Bloomberg: The total value of crypto industry mergers and acquisitions has exceeded $8.60 billion this year, a record high

On December 3rd, according to Bloomberg, PitchBook data shows that, with the benefit of the US cryptocurrency-friendly policy, the total value of mergers and acquisitions of major crypto companies this year has exceeded 8.60 billion US dollars as of November 20th, a record high and exceeding the sum of the previous four years. This trend is also confirmed by data obtained by cryptocurrency consulting firm Architect Partners using different methods. The company found that the related transaction volume has reached 12.90 billion US dollars so far this year, which is a significant increase from 2.80 billion US dollars last year. Ben Riccio, analyst at PitchBook, said: "In 2025, the willingness of major cryptocurrency companies to acquire has increased, interest rate cuts, clear regulatory policies and the bull market of cryptocurrency at the beginning of the year have prompted them to enter growth mode." Driven largely by mega-deals at Coinbase, Kraken, Ripple Labs, and others, a lot of M & A activity was concentrated ahead of the October sell-off. Major acquisitions this year include: Coinbase's $2.90 billion acquisition of options exchange Deribit, Kraken's $1.50 billion acquisition of retail futures platform NinjaTrader, and Ripple's $1.25 billion acquisition of prime broker Hidden Road. These transactions drive the size of M & A in 2025 well beyond the record in 2021.