions against platforms including Coinbase, Binance, and Kraken.

JUST IN: 🇺🇸 SEC drops lawsuit against Kraken. pic.twitter.com/PY1BjMk1GU

— Bitcoin Magazine (@BitcoinMagazine) March 3, 2025

Elsewhere, easier monetary policy boosted available capital, drawing renewed interest from both everyday investors and institutions toward cryptocurrencies. 

With inflows rising, leading firms targeted niche players offering expertise, innovative tech, or existing approvals to align with future strategies.

Growing institutional participation heightened needs for robust infrastructure in areas like settlement, custody, and risk management. 

This drove acquisitions of firms already serving traditional finance clients, fostering hybrid services blending fintech and blockchain.

Looking ahead to 2026: What’s next?

Analysts anticipate 2026 as a pivotal year for major public listings and the rise of integrated global platforms.

Potential offerings from Kraken, Revolut, and possibly Ripple could release significant liquidity while affirming elevated valuations.

Consolidation is expected to focus on acquiring regulated exchanges and custodians worldwide, as conventional banks and payment providers seek to launch full-suite crypto offerings amid favorable rules. 

Investment flows should concentrate on tokenizing real-world assets, decentralized AI systems, and stablecoin-based payments, with reduced funding for high-risk speculative projects.

Venture activity and overall funding volumes are projected to surge further, assuming stable economic conditions. 

Ultimately, the sector is maturing into a foundational element of international finance.

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