The crypto industry recorded a banner year for mergers, acquisitions and public listings in 2025, with dealmaking hitting a record $8.6 billion as a more accommodating regulatory stance in the United States encouraged investors and financial institutions to re-enter the sector.
Key Takeaways:
- Crypto dealmaking hit a record $8.6 billion in 2025 as regulatory easing in the US revived investor and institutional interest.
- Mega-acquisitions led by Coinbase, Kraken and Ripple drove a sharp rise in mergers and acquisitions.
- Crypto IPO activity also rebounded strongly, with $14.6 billion raised globally.
According to a report by the Financial Times, 267 crypto-related deals were completed by Tuesday this year, marking an 18% increase from 2024.
Total deal value surged nearly 300% compared with last year’s $2.17 billion. Market participants expect momentum to carry into 2026 as regulatory clarity improves across major jurisdictions.
Coinbase’s $2.9B Deribit Deal Leads Record Year for Crypto M&A
The largest transaction of the year came from Coinbase, which agreed to acquire crypto options exchange Deribit for $2.9 billion, making it the biggest acquisition ever recorded in the digital asset sector.
Other notable deals included Kraken’s $1.5 billion purchase of futures trading platform NinjaTrader and Ripple’s $1.25 billion acquisition of crypto-friendly prime broker Hidden Road.
Industry executives have attributed the resurgence in dealmaking to policy shifts under President Donald Trump, whose administration rolled back enforcement actions and signaled a more permissive approach to digital assets.
The change in tone has reassured traditional finance firms that had previously stayed on the sidelines, opening the door for strategic investments and consolidation.
Beyond mergers and acquisitions, 2025 also marked a strong year for crypto initial public offerings.
The Financial Times reported that 11 crypto IPOs raised a combined $14.6 billion globally, a dramatic increase from the $310 million raised through four listings in 2024.
Among the most closely watched debuts were Bullish, the exchange and parent company of CoinDesk, which raised $1.1 billion, stablecoin issuer Circle Internet Group with more than $1 billion, and crypto exchange Gemini, which raised $425 million.
Regulatory Clarity and MiCA Compliance Fuel Crypto Dealmaking
Legal experts say regulatory alignment is a key driver behind many of these deals.
Diego Ballon Ossio, a partner at Clifford Chance, noted that both crypto-native firms and traditional finance players are actively acquiring companies for their licenses, particularly those compliant with the European Union’s Markets in Crypto-Assets (MiCA) framework.
He added that demand for stablecoin-related businesses is likely to persist into 2026 as new rules take shape in the US and UK.
Charles Kerrigan, a partner at CMS, told the Financial Times that firms are prepared to spend heavily to remain compliant, often using acquisitions to secure regulatory approvals more quickly.
He also expects forthcoming US crypto legislation to further draw in traditional financial institutions, reinforcing the current wave of consolidation.
The surge in corporate activity comes even as market prices cooled late in the year.
Bitcoin has fallen more than 30% from its early October peak above $126,000 and was trading just below $88,000 at the time of publication, according to market data.
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