Several favorable conditions have emerged, including regulatory changes in the U.S. and Federal Reserve interest rate adjustments.
Crypto news
Crypto merger and acquisition activity reached $8.6 billion through November 2025, with companies closing a record 133 deals, marking all-time highs in both volume and total value. The dollar amount exceeded the combined total of the previous four years.
Coinbase led M&A activity with six acquisition deals completed in 2025, including the $2.9 billion purchase of Deribit. The transactions positioned Coinbase as one of the most active acquirers in the crypto space.
Other Coinbase deals included blockchain advertising platform Spindl, the Roam web browser team, on-chain capital raising platform Echo, meme coin exchange Vector.Fun, and token management company Liquifi. The exchange demonstrated aggressive expansion across multiple crypto sectors.
The record M&A activity signals the crypto industry continues to expand despite recent market turbulence. Several favorable conditions have emerged, including regulatory changes in the U.S. and Federal Reserve interest rate adjustments.
Ripple acquired four companies in 2025 as part of its strategy to expand through strategic acquisitions and business partnerships. The company completed major deals targeting institutional infrastructure and treasury management capabilities.
Ripple's transactions included the $1.25 billion purchase of prime brokerage Hidden Road and the $1 billion acquisition of treasury management firm GTreasury. Additional deals covered the $200 million buyout of stablecoin platform Rail and the purchase of wallet company Palisade.
Crypto exchange Kraken reported five acquisitions in 2025, starting with futures trading platform NinjaTrader in May. The company followed with proprietary trading platform Breakout in September.
Kraken expanded its derivatives footprint in October by acquiring Small Exchange for $100 million, enabling the exchange to build crypto derivatives markets for U.S. clients. The company closed its most recent deal in November by acquiring the tokenized stock platform Backed Finance AG.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
