ChainCatcher News, according to the British Financial Times, the cryptocurrency industry's merger and acquisition transaction volume reached a record $8.6 billion in 2025, a significant increase from $2.17 billion the previous year. The largest transaction this year was Coinbase's acquisition of the cryptocurrency derivatives platform Deribit for $2.9 billion, with other major M&A transactions including Kraken's acquisition of NinjaTrader for $1.5 billion and Ripple's acquisition of Hidden Road for $1.25 billion.

Analysis suggests that as new compliance rules come into effect globally, including those surrounding stablecoins and the EU MiCA framework, financial institutions are acquiring companies with approved licenses to accelerate their entry into the cryptocurrency market.