Mergers and acquisitions in the cryptocurrency industry climbed to an all-time high in 2025, reaching a combined value of $8.6 billion, as a more supportive regulatory stance under the Trump administration boosted confidence across the sector.
According to a report published Wednesday by the Financial Times, crypto firms completed 267 transactions so far this year, marking an 18% rise compared with 2024. Total deal value jumped nearly threefold from last year’s $2.17 billion, and momentum is expected to carry into 2026.
Coinbase led all transactions with its $2.9 billion acquisition of crypto options platform Deribit, the largest takeover ever recorded in the digital asset industry.
Other notable deals included Kraken’s $1.5 billion purchase of futures trading firm NinjaTrader and Ripple’s $1.25 billion agreement to acquire crypto-focused prime broker Hidden Road.
The renewed wave of dealmaking follows policy shifts under President Donald Trump, whose administration rolled back regulatory enforcement actions and introduced deregulation measures that encouraged traditional financial institutions to re-enter the crypto space.
Crypto IPO market rebounds sharply
The Financial Times also reported a strong recovery in crypto public listings this year. Globally, 11 crypto-related initial public offerings raised a total of $14.6 billion, a sharp increase from the $310 million raised by just four IPOs in 2024.
Among the most closely watched listings were crypto exchange Bullish, the parent company of CoinDesk, which secured $1.1 billion, stablecoin issuer Circle Internet Group with more than $1 billion raised, and crypto exchange Gemini, which brought in $425 million.
Diego Ballon Ossio, a partner at law firm Clifford Chance, told the Financial Times that both traditional financial firms and crypto companies are actively acquiring businesses to secure regulatory licenses, particularly those compliant with the European Union’s Markets in Crypto-Assets (MiCA) framework. He expects this trend to extend into next year.
Interest in stablecoin-related firms is also projected to remain strong through 2026, driven by evolving regulatory frameworks in the United States and the United Kingdom. Charles Kerrigan, a partner at CMS, noted that companies are likely to invest heavily in acquisitions as part of efforts to meet new licensing and compliance requirements.
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