In November 2025, crypto merger and acquisition (M&A) activity reached an impressive $8.6 billion, with companies completing a record 133 deals, marking the highest total in both deal count and value ever recorded.
The overall dollar amount of these business deals surpassed the combined total from the previous four years, according to Bloomberg, citing data from Pitchbook.
Leading the M&A activity was Coinbase, which completed six acquisitions in 2025, including the notable $2.9 billion purchase of Deribit, a prominent crypto derivatives marketplace.
Other notable Coinbase acquisitions included the blockchain-based advertising platform Spindl, the Roam web browser team, the onchain capital raising platform Echo, as well as the purchase of Vector.Fun, a memecoin exchange, and token management firm Liquifi.
This record M&A activity indicates significant expansion within the crypto industry, driven by several positive factors, despite recent market downturns, such as a regulatory shift in the US and the Federal Reserve’s easing of interest rates.
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Landmark year for Kraken and Ripple’s M&A
In 2025, Ripple acquired four companies as part of its strategy aimed at growth through strategic acquisitions and partnerships.
Ripple’s acquisitions included the $1.25 billion purchase of prime brokerage Hidden Road, a $1 billion acquisition of GTreasury, a corporate treasury management company, a $200 million buyout of the stablecoin platform Rail, and the purchase of wallet company Palisade.
Meanwhile, crypto exchange Kraken reported five acquisitions in 2025, including the acquisition of futures trading platform NinjaTrader in May, followed by the acquisition of Breakout, a proprietary trading platform, in September.
Kraken also expanded its derivatives trading presence in October by acquiring Small Exchange for $100 million, facilitating the build-out of crypto derivatives markets for US clients.
In November, Kraken finalized its latest acquisition by purchasing Backed Finance AG, the company responsible for the tokenized stock platform xStocks.
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