[Crypto Industry M&A Transactions Surpass $8.6 Billion in 2025, Setting a New Record]
According to PitchBook data, as of November 20, 2025, the total value of mergers and acquisitions (M&A) in the crypto industry has exceeded $8.6 billion, setting a new all-time high and surpassing the combined total of the past four years. Analysis from Architect Partners shows that this year's related transaction value has reached $12.9 billion, a significant increase from $2.8 billion in 2024. Analyst Ben Riccio pointed out that interest rate cuts, clearer regulatory policies, and the crypto bull market at the beginning of the year have driven stronger M&A activity. Major deals include Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion acquisition of NinjaTrader, and Ripple's $1.25 billion acquisition of Hidden Road. Most of these transactions occurred before the October sell-off, pushing the 2025 M&A scale far beyond the record set in 2021.