Crypto M&A hits record $8.6 billion in 2025 as Trump’s regulatory stance spurs deals

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Crypto M&A hits record $8.6 billion in 2025 as Trump’s regulatory stance spurs deals

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.

By Francisco Rodrigues, AI Boost|Edited by Stephen Alpher

Dec 24, 2025, 1:41 p.m.

(Towfiqu barbhuiya/Unsplash/Modified by CoinDesk)

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.

The crypto industry is closing out the year with a record $8.6 billion in mergers and acquisitions, according to the FT, up sharply from $2.17 billion the year prior.

The deal surge comes amid a major policy shift in Washington, where the Trump administration has backed the sector with a string of regulatory developments that include the GENIUS Act, which created a federal framework for stablecoins and paved the way for institutions to settle tokenized assets.

STORY CONTINUES BELOW

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The White House support helped drive 267 deals, an 18% jump from 2024, the story continued.

The largest deal of the year was Coinbase’s $2.9 billion acquisition of crypto derivatives platform Deribit, marking the biggest M&A move in the sector’s history.

Kraken’s $1.5 billion purchase of NinjaTrader and Ripple’s $1.25 billion buyout of Hidden Road followed closely.

It's not all about the White House though. At least some of the buying, legal experts say, has been driven by a rush for licenses.

As new compliance rules take hold globally, including those around stablecoins and the EU’s MiCA framework, financial institutions are acquiring firms with approved licenses to speed their entry into crypto markets.

MergersAcquisitionscrypto market

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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