Crypto merger and acquisition (M&A) activity in 2025 reached $8.6 billion by November, with a record 133 deals finalized, marking an unprecedented high in both deal count and overall value.
The total value of business transactions surpassed the combined total of the last four years, as reported by Bloomberg, referencing Pitchbook data.
Coinbase led the M&A landscape with six acquisition deals in 2025, including the $2.9 billion acquisition of Deribit, one of the largest crypto derivatives platforms.
Other acquisitions by Coinbase included the blockchain-based advertising platform Spindl, the Roam web browser team, the onchain capital raising platform Echo, in addition to the purchase of memecoin exchange platform Vector.Fun and token management firm Liquifi.
This unprecedented M&A activity indicates the crypto sector’s growth due to several favorable conditions, despite recent market challenges, such as regulatory changes in the US and the Federal Reserve’s interest rate adjustments.
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Significant year for Kraken and Ripple’s M&A
Ripple acquired four companies in 2025 as part of its strategy to grow through essential acquisitions and partnerships.
Ripple’s deals included the $1.25 billion acquisition of prime brokerage Hidden Road, the $1 billion purchase of GTreasury, a corporate treasury management firm, the $200 million buyout of stablecoin platform Rail, and the acquisition of wallet company Palisade.
Crypto exchange Kraken reported five acquisitions in 2025, beginning with the purchase of futures trading platform NinjaTrader in May, followed by the acquisition of Breakout, a proprietary trading platform, in September.
The company further expanded its derivatives trading presence in October by acquiring Small Exchange for $100 million, enabling Kraken to enhance crypto derivatives markets for US clients.
Kraken completed its latest acquisition in November, acquiring Backed Finance AG, the firm behind the tokenized stock platform xStocks.
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