Crypto merger and acquisition (M&A) activity in 2025 reached $8.6 billion as of November, with companies closing a record 133 deals, marking an all-time high in both deal count and total value.
The total dollar amount of business deals exceeded the combined total of the previous four years, according to Bloomberg, citing Pitchbook data.
Coinbase led the M&A activity, with six acquisition deals completed in 2025, including the $2.9 billion purchase of Deribit, one of the largest crypto derivatives marketplaces.
Other Coinbase deals included the purchase of blockchain-based advertising platform Spindl, the acquisition of the Roam web browser team, the onchain capital raising platform Echo, as well as the purchase of Vector.Fun, a memecoin exchange platform, and token management company Liquifi.
The record M&A activity signals that the crypto industry is expanding due to several favorable tailwinds, despite the recent market downturn, including a regulatory sea change in the US and the Federal Reserve easing interest rates.
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Landmark year for Kraken and Ripple’s M&A
Ripple acquired four companies in 2025 as part of its strategy to expand through key acquisitions and business partnerships.
Ripple’s deals over the year included the $1.25 billion purchase of prime brokerage Hidden Road, the $1 billion acquisition of GTreasury, a corporate treasury management company, the $200 million buyout of stablecoin platform Rail, and the purchase 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 purchase of Breakout, a proprietary trading platform, in September.
The company also expanded its derivatives trading footprint in October by acquiring Small Exchange for $100 million, which allows Kraken to build crypto derivatives markets for US clients.
Kraken closed its most recent acquisition deal in November by acquiring Backed Finance AG, the company behind the tokenized stock platform xStocks.
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