Crypto deals running at record pace with more expected in 2026
A record $8.6bn worth of crypto deals were struck globally in 2025, marking the busiest year on record for mergers and acquisitions in the digital assets sector. Lawyers, bankers and advisers say momentum is set to continue into 2026 as clearer regulation and supportive US policy draw in traditional financial institutions.
The surge comes as the US government, under Donald Trump, made cryptocurrencies a national priority appointing industry-friendly regulators, dropping high-profile enforcement actions and launching a national crypto reserve. These steps helped unlock capital flows into an industry that had struggled under regulatory uncertainty.
Record volumes despite bitcoin volatility
Dealmaking accelerated even as crypto prices cooled. Bitcoin retreated sharply from its October peak of nearly $126,000 and now trades around $90,000, yet advisers say negotiations have remained resilient.
“It’s been the busiest year for us in crypto deals by a mile,” said Charles Kerrigan, partner at CMS, adding that price swings had little impact on strategic transactions.
PitchBook data show 267 crypto deals in 2025, an 18% increase on the previous year. Total deal value nearly quadrupled from $2.17bn in 2024 to $8.6bn this year.
Landmark acquisitions reshape the industry
The year’s largest transaction saw Coinbase acquire derivatives venue Deribit for $2.9bn, the biggest crypto acquisition on record.
Other major deals included:
Kraken buying futures platform NinjaTrader for $1.5bn
Ripple acquiring prime broker Hidden Road for $1.25bn
These acquisitions reflect a push by large platforms to diversify services, expand licensing coverage and consolidate liquidity.
IPO boom adds to crypto deal momentum
Public markets also reopened to crypto companies in 2025. Firms including Gemini, Circle, and Bullish launched initial public offerings, tapping strong investor demand.
According to PitchBook, 11 crypto IPOs raised $14.6bn worldwide, compared with just $310mn from four listings in 2024, underlining renewed confidence in the sector.
Regulation and licensing drive acquisitions
A key driver behind the surge has been regulation. Companies are increasingly buying rivals for their licences to operate across jurisdictions, including compliance with the EU’s Markets in Crypto-Assets Regulation.
Diego Ballon Ossio, partner at Clifford Chance, said traditional financial groups now see crypto as unavoidable. “They realise this asset class is here to stay and they need to acquire rather than build from scratch,” he said.
Context & Analysis
Stablecoins emerged as a standout theme in 2025, moving firmly into the financial mainstream. With landmark US legislation expected to take effect, alongside new UK rules, advisers anticipate another wave of acquisitions as firms seek scale, compliance and credibility. Rising compliance costs could further accelerate consolidation among smaller players.
Conclusion
Crypto dealmaking in 2025 marked a major shift for the industry, showing rising institutional confidence and clearer regulatory direction. As updated rules took effect, the market became more structured, encouraging larger players to explore new opportunities within digital assets.
With traditional financial institutions stepping in, analysts expect this momentum to continue through 2026. The pace of mergers, partnerships and investments is likely to stay strong, driving significant changes in the competitive landscape. Overall, the evolving regulatory environment and broader participation are set to redefine how the crypto sector grows in the coming years.
FAQs
Q1 : Why are crypto deals running at record pace with more expected in 2026?
A : Supportive US policy, clearer regulation and institutional interest have boosted confidence and M&A activity.
Q2 : How much were crypto deals worth in 2025?
A : About $8.6bn, nearly four times the total in 2024.
Q3 : Did falling bitcoin prices slow dealmaking?
A : No. Advisers say transactions continued despite bitcoin’s decline from October highs.
Q4 : Which was the biggest crypto deal of 2025?
A : Coinbase’s $2.9bn acquisition of Deribit.
Q5 : What role does regulation play in crypto M&A?
A : Companies increasingly acquire rivals for licences and compliance with new rules.
Q6 : Are stablecoins driving deal activity?
A : Yes. Stablecoins entered the mainstream in 2025 and remain a key focus for acquisitions.
Facts
Event
Record crypto dealmaking in 2025Date/Time
: 2025-12-24T00:00:00+05:00Entities
Coinbase, Kraken, Ripple, Donald Trump, PitchBookFigures
$8.6bn deal value; 267 deals; $14.6bn from crypto IPOsQuotes
“It’s been the busiest year for us in crypto deals by a mile.” — Charles Kerrigan, CMSSources
Financial Times; PitchBook