Crypto M&A Hits Record $8.6 Billion in 2025 Amid Regulatory Developments
In 2025, the crypto merger and acquisition (M&A) market reached a record $8.6 billion, significantly up from $2.17 billion in 2024. This growth was accompanied by 267 deals, marking an 18% year-over-year increase, supported in part by endorsement from the White House.
Major transactions included Coinbase's acquisition of Deribit for $2.9 billion, Kraken's purchase of NinjaTrader for $1.5 billion, and Ripple's acquisition of Hidden Road for $1.25 billion. Additionally, 11 crypto firms collectively raised $14.6 billion in 2025 through public listings and financing.
The surge in deal-making was driven by a rush to obtain licenses as global regulations tightened, notably around stablecoins and compliance with frameworks such as the European Union's Markets in Crypto-Assets (MiCA). The establishment of the GENIUS Act provided a federal framework for stablecoins and enabled institutions to settle tokenized assets, fostering confidence and growth in the sector.
