Under the support of White House policies, the crypto integration boom, with M&A transaction volume surpassing $860 million in 2025

Under the push of a new round of pro-cryptocurrency policies by the White House, mergers and acquisitions activity in the crypto industry has reached a historic high. According to data from multiple industry sources, the total value of crypto M&A transactions in 2025 has surged to $860 million, an increase of over 300% compared to $217 million in 2024, demonstrating unprecedented market activity. Behind this wave of mergers and acquisitions are not only strong policy support but also the underlying logic of accelerated industry consolidation.

Since the beginning of this year, under the policy environment supported by relevant White House departments, the crypto industry has completed a total of 267 mergers and acquisitions, an 18% increase quarter-over-quarter. This figure far exceeds industry expectations and fully reflects the strong driving effect of regulator-friendly policies on capital activities. Notably, Coinbase’s acquisition of Deribit at $290 million set a record for the largest single M&A deal in the industry, completely rewriting the landscape of consolidation in the crypto sector.

Three Major M&A Cases Leading a New Pattern of Industry Consolidation

This year’s most emblematic M&A transactions focus on strategic expansion by major trading platforms. Coinbase’s $290 million acquisition of crypto derivatives trading platform Deribit integrated its derivatives trading capabilities into its ecosystem, strengthening its competitive position in the institutional market. Subsequently, exchange leader Kraken acquired professional trading tool provider NinjaTrader for $150 million, aiming to expand its influence in the US crypto futures market. Meanwhile, Ripple invested $125 million to acquire Hidden Road and related licenses, further enhancing its compliance operations.

These three large-scale acquisitions not only set new records for deal size but also reflect a synchronized shift in strategic focus among platforms—from simple trade matching to building comprehensive financial ecosystems.

Obtaining Regulatory Licenses as a New Driving Force for M&A

Legal experts in the industry point out that a significant part of the current wave of M&A is driven not by operational synergies but by strategic needs for regulatory licenses. As the US GENUIS Act establishes a federal stablecoin framework and the EU’s MiCA regulation officially takes effect, global financial institutions are accelerating their efforts to obtain crypto operation licenses. Many traditional financial institutions and crypto companies are partnering because they hold valuable licenses granted to approved entities.

In this context, the premiums for acquiring licensed platforms have risen sharply, with many institutions preferring direct acquisitions to gain access rather than going through time-consuming self-application processes. This phenomenon is especially prominent in Europe, where compliance certification under the MiCA framework has become an important valuation reference for mergers and acquisitions. The new global compliance regulatory system objectively accelerates the industry’s capital integration process.

Policy-Friendly Environment Unlocks Capital Vitality

When implementing a new round of crypto policies, the White House emphasizes balancing industry innovation with financial stability. This policy orientation is fully reflected in the fundraising market. In addition to M&A transactions, 11 major companies in the crypto industry raised a total of $1.46 billion through public offerings in 2025, reaching a record high. The increased policy certainty has effectively reduced market participants’ perceived risks, boosting capital confidence to make strategic investments across the industry.

Data shows that capital inflows from institutional investors have significantly strengthened, with large asset management firms and bank-affiliated financial subsidiaries participating at record levels in crypto M&A. This further drives up the average deal size and accelerates industry consolidation.

Industry Outlook and Long-term Reflection

The M&A boom in 2025 can be seen as an important signal of the industry’s maturation. Compared to early-stage startups’ sporadic acquisitions, current M&A activities are characterized by internationalization, compliance, and ecosystem-building. Platforms are no longer solely focused on user scale but are rapidly establishing comprehensive service capabilities and legal standing through acquisitions after regulatory clarity.

Industry consensus holds that this M&A cycle is not only supported by White House policies but also reflects a deeper recognition of crypto assets within the global financial system. As regulatory frameworks are further refined worldwide, the momentum of industry consolidation is expected to continue, though at a more rational pace. Future M&A efforts will shift from merely obtaining licenses to genuine business synergy and technological integration, marking an important evolution from speculation-driven to value-driven industry development.