The crypto industry has witnessed a significant surge in dealmaking, with companies closing $8.6 billion in deals in 2025, marking the industry’s busiest mergers and acquisitions since the start of the year. This remarkable growth can be attributed to the regulatory clarity provided by the Washington administration, which has encouraged traditional financial institutions to enter the sector.
A report by the Financial Times, citing PitchBook data, reveals that there were 267 deals recorded across the industry, including acquisitions, strategic investments, and consolidation moves, up 18% year-on-year. The total value of these deals was $8.6 billion, which is approximately four times higher than the $2.17 billion worth of deals recorded in 2024.
Key Drivers of the Surge
Large acquisitions by prominent companies such as Coinbase, Kraken, and Ripple drove the increase in deal volume. One of the most notable transactions was the acquisition of derivatives trading platform Deribit by crypto exchange Coinbase in May, which was the largest acquisition in the crypto industry to date at $2.9 billion.
Other significant deals included a $1.5 billion bid by crypto exchange Kraken to acquire US-based retail futures trading platform NinjaTrader after it posted a 19% year-on-year gross revenue increase in the first quarter of 2025. The acquisition was completed in May and was touted as the largest integration between a traditional financial platform and a crypto company.
Regulatory Clarity and Its Impact
The current momentum in the crypto industry can be attributed to sweeping regulatory changes under a crypto-friendly administration. Since taking office, the Trump administration has pushed forward several policy changes, such as the GENIUS Act and other structural initiatives such as a national crypto reserve.
Industry experts, such as Charles Kerrigan, partner at law firm CMS, believe that the regulatory landscape has encouraged more traditional financial institutions to enter the sector. Kerrigan expects the pace of acquisitions to remain high into 2026, driven by the increased regulatory clarity.
Crypto IPOs and Funding
2025 was also a notable year for crypto IPOs, with Wall Street witnessing several headline-grabbing listings resulting in $14.6 billion raised through 11 crypto IPOs. In comparison, only $310 million was raised in just four crypto listings in 2024.
Stablecoin issuer Circle’s debut on the New York Stock Exchange in June at a valuation of $16.7 billion was the biggest of the year, followed by Peter Thiel-backed Bullish, which listed in August at a valuation of $13 billion.
For more information on the record-breaking crypto deal volume in 2025, visit https://crypto.news/crypto-deal-volume-hits-record-8-6b-in-2025-amid-regulatory-tailwinds/
