Crypto dealmaking surged to a record $8.6bn in 2025, driven by a wave of mergers and acquisitions sparked by a more accommodating stance toward digital assets from the US government. The momentum is expected to carry into 2026.
Investor interest has been bolstered by policy shifts under US President Donald Trump’s administration, which elevated crypto to a national priority. Measures included appointing industry-friendly regulators, withdrawing high-profile lawsuits against digital asset firms and establishing a national crypto reserve, helping unlock fresh capital flows across the sector.
The surge in deal activity came despite a softer finish for crypto markets. Bitcoin has retreated from its early-October peak near $126,000 and is currently trading around $90,000.
According to PitchBook data through December 23, a total of 267 crypto deals were completed this year, marking an 18% increase from 2024. The total value of transactions nearly quadrupled from $2.17bn last year to $8.6bn in 2025.
Coinbase led the industry’s biggest transaction, acquiring derivatives platform Deribit for $2.9bn — the largest crypto acquisition on record. Other notable deals included Kraken’s $1.5bn purchase of futures trading platform NinjaTrader and Ripple’s $1.25bn acquisition of crypto prime broker Hidden Road.
Public market activity also accelerated, with several crypto firms — including Gemini, Circle and Peter Thiel-backed Bullish — launching initial public offerings to capitalise on rising investor appetite for digital-asset stocks. Globally, 11 crypto IPOs raised a combined $14.6bn in 2025, a sharp increase from $310mn raised through four listings in 2024.
Stablecoins emerged as a standout theme during the year, moving further into the mainstream. Demand for stablecoin-related companies is expected to remain strong in 2026 as new regulatory frameworks take effect in the US and UK.
