Report: 2025 Crypto M&A Hits $8.6B Record on Regulatory Confidence

Jimmy Aki
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The crypto industry completed $8.6 billion worth of deals in 2025, led mostly by mergers and acquisitions, the Financial Times reported on December 24. Renewed confidence under President Trump helped crypto businesses create a more supportive environment to operate in. 

Large Acquisitions and IPOs Drive Deal Growth

Companies tied to crypto completed 267 deals, an 18% increase from 2024. Deal value tells an even bigger story. The $8.6 billion transactions in 2025 represent a jump of nearly 300% from the $2.17 billion recorded the year before. 

Major players drove much of the growth. Coinbase led the year with the largest acquisition ever completed in crypto after buying derivatives venue Deribit for $2.9 billion. 

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Other moves followed quickly. Kraken expanded its reach by acquiring U.S. retail futures platform NinjaTrader for $1.5 billion. Ripple made the list through the purchase of crypto prime broker A Hidden Road for $1.25 billion. 

Public markets also played a role. Several crypto firms moved ahead with initial public offerings (IPOs). 

Gemini, Circle, and Bullish all went public during the year due to strong investor demand for crypto exposure. Overall, 11 crypto IPOs raised a combined $14.6 billion, up from the modest totals seen in 2024.

This surge came even as prices cooled late in the year. Bitcoin pulled back from its October all-time high $126K region and now trades closer to $88K.

Still, deal talks continued. Market participants say price swings did little to slow negotiations, as long-term views on crypto adoption remained intact.

President Trump’s Push to Support the Crypto Sector Shows Results

Policy changes in the United States played a key role in driving growth in the crypto sector. Under President Trump, digital assets became a national priority.

Regulators seen as supportive of crypto were appointed, and long-standing legal pressures on digital asset firms were reduced. The administration also set up a national crypto reserve and introduced policies aimed at encouraging innovation.

Legislation such as the GENIUS Act gained momentum, while previous rules, including the Biden-era IRS DeFi broker requirement, were rolled back.

 

The changes were not limited to regulation. New products began to appear, including PayPal’s Pay with Crypto, which allows U.S. businesses to accept payments in more than 100 cryptocurrencies.

Access to banking also showed signs of improvement. The Office of the Comptroller of the Currency pointed to a clearer process for crypto firms looking to obtain bank charters.

Since 2021, only Anchorage Digital has received approval, but interest has picked up, with around 14 applications from crypto companies currently under review.

As new rules take shape in the United States, deal activity is expected to continue. Traditional financial institutions are paying closer attention, and more are positioning themselves to move into crypto as policy clarity under President Trump reshapes the market.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.