In November 2025, crypto merger and acquisition (M&A) activity reached $8.6 billion, with companies finalizing a record 133 deals, marking an unprecedented high in both deal count and total value.
According to Bloomberg and Pitchbook data, the total dollar amount of business deals surpassed the combined total of the previous four years.
Leading the M&A activity, Coinbase completed six acquisition deals in 2025, notably including the $2.9 billion purchase of Deribit, one of the largest marketplaces for crypto derivatives.
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 Vector.Fun, a memecoin exchange platform, and token management firm Liquifi.
The record M&A activity indicates that the crypto industry is experiencing growth due to several favorable conditions, despite a recent market downturn, including significant regulatory changes in the US and a trend of easing interest rates by the Federal Reserve.
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Noteworthy Year for Kraken and Ripple’s M&A
Ripple made four acquisitions in 2025 as part of its strategy to expand through key partnerships and acquisitions.
This year, Ripple’s deals included the $1.25 billion purchase of prime brokerage Hidden Road, the $1 billion acquisition of GTreasury, a corporate treasury management firm, a $200 million buyout of stablecoin platform Rail, and the acquisition of wallet company Palisade.
Crypto exchange Kraken reported five acquisitions in 2025, including the purchase of futures trading platform NinjaTrader in May, followed by the acquisition of Breakout, a proprietary trading platform, in September.
In October, the company expanded its derivatives trading footprint by acquiring Small Exchange for $100 million, allowing Kraken to establish crypto derivatives markets for US clients.
Kraken’s most recent acquisition occurred in November, when it acquired Backed Finance AG, the company behind the tokenized stock platform xStocks.
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