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Crypto mergers and acquisitions reached a record $8.6 billion in 2024, nearly quadrupling the previous year’s total, as US regulators dropped enforcement cases and the Trump administration’s pro-crypto stance unleashed dealmaking across the digital asset sector.
The surge included 267 transactions, according to PitchBook data cited by the Financial Times, spanning acquisitions, strategic investments, and consolidation—marking an 18% increase from 2023 and the highest annual total since the sector’s inception.
Several blockbuster transactions defined the year. In May, Coinbase completed the acquisition of derivatives platform Deribit for $2.9 billion marking the largest takeover in crypto history and a major contributor to Crypto deal volume.
Another headline move came from Kraken, which finalized a $1.5 billion acquisition of U.S. based retail futures platform NinjaTrader in May.
The deal followed a 19% year on year revenue jump for NinjaTrader in Q1 2025 and was widely described as the largest ever integration between a traditional finance platform and a crypto firm further boosting Crypto deal volume.
Blockchain payments firm Ripple also featured prominently after acquiring crypto prime broker Hidden Road for $1.25 billion in April. The transaction highlighted Ripple’s push into institutional markets and added momentum to overall Crypto deal volume.
Beyond mergers and acquisitions, Crypto deal volume was reinforced by a wave of public listings. In 2025, Wall Street saw 11 crypto IPOs that collectively raised $14.6 billion a sharp contrast to 2024 when just $310 million was raised across four listings.
Stablecoin issuer Circle led the pack with a $16.7 billion debut on the New York Stock Exchange in June. It was followed by Peter Thiel backed Bullish which went public in August at a $13 billion valuation.
Additional listings from Figure Technologies and social trading platform eToro further reinforced the narrative that Crypto deal volume now extends well beyond private markets.
Meanwhile, firms such as Kraken and BitGo have filed for public offerings with debuts expected next year signaling that elevated Crypto deal volume could persist into 2026.
“It’s been the busiest year for us in crypto deals by a mile,” said Charles Kerrigan, a partner at law firm CMS, noting that the surge in Crypto deal volume is closely tied to regulatory clarity that has encouraged traditional financial institutions to re-enter the sector.
Industry analysts point to sweeping policy changes under a pro-crypto administration led by Donald Trump. Since taking office, the administration has backed initiatives such as the GENIUS Act, alongside proposals for a national crypto reserve.
At the same time, the Securities and Exchange Commission has dropped several high profile lawsuits against companies including Coinbase, Binance, and Kraken.
With regulatory headwinds easing and institutional appetite growing, market observers expect Crypto deal volume to remain elevated, positioning 2025 as a defining year for consolidation, capital formation, and long term sector maturity.
