The Era of Major Consolidation: What Are the Giants Buying in 2025?
Written by: KarenZ, Foresight News
2025 is the 'Year of Acquisition Devouring' for the giants.
Looking back at this year's acquisition deals, the simplistic 'big fish eating small fish' is no longer sufficient to summarize the market's dramatic changes.
From Coinbase's acquisition of Deribit for $2.9 billion, to Stripe's $1.1 billion purchase of the stablecoin infrastructure company Bridge, acquiring the wallet provider Privy, and the 'century marriage' between Naver and Upbit's parent company, acquisitions are no longer just about eliminating competitors, but about acquiring compliance licenses, filling business gaps, improving ecosystems, and bridging Web2 and Web3.
From the 'full-stack' competition of exchanges to Web2 giants seizing Web3 infrastructure, from the land grab of new stablecoin infrastructure to the integration reshuffle of vertical tracks, every transaction is reshaping the future direction of the crypto industry.
This article will review the key acquisition cases in the Web3 industry in 2025 and attempt to analyze the major trends behind the acquisition wave through these capital movements.
The 'full-stack' competition among mainstream exchanges
Coinbase: The ambition to build a 'universal exchange'
Coinbase's performance this year can be described as 'a merger and acquisition frenzy', with a strategic intention that is exceptionally clear: externally expanding on-chain entry while internally filling the gap in derivatives.
Seizing the derivatives throne: In August, Coinbase acquired Deribit for $2.9 billion (cash + stock). This is not just a transaction, but a transfer of power. By acquiring the absolute leader in the options market, Coinbase instantly filled its biggest shortcoming in the professional trading field, gaining the confidence to compete head-on with other mainstream exchanges in the derivatives sector.
On-chain infrastructure closed loop: Whether acquiring Vector.fun within the Solana ecosystem or securing DeFi derivative protocols Opyn and browser product Roam, DeFi project Sensible, Coinbase is attempting to make 'on-chain operations' a 'native experience' within its app.
Entering the IPO market: After spending $375 million to acquire Echo in October, Coinbase launched an end-to-end token sales platform, with the first sale being Monad, planning to hold a token sale every month in the future. This move signifies that Coinbase is evolving towards the role of a primary market financing platform.
Privacy protection: Privacy protection has also been included in Coinbase's strategy. In March, Base announced the acquisition of the Iron Fish development team to develop privacy protection primitives for Base.
Content and advertising: From acquiring Spindl (advertising technology) to Up Only NFT (content podcast), Coinbase is building a self-sufficient traffic ecosystem, no longer relying on external blood transfusions.
It can be seen that Coinbase is evolving from an 'exchange' to a 'universal exchange'. Whether it's derivatives, spot trading, stablecoin issuance, token sales, or on-chain applications, everything points to one goal: to become the 'super application' of the Web3 world, allowing users to meet all their needs from investment to consumption within the Coinbase ecosystem.
Robinhood & Kraken & Binance & Backpack
Other mainstream exchanges have not stopped, but have expanded their global footprint and asset classes through mergers and acquisitions.
Robinhood's global expansion: completing a $200 million acquisition of Bitstamp in June and a layout for Canadian WonderFi in May (a $179 million acquisition deal), marking Robinhood's complete shedding of the label 'the base for American retail investors', achieving geographic expansion through compliance licenses.
Kraken's reverse cross-sector move: acquiring the US retail futures trading platform NinjaTrader for $1.5 billion is Kraken's most ambitious cross-sector action. Kraken is no longer satisfied with crypto asset trading but is trying to become a comprehensive trading platform spanning TradFi and Crypto, with plans to introduce stocks, prediction markets, and options in the future. At the same time, Kraken also acquired the CFTC-regulated designated contract market Small Exchange for $100 million from IG Group, acquired the assets of Israeli no-code trading company Capitalise.ai, its proprietary trading platform Breakout, and obtained MiFID licenses through the acquisition of a Cypriot investment company.
Binance: Through acquiring South Korea's Gopax, introducing MGX's $2 billion investment, and Binance Japan's 40% equity cooperation acquired by SoftBank Group's subsidiary PayPay, gradually alleviating regulatory pressure and strengthening its position in the Asia-Pacific market.
Backpack: Completed the acquisition of FTX EU in April, launching a suite of derivative products focused on the EU.
IG Group: The UK online trading platform IG Group acquired the Australian crypto exchange Independent Reserve for $117.41 million, expanding its digital products and layout in the Asia-Pacific region.
Payments and stablecoins: The 'new infrastructure' competition among financial giants
Stablecoins are at a critical turning point from being tools within the circle to 'commercial payments'. Web2 payment giants and traditional financial institutions are no longer watching but are directly engaging in acquiring minting rights and circulation networks through mergers and acquisitions.
Stripe: The 'stablecoin conspiracy' of Silicon Valley giants
Stripe's $1.1 billion acquisition of Bridge is a landmark event of the year. The bank trust license that Bridge is applying for, combined with Stripe's vast merchant network, means that Stripe wants to do more than just provide a payment channel; it aims to become the 'central bank' between fiat and cryptocurrency. At the same time, Stripe's acquisition of wallet service provider Privy reveals its ambition to control the entry point for Web3 users and allow hundreds of millions of users to enter seamlessly.
Mastercard: Trying to directly control the underlying crypto settlement
Mastercard is negotiating to acquire cryptocurrency and stablecoin infrastructure startup Zerohash for $1.5 to $2 billion, indicating that traditional card organizations are unwilling to become mere conduits and are trying to directly control the underlying crypto settlement facilities.
Ripple: Layout for bulk brokers and stablecoin ecosystems
Ripple has transformed from a single payment network to a comprehensive financial service provider by acquiring bulk broker Hidden Road (now renamed Ripple Prime) for $1.25 billion, stablecoin payment platform Rail for $200 million, and global treasury management system GTreasury for $1 billion. The launch of the RLUSD stablecoin has strong scenario support.
Paxos & Circle: DeFi connection + compliance moat
Circle acquired the tokenization company Hashnote for over $120 million, while Paxos acquired institutional-grade custody and wallet technology providers Fordefi and Membrane Finance. These established stablecoin issuers are strengthening their capabilities in DeFi connectivity and European compliance (MiCA legislation) through mergers and acquisitions to compete with payment giants.
The entry of internet giants into the physical industry
When South Korea's internet giant Naver 'swallowed' Upbit's parent company Dunamu through a share exchange, we saw the ultimate form of Web3 mergers and acquisitions: the complete integration of traffic, payments, AI, and Crypto.
Naver + Dunamu: This is a perfect complement. Naver controls the traffic entry and payment network, while Dunamu's subsidiary Upbit is South Korea's largest crypto exchange. The two sides have a joint investment plan of $6.8 billion in AI and blockchain fields, aiming to establish a new generation of financial infrastructure based on AI and blockchain technology.
Rumble + Northern Data: Video platform Rumble acquired Northern Data, a Bitcoin mining company, which superficially appears to be a competition for computing power but is actually Tether (as the major shareholder) leveraging crypto capital to support AI infrastructure. This marks the beginning of crypto capital 'transitioning from virtual to real', vying for pricing power in the computing power of the AI era.
Business expansion and the 'big fish eating small fish' in vertical fields
Beyond the spotlight, mergers and acquisitions in the infrastructure and prediction market fields are equally turbulent.
Aggregation at the infrastructure layer: Chainalysis acquired AI fraud detection company Alterya, and Talos acquired Coin Metrics. This indicates that institutional investors need not just simple data, but 'intelligent insights' that have been cleaned by AI and can be used for risk control and trading decisions.
Integration of mining's computing power and energy: MARA acquired a 64% stake in EDF Group's subsidiary Exaion for $168 million, Riot 'absorbed' Rhodium assets for a total price of $185 million, and Bitfarms completed a full stock acquisition of Stronghold Digital Mining for over $110 million.
LayerZero's cross-chain integration: In August, the cross-chain asset transfer protocol LayerZero acquired Stargate for about $110 million, achieving further integration of cross-chain liquidity.
Polymarket's expansion in the US: Polymarket spent $112 million acquiring QCX and received CFTC approval, marking Polymarket's exit from the 'gray area' and becoming a regulated formal derivatives market in the US.
Major trends behind the 2025 acquisition wave
By sorting out the dozens of transactions mentioned above, we can clearly see the logic behind the acquisition wave in 2025:
The 'full-stack' evolution of exchanges
As entry points into the crypto industry, the mergers and acquisitions actions of exchanges directly determine the market landscape. In 2025, the acquisition strategies of leading exchanges show a dual characteristic of 'horizontal expansion + vertical deepening'.
Coinbase has initiated multiple acquisitions, no longer satisfied with spot trading, but instead acquiring to complete various aspects such as derivatives, on-chain trading, DeFi, IPOs, and privacy. Kraken's acquisition of Bitstamp and Kraken's reverse acquisition of NinjaTrader also indicate that giants are building a 'moat' through full-stack layout.
Compliance licenses have become the core targets of mergers and acquisitions
The era of regulatory arbitrage is over, and compliance qualifications have become the ticket for entry. Coinbase's acquisition of the Cyprus CIF license, Kraken's obtaining of the MiFID license, and Paxos's acquisition of Membrane to obtain the EU e-money license all reflect the strategic logic of 'license first'. Especially in the United States (GENIUS Act's strict restrictions on stablecoin issuing institutions), targets with banking licenses or trust qualifications have seen their value multiply.
Buy technology instead of building technology
Coinbase's acquisition of Deribit not only gained market share but also brought its derivatives pricing and risk control technology under its wing; LayerZero acquired Stargate for $110 million to rapidly strengthen cross-chain transmission capabilities; wallet company Exodus acquired Baanx and Monavate, directly obtaining payment card infrastructure. This strategy of 'buying technology instead of building it' has significantly shortened product iteration cycles.
Institutionalization has spurred demand for infrastructure
The institutionalization process of the crypto market is accelerating, driving up mergers and acquisitions in infrastructure. Ripple's acquisition of Hidden Road is precisely to meet the bulk brokerage needs of institutional clients, with its business growing threefold post-acquisition; Talos acquired Coin Metrics to provide more comprehensive trading data support for hedge funds and other institutions; Paxos acquired Fordefi to address security and custody pain points for institutions entering DeFi. The influx of institutional funds has made the value of professional infrastructure increasingly prominent.
Conclusion
The crypto acquisition wave of 2025 is the result of multiple forces colliding: the expansion of giants, regulatory recognition, the entry of traditional finance, and the maturity of technology.
This year, we have seen the 'full-stack' evolution of exchanges, where payment companies and financial infrastructure providers view stablecoins as the next generation of infrastructure, where internet giants touch the Crypto field or start treating Crypto as a mainstream business, and where computing power and AI become new battlefields.
However, we must also recognize that the expansion of acquisition scale does not equate to solving industry problems. The future's key lies not in 'what to buy', but in 'how to integrate'—how to merge acquired assets into a true synergistic ecosystem, how to maintain innovation while meeting regulatory requirements, and how to protect market diversity amid the trend of centralization.
The acquisition wave of 2025 has just begun, and its true impact will gradually unfold over the coming years. But one thing is certain: the process of giantization and ecological development in the crypto industry has become irreversible.
