Cryptocurrency merger and acquisition activity reached $8.6 billion across 267 deals in 2025.
PitchBook data cited by the FT shows the total represents nearly quadruple the $2.17 billion recorded in 2024.
Deal volume increased 18% year-over-year.
The surge reflects regulatory clarity under the Trump administration and strategic positioning ahead of compliance requirements.
Major exchanges led consolidation targeting derivatives access, licensing and institutional infrastructure.
What Happened
Coinbase acquired derivatives platform Deribit for $2.9 billion in May, the largest crypto acquisition on record.
Kraken purchased retail futures platform NinjaTrader for $1.5 billion.
Ripple (XRP) acquired prime broker Hidden Road for $1.25 billion in April.
Public markets reopened to cryptocurrency companies with eleven IPOs raising $14.6 billion globally.
Circle (USDC) priced its NYSE debut at $31 per share in June, raising $1.1 billion.
Peter Thiel-backed Bullish raised $1.1 billion in August.
The figures contrast with 2024 when four listings raised just $310 million combined.
Why It Matters
Policy changes under President Trump's administration reduced legal uncertainty through rollback of enforcement actions and appointment of crypto-aligned regulators.
Market participants cite strategic positioning around derivatives access and licensing as primary deal motivations.
Law firm Clifford Chance noted traditional finance firms actively target companies with licenses recognized under EU MiCA regulations.
Analysts expect demand for stablecoin firms and regulatory-compliant platforms to continue increasing in 2026.