Crypto deals activity surged to record levels this year, even as the industry continued to face significant market turbulence and macroeconomic headwinds.
Crypto merger and acquisition (M&A) activity in 2025 reached $8.6 billion as of November, with companies closing a record 133 deals, marking an all-time high in both deal count and total value.
The total dollar amount of business deals exceeded the combined total of the previous four years, according to Bloomberg, citing Pitchbook data.
Coinbase led the M&A activity, with six acquisition deals completed in 2025, including the $2.9 billion purchase of Deribit, one of the largest crypto derivatives marketplaces.
