Crypto M&A volume hits record $8.6B in 2025 as U.S. policy shift fuels deal surge
Crypto industry mergers and acquisitions reached a record $8.6B across 267 deals in 2025, up 18% from 2024 and nearly four times the $2.17B recorded the prior year, the Financial Times reports. The surge follows the Trump administration's shift to prioritize cryptocurrencies through industry-friendly regulatory appointments, dropped lawsuits against digital asset firms, and launch of a national crypto reserve. Legal firm CMS partner Charles Kerrigan and other industry participants expect new U.S. crypto rules will draw traditional financial institutions into the sector and drive further consolidation. Coinbase executed the year's largest deal by acquiring derivatives exchange Deribit for $2.9B, while Kraken bought U.S. retail futures platform NinjaTrader for $1.5B and Ripple purchased crypto prime broker Hidden Road for $1.25B.