The cryptocurrency sector saw a record surge in mergers and acquisitions (M&A) in 2025, with deal activity reaching an all-time high despite significant market turbulence and macroeconomic pressures. As of November, companies had closed 133 deals valued at a total of $8.6 billion.

According to data from Pitchbook, this figure exceeds the combined total deal value of the previous four years. The intense consolidation reflects a maturing industry where established players are expanding their services and market share through strategic purchases.

Industry Giants Lead Acquisition Spree

Coinbase was at the forefront of this activity, completing six acquisitions throughout the year. The most notable of these was the $2.9 billion purchase of Deribit, one of the world’s largest crypto derivatives marketplaces, signaling a major push into advanced trading products.

Rival exchange Kraken was also highly active, closing five separate deals to broaden its strategic footprint. Its acquisitions included the futures trading platform NinjaTrader in May and the proprietary trading firm Breakout in September. In October, Kraken acquired Small Exchange for $100 million to build out its crypto derivatives offerings for U.S. clients. The company rounded out its year in November by purchasing Backed Finance AG, the firm behind the tokenized stock platform xStocks.