The crypto sector reportedly saw a record high of $8.6 billion worth of transactions in 2025, as the crypto-friendly Trump administration instilled confidence in crypto-focused mergers and acquisitions.
The Financial Times reported on Wednesday that the crypto industry had completed 267 deals by Tuesday, an 18% increase from 2024. The $8.6 billion in deal value is an increase of nearly 300% from last year, when the deal amount was $2.17 billion, and this growth is expected to continue through 2026.
Coinbase has made its biggest acquisition of the year, acquiring crypto options trading platform Deribit for $2.9 billion. This is the largest acquisition in history in the cryptocurrency industry.
Other notable mergers were Kraken’s $1.5 billion acquisition of futures trading platform NinjaTrader and Ripple’s $1.25 billion acquisition of crypto-friendly prime broker Hidden Road.
President Donald Trump opened up the United States to cryptocurrencies, enacted a number of deregulatory policies, and dropped regulatory lawsuits, giving traditional financial institutions the confidence to invest in the sector.
A great year for crypto IPOs
The Financial Times reported that $14.6 billion was raised in 11 crypto initial public offerings worldwide, a significant increase compared to the $310 million raised in just four crypto initial public offerings last year.
Some of the most anticipated IPOs of 2025 are Cryptocurrency exchange and CoinDesk parent company Blish, which raised $1.1 billion. Stablecoin issuer Circle Internet Group has raised more than $1 billion. And crypto exchange Gemini has raised $425 million.
Blish executives rang the opening bell for the exchange’s New York Stock Exchange debut. sauce: YouTube
Diego Baron Osio, a partner at law firm Clifford Chance, said traditional financial players and crypto companies are actively seeking to acquire companies for licenses, especially those compliant with the EU’s MiCA law, and this is likely to continue next year.
Demand for stablecoin companies is expected to continue until 2026 as new regulatory regimes take shape in the US and UK.
Related: Kraken IPO and M&A deal reignites crypto’s ‘mid-term’ cycle: Fund Manager
Charles Kerrigan, a partner at law firm CMS, told the Financial Times that companies would spend large amounts of money to “stay compliant with the new licensing regime”, including through acquisitions.
He predicted that the new U.S. cryptocurrency law would encourage traditional financial companies to get involved in the industry, which would also encourage mergers and acquisitions.
It’s been a big year for crypto trading as markets cooled down in the second half of the year, with Bitcoin (BTC) down more than 30% from its high of more than $126,000 in early October.
Bitcoin is trading flat at just under $88,000 over the past day, rising from intraday lows near $86,500.
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