Record M&A Activity in 2025
Crypto merger and acquisition activity reached $8.6 billion through November 2025, with companies closing a record 133 deals. This marks all-time highs in both volume and total value, with the dollar amount exceeding the combined total of the previous four years.
Coinbase's Aggressive Acquisition Strategy
Coinbase led M&A activity with six acquisition deals completed in 2025, including the $2.9 billion purchase of Deribit. These transactions positioned Coinbase as one of the most active acquirers in the crypto space.
Other Coinbase deals included the blockchain advertising platform Spindl, the Roam web browser team, the on-chain capital raising platform Echo, the meme coin exchange Vector.Fun, and the token management company Liquifi. The exchange demonstrated aggressive expansion across multiple crypto sectors.
Factors Driving Industry Expansion
The record M&A activity signals that the crypto industry continues to expand despite recent market turbulence. Several favorable conditions have emerged, including regulatory changes in the U.S. and Federal Reserve interest rate adjustments.
Ripple's Strategic Expansion
Ripple acquired four companies in 2025 as part of its strategy to expand through strategic acquisitions and business partnerships. The company completed major deals targeting institutional infrastructure and treasury management capabilities.
Ripple's transactions included the $1.25 billion purchase of prime brokerage Hidden Road and the $1 billion acquisition of treasury management firm GTreasury. Additional deals covered the $200 million buyout of stablecoin platform Rail and the purchase of wallet company Palisade.
Kraken's Diversified Acquisitions
Crypto exchange Kraken reported five acquisitions in 2025, starting with futures trading platform NinjaTrader in May. The company followed with proprietary trading platform Breakout in September.
Kraken expanded its derivatives footprint in October by acquiring Small Exchange for $100 million, enabling the exchange to build crypto derivatives markets for U.S. clients. The company closed its most recent deal in November by acquiring the tokenized stock platform Backed Finance AG.