Despite a bitcoin price correction of over 30%, 2025's $8.6 billion crypto mergers boom—driven by license acquisitions amid Trump-era deregulation—continued apace, with analysts predicting persistence into 2026. This complemented $14.6 billion in IPOs, signaling industry maturation.
Following the record $8.6 billion in mergers and acquisitions (M&A) and $14.6 billion in IPOs reported earlier this month, the crypto sector's consolidation push proved resilient even as bitcoin dropped over 30% from October highs. The shift prioritizes strategic infrastructure over speculation, per Financial Times analysis.
Major deals like Coinbase's $2.9 billion Deribit buy, Kraken's $1.5 billion NinjaTrader acquisition, and Ripple's $1.25 billion Hidden Road purchase highlighted the premium on regulatory-compliant assets under EU MiCA and evolving U.S. rules. Firms favored buying licensed entities to sidestep approval delays, elevating such infrastructure as valuable assets.
"Both traditional finance and crypto companies are acquiring firms for licenses, particularly those complying with EU MiCA regulations," said Diego Ballon Ossio of Clifford Chance, forecasting the trend's extension into 2026 with stabilizing regs. Charles Kerrigan of CMS added that U.S. policy accelerations would spur traditional finance entry and more M&A for compliance.
This activity, boosted by eased U.S. probes and pro-crypto policies, underscores a pivot to long-term structuring amid volatility.