Crypto Dealmaking Hits Record Highs in 2025 as Industry Prepares for 2026 Boom

A Landmark Year for Crypto Mergers and Acquisitions

The global cryptocurrency industry experienced an unprecedented surge in mergers and acquisitions in 2025, with dealmaking reaching record levels. A total of $8.6 billion worth of crypto-related deals were completed during the year, marking nearly a fourfold increase compared with 2024. Industry experts believe this momentum will extend well into 2026 as regulatory clarity and institutional participation continue to improve.

According to data from PitchBook, 267 crypto deals were finalized in 2025, representing an 18% increase year-on-year. This growth occurred despite volatility in crypto asset prices, highlighting growing confidence in the sector’s long-term prospects.

US Policy Shift Fuels Global Confidence

A major driver behind the surge in deal activity has been the crypto-friendly stance of the US government under President Donald Trump. The administration declared digital assets a national priority, appointed regulators supportive of the industry, dropped several high-profile lawsuits against crypto companies, and introduced a national crypto reserve.

These moves significantly reduced regulatory uncertainty, encouraging both crypto-native firms and traditional financial institutions to pursue acquisitions and strategic investments.

“It’s been the busiest year for crypto deals by a mile,” said Charles Kerrigan, partner at law firm CMS, noting that regulatory clarity has unlocked pent-up demand for consolidation across the industry.

Deal Activity Continues Despite Bitcoin Price Decline

Interestingly, the record-breaking dealmaking took place even as bitcoin prices declined sharply toward the end of the year. After reaching an all-time high of nearly $126,000 per token in October, bitcoin fell to around $90,000 by December.

Market participants suggest that this price correction had little impact on merger discussions. “The move from $120,000 to $90,000 has done nothing to derail transactions,” said Eric Risley, founder of crypto advisory firm Architect Partners, emphasizing that deal decisions are increasingly driven by strategy rather than short-term price movements.

Mega Deals Redefine the Industry Landscape

Several blockbuster acquisitions defined 2025. Coinbase led the way with a $2.9 billion acquisition of Deribit, making it the largest crypto acquisition in history. Other notable transactions included Kraken’s $1.5 billion purchase of NinjaTrader and Ripple’s $1.25 billion acquisition of prime broker Hidden Road.

These deals reflect a broader trend of exchanges and infrastructure providers expanding their product offerings and global reach through acquisitions rather than organic growth alone.

IPO Market Reopens for Crypto Firms

The year also marked a revival of crypto-related initial public offerings. Major players such as Gemini, Circle, and Bullish successfully went public, tapping into renewed investor appetite for digital asset exposure.

In total, 11 crypto IPOs raised $14.6 billion worldwide in 2025, a dramatic increase compared with just $310 million raised from four listings in 2024, according to PitchBook data. This resurgence signals stronger capital market confidence in crypto businesses.

Licences and Compliance Drive Acquisitions

Another key factor behind the deal boom has been the race for regulatory licences. As jurisdictions such as the European Union implement frameworks like the Markets in Crypto-Assets (MiCA) Regulation, acquiring licensed firms has become a fast-track route to compliance.

“Traditional financial players realize this asset class is here to stay,” said Diego Ballon Ossio, partner at Clifford Chance. “To participate, they need regulated platforms, and acquisition is often the fastest way.”

Stablecoins and Regulation Shape 2026 Outlook

Stablecoins emerged as a central focus in 2025, gaining widespread adoption for payments and settlements. With new US and UK regulations governing stablecoins expected to take effect, demand for compliant stablecoin issuers is forecast to rise further in 2026.

Legal experts anticipate continued consolidation as firms invest heavily to meet stricter licensing and compliance requirements. “Companies will have to spend significant capital to remain compliant, and acquisitions will be a major part of that strategy,” Kerrigan said.

Conclusion

Despite market volatility, 2025 marked a turning point for the crypto industry, characterized by record-breaking dealmaking, regulatory progress, and institutional entry. With clearer rules, expanding use cases, and strong capital inflows, crypto mergers, acquisitions, and IPOs are poised to remain a defining trend through 2026.