In 2025, 267 crypto M&A deals were completed, totaling $8.6 billion.

Coinbase's $2.9 billion acquisition of Deribit was the largest deal of the year, while Kraken and Ripple acquired NinjaTrader and Hidden Road, respectively. Eleven crypto companies raised a total of $14.6 billion through IPOs throughout the year. The M&A boom is expected to continue in 2026 due to compliance pressures and the implementation of stablecoin regulations.