Crypto deals activity surged to record levels this year, even as the industry continued to face significant market turbulence and macroeconomic headwinds.
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Crypto merger and acquisition (M&A) activity in 2025 reached $8.6 billion as of November, with companies closing a record 133 deals, marking an all-time high in both deal count and total value.
The total dollar amount of business deals exceeded the combined total of the previous four years, according to , citing Pitchbook data.
Coinbase led the M&A activity, with in 2025, including the $2.9 billion purchase of Deribit, one of the largest crypto derivatives marketplaces.
Other Coinbase deals included the , the acquisition of the Roam web browser team, the onchain capital raising platform Echo, as well as the purchase of Vector.Fun, a memecoin exchange platform, and .
The record M&A activity signals that the due to several favorable tailwinds, despite the recent market downturn, including a regulatory sea change in the US and the .
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Ripple acquired four companies in 2025 as part of its strategy to and business partnerships.
Ripple’s deals over the year included the $1.25 billion , the $1 billion , a corporate treasury management company, the $200 million , and the .
Crypto exchange Kraken reported five acquisitions in 2025, including the in May, followed by the , a proprietary trading platform, in September.
The company also expanded its derivatives trading footprint in October by for $100 million, which allows Kraken to build crypto derivatives markets for US clients.
Kraken closed its most recent acquisition deal in November by , the company behind the tokenized stock platform xStocks.
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