According to ixbroker, crypto mergers and acquisitions surged to a record $8.6 billion in 2025, marking the industry’s busiest year on record as regulatory conditions in the United States turned increasingly supportive of digital assets.
A Financial Times report citing PitchBook data shows that 267 deals were completed across the crypto sector during the year, including acquisitions, strategic investments, and consolidation transactions. This represents an 18% increase compared to 2024, while total deal value jumped nearly fourfold from $2.17 billion recorded last year.
Mega-deals drive M&A activity
Several blockbuster transactions accounted for a significant share of total deal value. The largest was Coinbase’s acquisition of derivatives trading platform Deribit in May, a $2.9 billion transaction that became the biggest takeover in crypto industry history.
Another major deal saw crypto exchange Kraken agree to acquire US-based retail futures trading platform NinjaTrader for $1.5 billion.
The acquisition, completed in May, followed a 19% year-on-year increase in NinjaTrader’s gross revenue in the first quarter of 2025 and was widely described as the largest integration to date between a traditional finance platform and a crypto-native firm.
Ripple also featured prominently after finalising a $1.25 billion acquisition of crypto prime broker Hidden Road in April, a move aimed at strengthening its footprint in established institutional markets.
2025 marks a breakout year for crypto IPOs
Beyond M&A, 2025 also stood out as a landmark year for crypto initial public offerings. Wall Street saw 11 crypto IPOs during the year, raising a combined $14.6 billion. This compares with just $310 million raised across four listings in 2024.
Stablecoin issuer Circle led the way with a $16.7 billion debut on the New York Stock Exchange in June, the largest crypto IPO of the year. It was followed by Peter Thiel-backed Bullish, which went public in August with a valuation of $13 billion.
Other notable listings included Figure Technologies and social trading platform eToro, while firms such as Kraken and BitGo have filed for public offerings expected to take place next year.
Regulatory clarity fuels institutional demand
Market participants point to regulatory clarity as a key driver behind the surge in dealmaking. “It’s been the busiest year for us in crypto deals by a mile,” Charles Kerrigan, a partner at law firm CMS, told the Financial Times, adding that he expects acquisition activity to remain strong into 2026 as traditional financial institutions become more comfortable entering the sector.
Industry experts largely attribute the momentum to sweeping policy shifts under a pro-crypto administration led by President Donald Trump. Since taking office, the administration has advanced several initiatives, including the GENIUS Act and plans for a national crypto reserve. At the same time, the Securities and Exchange Commission has dropped multiple high-profile lawsuits against firms such as Coinbase, Binance, and Kraken, further improving sentiment across the digital asset industry.
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