Mergers and acquisitions in the cryptocurrency sector reached an all-time high of $10 billion during the third quarter of 2025, according to a report from Architect Partners. This figure doubles the previous record set earlier this year and marks a thirtyfold increase from the same period in 2024. The surge indicates a break from the industry's previous downturn, signaling greater maturity and integration with traditional finance.
The $10 billion in crypto-related mergers and acquisitions (M&A) for Q3 2025 represents the largest total ever recorded in the sector. This amount nearly matches the cumulative M&A value from Q1 2022 through mid-2025, which totaled about $11 billion. Architect Partners attributes the boom to a shift away from the 'Crypto Winter,' describing it as a more disciplined and mature phase where viable founders secure substantial funding after rigorous checks.
The firm identifies five key drivers behind the wave: bridging traditional finance with digital assets, efficient scaling of operations, adherence to stricter compliance and licensing, expansion of crypto payment infrastructure, and enhanced treasury management to address liquidity and volatility. Notably, digital asset treasury reverse mergers accounted for $6.2 billion, or 37% of the disclosed value, allowing institutional investors to gain crypto exposure while remaining listed on traditional stock exchanges.
This momentum extends into Q4 2025, with FalconX reportedly finalizing its acquisition of asset manager 21Shares, Coinbase completing its purchase of Echo, and Kraken finishing its buyout of derivatives platform Small Exchange. Industry observer Raphael Bloch, co-founder of The Big Whale, views these as the onset of consolidation. "We’re entering a new phase for the crypto industry – a wave of consolidation. The strongest players have the cash, the licenses, and the vision to scale. Others, exhausted by the bear market, are becoming attractive acquisition targets," Bloch stated.
Bloch also highlighted traditional financial institutions' accelerated investments in crypto infrastructure, underscoring the growing importance of tokenization, custody, and digital trading. "This isn’t just a few deals – it’s the start of a structural shift. Over the next year, expect dozens of acquisitions, partnerships, and mergers reshaping how crypto connects with traditional finance," he added.