The crypto industry logged $8.6 billion in mergers and acquisitions in 2025 across 267 deals, the Financial Times reported.
Deal count rose 18% versus 2024, while total value jumped about fourfold from last year, according to the report.
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The Financial Times tied the higher crypto M&A deals flow to a looser US climate under President Donald Trump, including shifts that reduced legal pressure on crypto firms.
Crypto M&A Deals 2025 Reach 267 as US Policy Shifts Change the Mood
The Financial Times said the Trump administration crypto policy approach helped open the door for more crypto mergers and acquisitions.
It reported that pullbacks in enforcement and regulator changes encouraged more activity from firms that usually wait for clearer rules.
Even so, dealmaking ran alongside weaker late year prices, with the broader market cooling after earlier highs, based on the same report.
Coinbase Deribit Acquisition Leads Crypto Deals 2025 at $2.9B
The year’s largest transaction was the Coinbase Deribit acquisition, priced at about $2.9 billion, the Financial Times reported.
Coinbase disclosed the structure as $700 million in cash plus 11 million Coinbase Class A shares, subject to adjustments and approvals.
Reuters also reported the $2.9 billion agreement and framed it as Coinbase pushing deeper into crypto options markets through the Deribit business.
Kraken NinjaTrader Acquisition and Ripple Hidden Road Deal Add to the 2025 Total
The Kraken NinjaTrader acquisition was set at $1.5 billion, and it ranked among the biggest crypto deals 2025, according to the Financial Times.
Reuters reported NinjaTrader serves nearly 2 million users and said the deal was expected to close in the first half of 2025, with NinjaTrader continuing to operate independently.
The Ripple Hidden Road deal reached $1.25 billion, Reuters reported, adding that Hidden Road clears about $3 trillion annually for more than 300 institutional clients.
Crypto IPOs 2025 Raise $14.6B as Firms Chase MiCA Licenses
The Financial Times reported $14.6 billion was raised worldwide from 11 crypto initial public offerings in 2025.
That compared with $310 million raised from four crypto listings in 2024, the report said.
It also quoted Diego Ballon Ossio of Clifford Chance on demand for regulated access, especially acquisitions aimed at licenses aligned with the EU’s MiCA rules, and it quoted Charles Kerrigan of CMS saying companies will spend heavily to “remain compliant with the new licensing regimes,” including through acquisitions.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: December 25, 2025 • 🕓 Last updated: December 25, 2025
