Mergers and acquisitions (M&A) activity in the cryptocurrency industry in 2025 reached $8.6 billion in November, with companies closing a record 133 deals, an all-time high in both deal volume and total value.
According to. Total dollar value of business transactions exceeded the previous four years’ total transaction volume Bloombergciting Pitchbook data.
Coinbase led M&A activity with six acquisitions in 2025, including the $2.9 billion purchase of Deribit, one of the largest cryptocurrency derivatives markets.
Other Coinbase deals included the purchase of blockchain advertising platform Spindl, the acquisition of web browser team Roam, onchain capital raising platform Echo, and the purchase of Vector.Fun, a memecoin exchange platform and token management company Liquifi.
Record M&A activity signals that the cryptocurrency industry is growing on several favorable tailwinds, despite the recent market downturn, including U.S. regulatory changes and the Federal Reserve’s easing of interest rates.
Related: Crypto VC business hit $4.6 billion in Q3, second best quarter since FTX collapse
A breakthrough year for Kraken and Ripple mergers and acquisitions
In 2025, Ripple acquired four companies as part of its strategy to grow through key acquisitions and business partnerships.
Ripple’s transactions over the year included the $1.25 billion purchase of prime brokerage Hidden Road, the $1 billion acquisition of corporate treasury firm GTreaury, the $200 million buyout of stablecoin platform Rail, and the purchase of portfolio company Palisade.
Cryptocurrency exchange Kraken recorded five acquisitions in 2025, including the purchase of futures trading platform NinjaTrader in May, followed by the purchase of its own trading platform Breakout in September.
In October, the company also expanded its derivatives trading footprint with the $100 million acquisition of Petite Exchange, which allows Kraken to build cryptocurrency derivatives markets for U.S. clients.
Kraken completed its latest acquisition deal in November, acquiring Backed Finance AG, the company behind tokenized exchange platform xStocks.
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