Crypto industry dealmaking surged to unprecedented levels in 2025, with mergers, acquisitions, and public listings accelerating despite Bitcoin's price pullback from its October highs. According to PitchBook data cited by the Financial Times, crypto companies completed 267 deals worth a combined $8.6 billion this year. This marks an 18% increase in deal count compared to 2024 and nearly four times the total deal value recorded in 2023 ($2.17 billion).
The surge reflects growing regulatory clarity in the United States under President Donald Trump's administration. Policy changes—including the appointment of crypto-aligned regulators, the rollback of high-profile enforcement actions, the establishment of a national crypto reserve, and the passage of the GENIUS Act (a federal legal framework for stablecoins)—have reduced legal uncertainty and unlocked institutional appetite.
Major crypto mergers reshaped the market structure. The most significant was Coinbase's $2.9 billion acquisition of Deribit, the largest crypto takeover on record. Other notable deals included Kraken's $1.5 billion purchase of NinjaTrader and Ripple's $1.25 billion acquisition of Hidden Road. Industry analysts note these transactions were motivated by strategic positioning around derivatives access, regulatory licensing, and institutional infrastructure rather than market timing.
The IPO market reopened for crypto firms. PitchBook data shows 11 crypto-related IPOs raised $14.6 billion globally in 2025, a sharp contrast to 2024 when just four listings raised $310 million. Firms such as Gemini, Circle, and Bullish tapped equity markets amid renewed investor demand for digital asset exposure.
A key theme underpinning the mergers has been regulatory compliance. Companies are increasingly acquiring rivals to gain licenses and approvals, particularly in jurisdictions with established frameworks like the EU's MiCA. With new crypto licensing regimes set to come into force across the US and UK in 2026, compliance-driven acquisitions are expected to remain dominant.
Stablecoins emerged as a focal point. Demand for stablecoin issuers and infrastructure providers increased sharply in 2025, driven by clearer regulatory treatment and broader adoption. Further consolidation in the sector is expected as new U.S. and UK stablecoin rules take effect in 2026.
