The total number of crypto M&A deals reached a record high of 133 transactions, while the total value hit a new record level of $8.6 billion in 2025, thanks to a rise in deals among crypto exchanges and infrastructure companies.
The total surpassed the accumulated amount from the past four years.
Key Deals Drive Record Volume
Notable acquisitions took place in the derivatives business, with Coinbase’s $2.9 billion acquisition of derivatives marketplace Deribit, which was announced through a Form 8-K Filing on May 8, 2025.
This deal closed on August 14, 2025. There was also Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s acquisition of Hidden Road for $1.25 billion.
This was led by Coinbase with eight acquisitions in the past 12 months in the fields of derivatives, custody, and compliance.
The Shift in Trump Administration’s Crypto Policy
One of the major forces behind this change in policy is the new policy initiated in the United States under President Donald Trump.
He signed a presidential executive order on January 23, 2025, known as Executive Order 14178, “Strengthening American Leadership in Digital Financial Technology.”
Trump signed an executive order on March 6, 2025, establishing the United States Strategic Bitcoin Reserve and Digital Asset Stockpile, with the order requiring the relevant agencies to draft legislation on the issue.
Such steps eased government risks and facilitated transactions.
Regulations Relating to Stablecoins
On the 18th of July 2025, Trump signed the GENIUS Act into law to establish a regulatory system for stablecoins in the US.
The GENIUS Act is otherwise known as Public Law 119-27 and requires the one-to-one backing of US dollars or low-risk instruments to promote transparency and facilitate easy linkage with the conventional financial system.
Institutional Interest Rises
Traditional banking institutions evidenced an increasingly prominent presence.
JPMorgan Chase started exploring the possibility of providing a cryptocurrency trading facility for institutional clients in December 2025.
This move was in line with their approval of Bitcoin and Ether for use as collateral in October 2025.
Prospects in 2026
Despite regulatory advancements, analysts forecast steady M&As for 2026. Nonetheless, regulatory timelines for full digital asset support are still unclear for stablecoins.
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