Crypto M&A deals hit record $8.6B in 2025: what to expect in 2026?

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.

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