Crypto M&A Hits Record $8.6 Billion in 2025 Amid Regulatory Shifts
Crypto mergers and acquisitions reached a record $8.6 billion in 2025, marking a significant increase from $2.17 billion in 2024. This growth was driven by major deals such as 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.
In total, 267 deals were completed in 2025, reflecting an 18% year-over-year increase, supported in part by policies from the White House. Additionally, 11 crypto firms conducted public listings, collectively raising $14.6 billion during the year.
Policy developments played a key role in shaping the market. The GENIUS Act established a federal framework for stablecoins and enabled institutions to settle tokenized assets, contributing to a broader shift in Washington's approach to digital assets. Meanwhile, global compliance initiatives, including the EU's MiCA framework, encouraged firms to pursue acquisitions of licensed entities to accelerate market entry.
