The largest deals of the year included Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion purchase of NinjaTrader, and Ripple's $1.25 billion buyout of Hidden Road.

What to know:

  • The crypto industry saw a record $8.6 billion in mergers and acquisitions in 2025, up from $2.17 billion in 2024, helped by President Trumps embrace of the sector.

  • The largest deals of the year included Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion purchase of NinjaTrader, and Ripple's $1.25 billion buyout of Hidden Road.

  • The surge in M&A activity and public listings, including $14.6 billion raised by 11 crypto firms, was driven in part by a rush for licenses as new compliance rules take hold.

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