Financial Times: Crypto sector M&A deals to reach a record $8.6 billion in 2025.

On December 24th, according to the Financial Times, cryptocurrency mergers and acquisitions (M&A) deals are projected to reach a record high of $8.6 billion in 2025. This surge in M&A activity is fueled by a more open attitude from the US government towards digital assets, and the market widely expects this trend to continue into next year.

The continued influx of global capital is largely attributed to the Trump administration. This year, the administration prioritized cryptocurrency as a national priority, providing strong support for the industry through measures such as appointing industry-friendly regulators, dropping numerous lawsuits against digital asset companies, and launching a national cryptocurrency reserve. Charles Kerrigan, a partner at law firm CMS, and other industry insiders predict that as new US crypto regulations take effect, more traditional financial institutions will enter the field, further driving crypto companies to consolidate their market position through mergers and acquisitions.

So far this year, the crypto industry has seen 267 deals, an 18% increase compared to 2024. These deals total $8.6 billion, almost four times the $2.17 billion in 2024. Among these acquisitions, Coinbase completed its largest acquisition of 2025, acquiring derivatives trading platform Deribit for $2.9 billion, which is also the largest M&A deal in the history of the crypto industry. Additionally, Kraken acquired US retail futures trading platform NinjaTrader for $1.5 billion, and payment company Ripple acquired crypto prime brokerage Hidden Road for $1.25 billion.