In 2025, the volume of deals in the crypto sector reached a record $8,6 billion

Key points:

• In 2025, the cryptocurrency M&A market reached its highest level ever.
• In just one year, companies closed 267 deals totaling $8,6 billion.
• The largest transaction was Coinbase’s $2,9 billion purchase of Deribit.

Throughout 2025, the cryptocurrency industry demonstrated the highest level of activity in the M&A market. According to the Financial Times, 267 deals were completed during the year, with a total value of $8,6 billion. For comparison, a year earlier, the volume of M&A in the sector did not exceed $2,17 billion.

The decisive factor for growth was Coinbase’s acquisition of the Deribit cryptocurrency options platform. The $2,9 billion purchase was the largest in the history of the crypto market and accounted for a significant share of the total volume of transactions for the year.

The biggest deals of the year

In addition to Deribit, other large-scale purchases were recorded in 2025. Kraken acquired the NinjaTrader futures trading platform for $1,5 billion, and Ripple agreed to purchase prime broker Hidden Road for $1,25 billion.

Experts note that activity in the M&A market has intensified following a change in the regulatory approach in the United States. After the change in administration, several proceedings against crypto companies were curtailed, and pressure from regulators eased, which increased the willingness of traditional financial institutions to enter into deals with crypto businesses.

2025 as a turning point for IPOs

Activity in the initial public offering market has also grown significantly. Over the course of the year, crypto companies conducted 11 IPOs worldwide, raising a total of $14,6 billion. By comparison, in 2024, four offerings brought in only about $310 million in total.

Among the largest IPOs were Circle Internet Group’s offering of more than $1 billion, the IPO of the Bullish crypto exchange for $1,1 billion, and Gemini’s listing with $425 million in funds raised.

Experts believe that interest in stablecoin projects and regulated crypto infrastructure will continue in 2026 amid the formation of new regulations in the US and the UK.