Crypto M&A hits record $8.6 billion in 2025 as Trump’s regulatory stance spurs deals

• The crypto industry saw a record $8.6 billion in mergers and acquisitions in 2025, up from $2.17 billion in 2024, helped by President Trumps embrace of the sector.
• The largest deals of the year included Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion purchase of NinjaTrader, and Ripple's $1.25 billion buyout of Hidden Road.
• The surge in M&A activity and public listings, including $14.6 billion raised by 11 crypto firms, was driven in part by a rush for licenses as new compliance rules take hold.

The crypto industry is closing out the year with a record $8.6 billion in mergers and acquisitions, according to the FT, up sharply from $2.17 billion the year prior.

The deal surge comes amid a major policy shift in Washington, where the Trump administration has backed the sector with a string of regulatory developments that include the GENIUS Act, which created a federal framework for stablecoins and paved the way for institutions to settle tokenized assets.

The White House support helped drive 267 deals, an 18% jump from 2024, the story continued.

The largest deal of the year was Coinbase’s $2.9 billion acquisition of crypto derivatives platform Deribit, marking the biggest M&A move in the sector’s history.

Kraken’s $1.5 billion purchase of NinjaTrader and Ripple’s $1.25 billion buyout of Hidden Road followed closely.

It's not all about the White House though. At least some of the buying, legal experts say, has been driven by a rush for licenses.

As new compliance rules take hold globally, including those around stablecoins and the EU’s MiCA framework, financial institutions are acquiring firms with approved licenses to speed their entry into crypto markets.

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.

• Trump Media and Technology Group moved some 2,000 bitcoin, valued at $174 million, through various wallets following an increase in its crypto holdings.
• The transfers included around $12 million to Coinbase Prime Custody, with the rest remaining in wallets linked to the same entity, indicating a reserve reshuffle.
• The movement did not appear to affect bitcoin's price, which remained stable between $86,000 and $87,000, despite broader market sentiment softening.

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