Against the backdrop of the U.S. government adopting a more open stance toward digital assets, merger and acquisition activities in the cryptocurrency industry surged in 2025, with the total value of deals reaching a record-breaking $8.6 billion for the year.
Bitcoin approached an all-time high of $126,000 per coin in early October but has since retreated, currently trading at approximately $90,000.
Against the backdrop of the U.S. government adopting a more open stance toward digital assets, merger and acquisition activities in the cryptocurrency industry surged in 2025, with the total value of deals reaching a record-breaking $8.6 billion for the year. Industry insiders predict that this wave of mergers and acquisitions will continue into 2026.
The massive influx of global capital was largely driven by the efforts of the Trump administration in the United States.
This year, the Trump administration elevated cryptocurrencies to a national priority, fostering industry growth by appointing industry-friendly regulators, withdrawing several high-profile lawsuits against digital asset companies, and introducing a national cryptocurrency reserve, among other measures.
"This is the busiest year we have seen since we started engaging in cryptocurrency transactions, far surpassing any previous year," said Charles Kerrigan, a partner at the law firm CMS.
Kerrigan and other industry insiders expect that as new U.S. cryptocurrency regulations come into effect, more traditional financial institutions will enter the space, allowing crypto firms to consolidate and strengthen their positions, thereby driving further M&A activity next year.
However, the record-breaking M&A activity occurred against the backdrop of poor year-end performance for cryptocurrencies. Bitcoin approached an all-time high of $126,000 per coin in early October but has since retreated, currently trading at approximately $90,000.
"We are in the midst of numerous transaction negotiations... The drop in Bitcoin from $120,000 to $90,000 has not had any material impact on these discussions," said Eric Risley, founder of the cryptocurrency advisory firm Architect Partners.
According to data from PitchBook as of December 23, a total of 267 deals were completed in the cryptocurrency industry in 2025, marking an 18% increase compared to 2024. The total deal value reached $8.6 billion, nearly four times last year’s figure, while the value of M&A transactions in 2024 was only $2.17 billion.
Coinbase Global Inc., a U.S.-based cryptocurrency exchange, acquired derivatives trading platform Deribit for $2.9 billion, marking the largest acquisition in the industry's history. Other major deals include Kraken, a cryptocurrency exchange, acquiring U.S. retail futures trading platform NinjaTrader for $1.5 billion, and payment company Ripple acquiring crypto prime broker HiddenRoad for $1.25 billion.
In addition, several cryptocurrency companies launched their initial public offerings (IPOs) this year, successfully going public by capitalizing on robust investor demand for cryptocurrency-related stocks. These included the exchange owned by the Winklevoss brothers$Gemini Space Station (GEMI.US)$, stablecoin issuer$Circle (CRCL.US)$, and the trading platform backed by Peter Thiel$Bullish (BLSH.US)$。
According to PitchBook data, in 2025, a total of 11 cryptocurrency companies globally went public through IPOs, raising $14.6 billion; in contrast, only four cryptocurrency companies were listed in 2024, with a total financing amount of $310 million.
Editor/melody